Scholarship Program for College Students Has $5.7 Billion Gap

December 13, 2010

Thousands of low-income college students may lose access to federal scholarship money because of a possible $5.7 billion shortfall in the Pell Grant program. Congress underestimated the amount of money necessary to fully fund all students eligible for the grants, and if lawmakers don’t make up the difference, 7.7 million college students could see their awards reduced by $845 each next year, said Mark Kantrowitz, publisher of FinAid.org, a Cranberry Township, Pennsylvania-based web site about education lending.

Article Source: Bloomberg News