WASHINGTON, DC- In an effort to ensure that hardworking young people can afford the rising cost of college, the full Senate Appropriations Committee voted 15-13 late last night to maintain the maximum Pell grant award of $5,550. 

U.S. Senator Jack Reed (D-RI), a member of the Appropriations Subcommittee on Labor, Health and Human Services, and Education, helped lead the effort to preserve Pell grants and called the vote a “significant victory for our students and critical to the competitiveness of our economy.”

“Pell Grants are a key source of funding for students who have the talent but not the financial means to go to college.  This program is vital to maintaining a highly educated workforce and keeping college affordable for millions of working families,” said Reed.  “We must ensure that these grants keep up with the rising cost of college, so this generation can continue to compete in the global economy.  I am pleased my colleagues have recognized the importance of maintaining funding and will continue working to ensure qualified students have access to the financial aid they need.”

This year, over 9 million students nationwide, including 36,000 Rhode Islanders will benefit from Pell grants.

The grant only covers about one third of the costs of attending a four-year public college, which is less than half of what it used to cover 30 years ago, when it was first created under the leadership of the late Senator Claiborne Pell (D-RI).

House Republicans proposed a bill earlier this year to cut the U.S. Department of Education’s budget by $4.9 billion and slash the maximum annual Pell grant award by $845, reducing the amount of $5,550 down to $4,705.

The Senate bill took a more balanced approach to pay for the Pell program.  It will save taxpayers by ending the interest subsidy on undergraduate student loans during the six-month grace period after a student graduates.  It also preserves funding for other student-aid programs -- including Federal Work-Study and Supplemental Educational Opportunity Grants.

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