"Under the Biden administration’s plans to wipe out some student loan debt, one particular type of need-based financial aid that many borrowers receive could mean qualifying for twice as much in forgiveness," CNBC reports. 

... “'The idea behind offering more forgiveness to Pell Grant recipients is to target the relief,' said Allie Arcese, spokesperson for National Association of Student Financial Aid Administrators."

"Based on the average cost of attending a public four-year institution — $27,330 for the 2021-2022 school year, according to the College Board — the maximum Pell Grant covers roughly 25% of the cost. That compares with more than 75% in 1975, according to the National Association of Student Financial Aid Administrators."

"In the 2020-2021 school year, about 6.4 million students received a Pell Grant, each getting an average of $4,166, according to the National Association of Student Financial Aid Administrators."

NASFAA's "Notable Headlines" section highlights media coverage of financial aid to help members stay up to date with the latest news. Articles included under the notable headlines section are not written by NASFAA, but rather by external sources. Inclusion in Today's News does not imply endorsement of the material or guarantee the accuracy of information presented.

Publication Date: 8/25/2022