President Barack Obama to Sign Executive Order for HBCU Funding, Pell Grant Assistance
President Barack Obama will sign into law this afternoon an executive order channeling more than $98 million dollars in federal funding to minority institutions, and more than $400 million in funding for the Pell Grant program.
In addition to the $98 for strengthening HBCUs, the budget includes $20.5 million for the HBCU Capital Financing program to provide HBCUs with access to financing for the repair, renovation, and construction or acquisition of educational facilities, instructional equipment, research instrumentation and physical infrastructure and $64.5 million for the Strengthening Historically Black Graduate Institution program, a $3.1 million or five percent increase.
The budget also nearly doubles the aid available in Pell Grants from $18.2 billion in the 2008-2009 award year to a proposed $34.8 billion in 2011-2012. The Obama administration said the funding increases support for both a growing number of students eligible for Pell Grants and an increase in the maximum Pell Grant award from $4,731 to a proposed $5,710.
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