Because we use mid-points in both the EFC columns and the cost of attendance (COA) rows in constructing the schedules, the actual 2023-2024 award year minimum scheduled award amount will be $750.Īlthough $7,395 is the maximum Pell Grant scheduled award for the 2023-2024 award year, institutions are reminded that a student may be eligible to receive Pell Grant funds for up to 150 percent of the student’s Pell Grant scheduled award for an award year.
Section 401(b)(4) of the Higher Education Act of 1965, as amended (HEA), establishes the minimum Pell Grant award to be 10 percent of the maximum award amount for the award year.
The maximum Pell Grant award for the 2023-2024 award year is $7,395, and the corresponding maximum Pell Grant eligible expected family contribution (EFC) is 6656. On December 29, 2022, the President signed the Consolidated Appropriations Act, 2023, which included a $500 increase to the maximum Pell Grant. All 2023-2024 Federal Pell Grant awards must be based on the attached schedules. Attached to this letter are both PDF and Excel versions of the Payment and Disbursement Schedules for determining Federal Pell Grant awards for the 2023-2024 award year (July 1, 2023, through June 30, 2024) for full-time, three-quarter-time, half-time, and less-than-half-time students.
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