Biden Signs FY 2023 Budget Into Law With Increases to Pell Grants and Student Aid
By Hugh T. Ferguson, NASFAA Managing Editor
President Joe Biden formally signed the year-end omnibus package into law, staving off a government shutdown and completing the budget cycle for fiscal year 2023.
The law, signed on December 29, allocates $79.6 billion to the Department of Education (ED) and its programs, a $3.2 billion boost from the fiscal year (FY) 2022 enacted level. Specifically, the spending package contains $24.6 billion for federal student aid programs, including a $500 increase to the maximum Pell Grant award, bringing the total to $7,395 for the 2023-24 award year.
According to congressional leaders, this Pell Grant increase is the largest increase in the maximum award since the 2009-10 award year, and further builds off last year’s $400 increase.
Check out NASFAA’s breakdown of the spending package
The spending bill, after a lengthy amendment debate, was passed in the Senate by a vote of 68-29 and then cleared the House by a vote of 225-201.
The bipartisan omnibus bill has passed – great news for our economy, capping off a year of historic bipartisan progress for the American people.
— President Biden (@POTUS) December 24, 2022
This bill is proof that Republicans and Democrats can come together to deliver for families. I'm ready to sign it into law.
The budget process was delayed for the 2023 fiscal year, but the 117th Congress was able to wrap up negotiations before the start of a new session. Members of the 118th Congress, set to be sworn in on Jan. 3, 2023, will begin consideration of the spending levels for fiscal year 2024 with a deadline of Sept. 30, 2023.
Publication Date: 12/30/2022
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