On Thursday Congressional Democrats announced legislation that would provide 36 billion in additional funding to Pell grants. The NY times article "Bill Proposes Increased Aid to the Needy for College" reports that the bill proposes to increase the maximum Pell grant to $5,975 in $2017 which is a $625 increase from what it currently is. The increase in Pell grants would be funded by eliminating subsidies to private banks who make student loans.