College students will be getting a raise in the coming weeks as a part of the new financial aid law.
The average monthly payment for students enrolled in a college-affiliated university has been raised from $4,926 to $5,923, according to data from the Education Department.
The increase comes in addition to a $10,000 increase in the maximum tuition and fees for undergraduates enrolled in four-year public institutions, according a department spokesperson.
The Department of Education said it also expanded eligibility for Pell Grants, which students may apply toward.
The administration said that more students are able to qualify for federal financial aid because of the law.
“This change will make college more affordable for students who have limited financial resources, and more students will qualify for Pell grants as a result,” the spokesperson said.
The new law, signed in January, also provides more funding to students who qualify for subsidized loans.
It also provides a refundable tax credit for families with incomes up to $125,000 per year, which could help millions of Americans who struggle to pay their college bills.
The law also allows students to earn up to five years of community service, which can include tutoring or working on sports teams, as well as tutoring and mentoring for those under the age of 18.
It expands the number of community college students who are eligible to receive federal financial assistance.
Students will be able to apply for financial aid through the U.S. Department of Labor.
The department has also provided a list of institutions and universities that have received a $5.5 billion federal grant to help defray tuition and costs associated with attending college.
“The increase in student financial aid will benefit millions of American families who have not previously received the financial aid they need,” the Education Secretary said.
“The Department of Justice has also made grants to more than 30 colleges and universities to help provide financial assistance to more students, including a $2.5 million grant to Harvard University, the largest college in the nation to receive $5 billion.
These grants are vital for students whose families have struggled to make ends meet.”