NEW YORK — The Trump administration is expected to award a record $1 billion to support college scholarships, the White House announced Monday.
The announcement came after President Donald Trump’s administration announced it would award more than $400 million in scholarships for low- and moderate-income families over the next two years, in addition to $1 million in additional grants to support the launch of a college scholarship program.
In 2018, the administration is set to give $1,000 to every qualifying student in need of financial aid.
The administration also announced it will double the Pell Grant program’s eligibility limit to $5,000 a year for low and moderate income families, and it will expand the number of scholarships available.
The program is being funded by a $4.7 billion loan from the Federal Government.
The Trump Administration’s College Opportunity and Community Development Initiative will provide grants for students from low- to moderate-economic levels.
“In addition to providing loans for eligible students, we will also be providing $1 trillion in scholarships to help them complete their education,” Education Secretary Betsy DeVos said in a statement.
“We will also help them with debt management, paying down debt, and making college affordable.”
In 2018-2019, the program will also provide more than 8,000 loans to students who receive Pell Grants.