IHEP Celebrates the Introduction of the Pell Grant Preservation and Expansion Act of 2024

Washington, DC (June 20, 2024) – Today, the Pell Grant Preservation and Expansion Act of 2024 was introduced in the U.S. Senate and the U.S. House of Representatives. The Institute for Higher Education Policy (IHEP) applauds U.S. Senators Mazie Hirono (D-HI), Patty Murray (D-WA), Jack Reed (D-RI), and Sheldon Whitehouse (D-RI) and Representatives Mark Pocan (D-WI) and Robert C. “Bobby” Scott (D-VA) for introducing this proposal that will make long-overdue investments in the Pell Grant program. 

Upon introduction, IHEP President and CEO, Mamie Voight, issued the following statement:   

“Need-based financial aid makes college possible for millions of students, and the Pell Grant is the foundation of our nation’s need-based aid system. For more than 50 years Pell Grants have helped students living with low and moderate incomes access and pursue their dreams of earning a college education. Unfortunately, the Pell Grant has failed to keep pace with rising college costs and now covers the lowest share in the program’s history. While the award once covered more than half the costs at a public four-year college, it now covers less than one-third.   

“The Pell Grant Preservation and Expansion Act of 2024 delivers much-needed investments in critical need-based aid by nearly doubling the maximum award amount within six years, and in turn, restoring the Grant’s purchasing power. The bill also helps Pell Grants continue to address college affordability for years to come by indexing the maximum award amount to inflation and making program funding fully mandatory, rather than discretionary.  

“We thank Sen. Hirono and other Members for their commitment to college affordability and urge both chambers to pass the proposal.”