On January 26, 2023, the Department of Education released the 2023-2024 Federal Pell Grant Payment and Disbursement Schedules. Each year, HEAG monitors the Pell Grant changes closely to share the news with our client base.
On December 29, 2022, the President signed Consolidated Appropriations Act, 2023 which included a $500 increase to the maximum Pell Grant.
The maximum Pell grant award for 2023-2024 is $7,395 for eligible students with a 0 EFC (make sure to read additional awarding guidance provided in the Dear Colleague Letter GEN-23-02. In addition to increasing the maximum Pell, overall Pell eligibility expanded to include students with an expected family contribution (EFC) of up to 6,656. An increase from last year’s max Pell eligible EFC at 6,985. The minimum scheduled award for 2023-2024 will be $750.
The exact guidance from the Department of Education states that, “although $7,395 is the maximum Pell Grant scheduled award for the 2023-2024 award year, institutions are reminded that a student may be eligible to receive Pell Grant funds for up to 150 percent of the student’s Pell Grant scheduled award for 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.