The program is estimated to have provided over $36.5 billion to approximately 8.9 million undergraduate students in fiscal year (FY) 2010
The maximum Pell Grant award for the 2011-12 award year (July 1, 2011 to June 30, 2012) is $5,550, the minimum is $555
➢ Nearly 19.5 million students applied for Pell grants in 2009-10, up from 13.8 million in 2005-06
The number of eligible Pell Grant applicants has increased from approximately 6.8 million in 2005-06 to nearly 11 million in 2009-10
➢ Nearly 50 percent of Pell Grant recipients are over the age of 23 and, among older students, 84 percent have an annual income under $30,000.
52 percent of the student increase is concentrated in the lowest income categories of students.
In fiscal year 1976, the maximum Pell Grant was $1,400 and covered 72 percent of the cost of attendance at a typical four-year public college. In 2009-10, the maximum Pell Grant covered 36 percent of the cost of attendance at a typical four-year public college.
➢ Reasons for the growth in the Pell Grant program costs
Increase in the number of eligible students, which accounts for 40 percent of the program's growth ($7.7 billion). This is largely attributable to the economic downturn.
An increase in the maximum Pell award of $619, provide in the American Recovery and Reinvestment Act and the regular 2009 appropriation. This began in the 2009-10 academic year, adding 25 percent of the program growth ($4.8 billion).
The creation of the “two Pells” program in 2008, adding 22 percent in costs ($4.2 billion).
Changes in the need analysis formula, which increased program costs by 14 percent ($2.7 billion).
*Source: American Association of Colleges and Universities