“The Pell Grant program and other federal financial aid programs are an economic lifeline for students at colleges and universities. Without that aid, students will struggle to get the education they need to compete in the international economy,” Duncan said.
According to U.S Department of Education data, during the 2007-08 academic year, 5.4 million students received Pell Grants, and, during the 2008-09 school year, the maximum Pell Grant award was $4,731.
The NCES study found that nearly nine out of 10 Pell Grant recipients borrowed money to pay for school as compared to nearly 50 percent of non-recipients The average cumulative amount of borrowed funds was $18,500 for recipients and $17,000 for non-recipients.
“It’s good to know that the Pell Grant is working in conjunction with other things,” Weko said, referring to work study, scholarships, and other federal student loan programs. “There’s large evidence of self-help. They’re making an investment in their future.”
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