President Obama’s New Budget Adds Funds for Higher Education, MSIs - Higher Education: President Obama on Tuesday unveiled a 2015 education budget plan with more funds for Pell Grants and a new initiative designed to spur innovation at historically Black colleges, Hispanic-serving institutions and other minority-serving universities.
While most programs for low-income students would gain small increases or see their funding frozen, a major theme of the new budget is targeted investments. In addition to the new initiative for minority-serving colleges, the president also proposed an incentive fund to support colleges that are graduating more financially needy students.
Education Secretary Arne Duncan said the goal is to “reward colleges that graduate many low-income students and encourage colleges to improve performance in that area.”
Covering the fiscal year set to begin in October, the budget includes a $100 increase in the top Pell Grant, meaning that the neediest students could receive a grant of $5,830 next year. Overall, the budget would commit nearly $34 billion for Pell in 2015.
