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Feds Will Restore Grant Funding for Thousands of Students Burned by For-profit College Closures

The Department of Education is resetting the clock on Pell grant eligibility for students who burned through the federal aid to cover costs at colleges that closed, a move that will help tens of thousands of people complete their education at another school.

Pell, a form of federal financial aid for families typically earning less than $60,000 a year, is available only for six years or 12 semesters. Say a student pursuing a bachelor’s degree uses three years worth of that aid before his college closes. If that student is unable to transfer his credits and has to start over somewhere else, he would not have enough Pell money left to cover the degree.