On March 9, the Biden administration released its FY24 budget request, which includes several important investments that are intended to increase future prosperity and economic success, including in higher education.
The proposed budget for the Department of Education includes the following:
- Proposes increasing the maximum Pell Grant award to $8,215 for the 2024–25 award year, up from $7,395 and a further step in Biden’s ongoing effort to increase the maximum award to $13,000 by 2029
- Proposes a $500 million discretionary grant program to provide two years of postsecondary education free for students
- Proposes $30 million to help scholars access non-student aid public benefits and establish a Postsecondary Education Advancement Technical Assistant Center, increasing funding for the Postsecondary Student Success Grants to improve postsecondary attainment, degree completion, and student success
- Proposes $429 million more in financing than what has been authorized for FY23 for HBCUs, TCCUs, MSIs, and low-resource institutions, such as community colleges
- Proposes increasing funding for Federal Student Aid by $620 million beyond the level established for FY23, providing $2.7 billion to help loan borrowers, enhance student loan servicing, and aid the operation of financial aid programs
The FY24 budget request is just that—a request. However, this jumpstarts the federal funding process. In the coming weeks, Congress will begin drafting legislation that includes program-by-program funding levels, including investments in higher education based in large part on these requests.
More information is available in full budget request and the supplementary documents and fact sheets that offer overviews of suggested spending amounts for agencies and several suggestions to carry out the administration’s policy objectives.