On March 24, 2022, the Department of Education, signed by Richard Cordray, Chief Operating officer of Federal Student Aid, released the Pell grant payment charts for the 2022-2023 award year via a Dear Colleague Letter. Each year, HEAG monitors the Pell grant changes closely to share the news with our client base.
On March 15, 2022, the President signed the Consolidated Appropriations Act, 2022 (P.L. 117-103). Under this new appropriations legislation, the maximum Pell Grant award will increase from $6,495 to $6,895 for the 2022-2023 award year, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) will increase from 5,846 to 6,206.
Note that students may receive up to 150% of Pell Grant Funds scheduled in an award year. To be eligible for the additional Pell Grant funds, the student must be otherwise eligible to receive Pell Grant funds for the payment period and must be enrolled at least as a half-time student, as defined in 34 CFR 668.2(b), in the payment period(s) for which the student receives the additional Pell Grant funds in excess of 100 percent of the student’s Pell Grant scheduled award. For additional information see Dear Colleague Letter GEN-17-06.
The full payment schedules and additional awarding guidance can be found in the links below. As stated in the Dear Colleague Letter, keep an eye out for future announcements regarding ED system and software modifications to reflect the recently released tables. These include changes to the Central Processing System (CPS), the Institutional Student Information Record (ISIR) Analysis Tool, the Common Origination and Disbursement (COD) System, and the EDExpress for Windows software.