Overhaul of Financial Aid Formula Will Boost Pell Grant Eligibility

Nearly 220,000 students will gain eligibility for the Pell Grant, a key tool for helping low-income students access college, when the federal government finalizes revisions to the system for applying for financial aid later this year, according to a new report from the State Higher Education Executive Officers Association. The increase in Pell-eligible students could mean more than $617 million in additional federal aid going to students and colleges. About $29.8 billion was available for students in Pell Grant funding in 2023–24, according to federal budget documents.