“President Biden’s fiscal year 2023 budget request, released today, proposes critical new investments in college affordability and completion. By investing in a significant increase to the Pell Grant—as well as evidence-based retention and completion strategies—and supporting Historically Black Colleges and Universities (HBCUs), Tribally-Controlled Colleges and Universities (TCCUs), Minority-Serving Institutions (MSIs), and community colleges, this budget would help millions of students realize the benefits of a college degree. The budget also proposes key funds for the Office of Civil Rights and resources for the Office of Federal Student Aid to better protect and support student loan borrowers.
“The president’s proposal to double the maximum Pell award by 2029—starting with a $2,175 increase for the 2023-24 academic year compared to 2021-22—would make college far more affordable for low- and moderate-income students and help close persistent racial and economic equity gaps in college enrollment and degree completion. However, policymakers should act now to ensure that students entering college in the coming years benefit from this much-needed investment.
“The proposed budget also serves as a reminder that the Higher Education Act is civil rights legislation by making a crucial investment in bolstering the Education Department’s Office of Civil Rights. We applaud the administration’s continued focus on protecting students’ and borrowers’ rights while addressing racial and economic equity.
“Today’s budget signals the administration’s commitment to our nation’s students. We now urge policymakers to make these and other essential investments to bring a high-quality, debt-free college education within all students’ reach; protect students and taxpayers from predatory colleges; and provide long-overdue relief to student loan borrowers.”
The Institute for College Access & Success is a trusted source of research, design, and advocacy for student-centered public policies that promote affordability, accountability, and equity in higher education. For more information see www.ticas.org or follow us on Twitter and Facebook.