Students on the Pell grant should see a $500 boost this year.

President Biden and the Department of Education made sure to include an additional $500 for Pell Grant recipients in the 2023 fiscal year. This is in addition to the $400 increase the year before.

U.S. Secretary of Education Miguel Cardona says the increase will help more low-income students and that this year’s increase won’t be the last:

“To help more students from low-income backgrounds access the benefits of postsecondary education, this funding package also boosts the maximum Pell Grant by $500, which will help more students access college or career training and is the largest increase in 10 years.” Said Cardona. “This lays the groundwork for doubling the grant by 2029.”

The Pell Grant is a subsidy provided by the U.S. Federal Government to help students in need pay for college. Unlike a loan, it does not need to be repaid. The current amount a recipient receives is $6,895. This latest increase will bring that up to $7,395.