FOR IMMEDIATE RELEASE
Contact: Allie Arcese
Director of Communications
WASHINGTON, D.C., MARCH 9, 2023 — President Joe Biden on Thursday released his budget request for fiscal year 2024, which will impact award year 2024-25. The request includes $90 billion in discretionary funding for the Department of Education, a $10.8 billion increase from the current level, as well as a proposal to increase the maximum Pell Grant award by $820, bringing the maximum grant to $8,215 for 2024-25. The proposal also would provide $2.7 billion to the Office of Federal Student Aid (FSA), a $620 million increase above the 2023 enacted level, to support student loan borrowers as they enter repayment after a more than three-year hiatus. Additionally, the proposed budget would expand Title IV eligibility to Deferred Action for Childhood Arrivals (DACA) recipients.
“This proposal demonstrates a recognition of the primacy of need-based financial aid — and rightfully so, as we know that roughly two-thirds of Pell Grant recipients come from families earning less than $30,000 annually. We urge Congress to continue to build on investments to the Pell Grant program and work toward doubling the maximum grant award and restoring the promise of this foundational aid program.
And extending federal student aid eligibility to DACA students would provide a lifeline to hardworking students — many of whom have no memory of a home other than the United States — who make enormous contributions to our society and are every bit a part of who we are.
We also applaud the Biden administration for acknowledging the significant work that needs to be done to smoothly and successfully transition millions of federal student loan borrowers back into repayment. At a time when the Office of Federal Student Aid is already stretched thin and is implementing many critical initiatives, it cannot be understated how important it will be to ensure that the agency has the necessary resources to complete these monumental undertakings.
At the same time, we realize that this proposal is just the beginning of a lengthy appropriations process. We call on our colleagues in Congress to work across the aisle to prioritize student aid funding and reforms that will ultimately benefit students and families.”
To set up an interview with a NASFAA spokesperson to discuss the Biden administration’s budget proposal, please email NASFAA Director of Communications Allie Arcese or call (202) 785-6954.
The National Association of Student Financial Aid Administrators (NASFAA) is a nonprofit membership organization that represents more than 29,000 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, D.C., NASFAA is the only national association with a primary focus on student aid legislation, regulatory analysis, and training for financial aid administrators.
Publication Date: 3/9/2023