Pell Facts and Statistics
Pell Statistics
- The
program provided $33.4 billion to nearly 9.7 million students in 2011-12[1]
- The
maximum Pell Grant award for the 2013-14 award year (July 1, 2013 to June
30, 2014) is $5,645, the statutory minimum is $564.[2]
- Over
17 million Title IV Pell Grant applicants submitted valid applications in
2010-2011, up over 6 million from 2005-07 [3]
- In
fiscal year 1976, the maximum Pell Grant was $1,400 and covered 72 percent
of the cost of attendance at a typical four-year public college. In
2009-10, the maximum Pell Grant covered 36 percent of the cost of
attendance at a typical four-year public college.[4]
The Education Premium
- The
share of jobs requiring postsecondary education increased from 28 to 59
percent from 1973 to 2008. Over the next decade, this number is expected
to increase to 63 percent.[5] (View Report) (View State-by-State Analysis)
- The
U.S. needs to produce 22 million new college degrees by 2018, but is
projected to fall 3 million short of that number.[6]
- On
average, someone with a high school diploma can expect to earn $1.3
million over their lifetime. In contract, a person with a Bachelor’s
degree will earn, on average, $2.3 million over a lifetime.[7] (View Report)
- The
income gap between college degree holders and those with only high school
degrees is widening.[8]
- In
2002, a bachelor’s degree holder could expect to earn 75 percent more over
a lifetime. Today, that number is 84 percent.[9]
[1] "Pell Spending Levels Off" Inside Higher Ed
09/7/2012
[2] U.S. Department of Education. 2013014 Federal Pell Grant
Payment and Disbursement Schedules. 30 January 2013 (Link)
[3] U.S. Department of Education. Federal Pell Grant Program:
Summary Statistics for Cross-Year Reference. Table 1 (Link)
[4] New America Foundation. Federal Higher Education
Programs. http://febp.newamerica.net/background-analysis/federal-higher-education-grant-programs
[5] The Georgetown Center on Education and the Workforce, Help
Wanted: Projections of Jobs and Education Requirements Through 2018, 2010 http://cew.georgetown.edu/jobs2018/
[6] Ibid.
[7] Ibid.
[8] Source: The Georgetown Center on Education and the Workforce, The
College Payoff: Education, Occupations, Lifetime Earnings 2011 http://www9.georgetown.edu/grad/gppi/hpi/cew/pdfs/collegepayoff-summary.pdf
[9] Ibid
[14] U.S. Census Bureau, Household Data Annual Average, http://www.bls.gov/cps/cpsaat7.pdf