Billions in Education Funding
College and university students, their parents and academic administrators were pleased with the 2006 budgeting decision of the Department of Education to make additional funds available for most, if not all, qualified Pell Grant recipients. Beginning July 1st 2006, eligible students could apply for the new grants known as the Academic Competitiveness and SMART Grants, Over the 2006-2007 school year, the Department of Education planned to distribute $790 million in funding. More exciting to all relevant parties, the Department of Education expects to distribute approximately $4.5 billion over the next five years for educational funds for college students.
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