Student debt will be slashed in half for the average borrower if Congress doubles the Pell Grant, report finds
The Pell Grant, which is a form of federal financial aid given to low-income students, currently gives a maximum of $6,495 per semester. But Democrats' $3.5 trillion reconciliation bill includes a plan to raise that award, and a newfound that if Congress succeeds in doubling it, the vast majority of borrowers will see their student debt cut in half.
In addition, the report found more than 25 million Americas would benefit from an increased Pell Grant award, given that one in four adults are eligible for the grant and of the 25 million people eligible, there are 11.7 million who have college credit but no degree, disproportionately impacting women and people of color.
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