"Education has always been one of my top priorities. By investing in our students, we invest in the future of our country," said Senator Collins. "The price of a college education continues to rise at public and private institutions all over the country. We must do all we can to keep the doors to higher education open and accessible to all students, particularly the most disadvantaged students. These additional Pell Grant dollars will benefit thousands of students in Maine and across the country."
The amendment was included in the Fiscal Year 2005 budget resolution, which already included an increase of $4.8 billion for the Pell Grant program over last year's level. Senator Collins' legislation provided another $1.7 billion to increase the maximum grant award to $4,500. Pell Grants provide money to low income students to use for postsecondary education. They are intended to serve as a foundation of financial aid for students, to which other resources may be added. Unlike a loan, Pell Grants do not have to be repaid. Approximately 4,812,000 students received Federal Pell grants during fiscal year 2002.