Corrections: The maximum amount of Pell Grant funding is $5,550, not $4,680 as reported earlier. Also, the House of Representative's earlier suggestion would have saved $5.6 million, not $5.7 billion.
What happened:
Legislators passed a bill Tuesday that would allow the maximum amount of Pell Grant funding to remain at $5,550 per student next school year, sparing students from the $845 reduction suggested in February.
A resolution among the House, Senate and White House calls for funding cuts to more than 55 programs for a total savings of more than $1 billion.
Why it matters:
The bill will save the country $35 billion over 10 years by eliminating students' ability to draw two Pell Grant awards at the same time, but it maintains the original amount that can be earned for each grant.
Background:
Suggestions made earlier this year by the House of Representatives would have saved the government $5.6 million by reducing the amount of funding for each Pell Grant.
How to apply:
Funding is determined by the Expected Family Contribution, a federal formula that considers students' and parents' contributions, family size and family income. Students need to complete a FAFSA form before applying for a Pell Grant.
Ball State information:
More than 22 percent of undergraduate students received a Pell Grant in 2008-2009, the most recent figure available.
Pell Grants are restricted to students pursuing their first undergraduate degree. The final amount of the grant is set at the end of the campus' drop/add period.
Sources: House Appropriation Committee, bsu.edu
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