This just in, courtesy of NASFAA: The Department of Education (ED) has released its final funding tables for fiscal year (FY) 2016, impacting award year 2016-2017. Most of the funding for the Title IV programs aligns with previously reported estimates derived from the final FY 2016 spending bill passed by Congress in December. While the Pell Grant maximum for award year 2016-17 is lower than the original estimate of $5,915 – dropping instead to $5,845 – this new amount still represents a $70 increase over last year’s maximum Pell Grant of $5,775. Similar to last year, the change in the final FY 2016 amount is the result of a lower than anticipated Consumer Price Index (CPI), yielding a smaller increase in the mandatory portion of Pell’s funding.