FOR IMMEDIATE RELEASE 
Contact: Allie Arcese
Managing Editor
(202) 785-6954 
[email protected]

WASHINGTON, D.C., MARCH 28, 2022 — President Joe Biden on Monday released his budget request for fiscal year 2023, which will impact award year 2023-24. The request includes $88.3 billion in discretionary funding for the Department of Education, a $15.3 billion increase from the 2021 enacted level, as well as a proposal to double the maximum Pell Grant award by 2029, beginning with a $1,775 increase over the 2022-23 award year, bringing the maximum grant to $8,670 for 2023-24. The proposal also would provide $2.7 billion to the Office of Federal Student Aid (FSA), an $800 million increase compared to the 2021 enacted level, to be used to improve customer service for borrowers and transition to more long-term servicing contracts. 

NASFAA President and CEO Justin Draeger issued the following statement:

“This proposal is a significant step in the right direction to expand access to postsecondary education to more low- and middle-income students, and restore some of the purchasing power of the Pell Grant. We also applaud the president’s calls to improve customer service for federal student loan borrowers. 

Of course, these proposals must come with accompanying legislation, and additional funding must come with renewed efforts to examine the entire student aid system, not the least of which includes a reexamination of how the current student loan system is or isn’t working for students and families. We call on members of Congress to work across the aisle to make that a reality.”

About NASFAA 

The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents more than 32,000 financial aid professionals at approximately 3,000 colleges, universities, and career schools across the country. NASFAA member institutions serve nine out of every 10 undergraduates in the U.S. Based in Washington, DC, NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators. For more information, visit www.nasfaa.org.