Biden Signs FY 2024 Budget Into Law With Retention of Pell Grant Funding (2024)

By Hugh T. Ferguson, NASFAA Managing Editor

President Joe Biden formally signed the year-end omnibus package into law, staving off a government shutdown and completing the budget cycle for fiscal year 2024.

The law allocates $79.1 billion to the Department of Education (ED) and its programs, a $201 million decrease (after accounting for earmarks) from the fiscal year (FY) 2023 enacted level. Specifically, the law contains $24.6 billion for federal student aid programs, which maintains the maximum Pell Grant award at $7,395 for the 2024-25 award year.

The spending package was formally released on Thursday morning and quickly advanced in the House on Friday by a vote of 286-134. The Senate stayed in session over the weekend and cleared the measure by a vote of 74-24.

Congress will now turn its attention to determining spending levels for fiscal year 2025, which need to be wrapped up by September 30, 2024.

Publication Date: 3/25/2024

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