Biden increases maximum Pell Grant to $7,395 largest single-year increase in decade

The maximum federal Pell Grant increases to $7,395 for the 2023-2024 academic year, a $500 increase representing the largest single-year boost in over a decade. The Biden administration has increased the maximum Pell Grant by a total of $900 over its term, from $6,495 in 2021 to $7,395 in 2023, the largest sustained growth since the Obama administration. The Pell Grant is the primary federal financial aid program for low-income students, with 6.7 million recipients. Biden also doubles the Pell Grant income ceiling to make more students eligible. The administration includes a further Pell Grant increase in its FY2024 budget request.