The Biden administration pitched a budget proposal on March 9. President Joe Biden outlines his vision and proposal for the 2024 fiscal year.
Biden’s budget plans include raising taxes on the wealthy and corporations, infrastructure, and education.
According to the Federal Student Aid office, Biden’s budget plan calls for a $500 increase to the Pell Grant maximum, currently at $7,395. This grant is awarded to around seven million low-income college students every year. CNN noted the grant had been increased by $900 over the past two years and has covered a larger share of college tuition.
Biden’s budget plan calls for a $620 million increase in funding for the Office of Federal Student Aid. (Photo: The Hill)
See: Tax the Rich Medicare Plan – Biden Proposal Challenges GOP’s Stance to Reduce Federal Budget
Biden’s budget plan also requests $500 million for a new grant program to help make a two-year degree from community colleges free through a new Federal-State partnership. The plan also calls for a $620 million increase in funding for the Office of Federal Student Aid, which did not receive additional funding this year.
Furthermore, Biden’s budget plan would fund two years of subsidized tuition for students from families earning below $125,000 per year enrolled in a four-year Tribally Controlled College and University (TCCU), Minority-Serving Institution (MSI), or Historically Black College and University (HBCU).
Yahoo! News reports Biden’s budget plan still needs to go through Congress; however, the House Republicans plan to reject the proposal as they’re advocating to cut federal spending.
Find Out: Taxes Increase on Wealthy and Raise Spending – Biden’s 9.2T Budget
More: Biden’s Proposed 2024 Budget: Child Tax Credit Extension
