Sec. 4. Doubling Federal Pell Grants and providing all Federal Pell Grants through mandatory funding
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Section 401 ( 20 U.S.C. 1070a ), as amended by section 703 of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ) (referred to in this Act as the FAFSA Simplification Act ), is further amended— in subsection (a)(2)(F), by striking 10 percent and inserting 5 percent ; in subsection (b)— in paragraph (1)(B)(i), by striking paragraph (5)(A) and inserting paragraph
(5); by striking paragraph
(5)and inserting the following: For award year 2023–2024, the total maximum Federal Pell Grant award shall be $9,000. For award year 2024–2025, the total maximum Federal Pell Grant award shall be $10,000. For award year 2025–2026, the total maximum Federal Pell Grant award shall be $11,000. For award year 2026–2027, the total maximum Federal Pell Grant award shall be $12,000. For award year 2027–2028, the total maximum Federal Pell Grant award shall be $13,000. For award year 2028–2029, and each subsequent award year, the total maximum Federal Pell Grant award shall be $13,000— increased by the adjustment percentage for the award year for which the amount under this subparagraph is being determined; and rounded to the nearest $50. In this paragraph, the term adjustment percentage, as applied to an award year, is equal to the percentage increase in the Consumer Price Index, as defined in section 478(f), between April 2026 and the April in the year prior to the beginning of the award year. ; by striking paragraphs
(6)and
(7)and inserting the following: There are authorized to be appropriated, and there are appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary for fiscal year 2023 and each subsequent fiscal year to provide the total maximum Federal Pell Grant for which a student shall be eligible under this section during an award year. ; and by redesignating paragraphs
(8)and
(9)as paragraphs
(7)and (8), respectively; in subsection (d)(5)(B)(ii)— in subclause (I)(bb), by striking or after the semicolon; in subclause (II)(bb)(CC), by striking the period and inserting ; or ; and by adding at the end the following: during a period for which the student did not receive a loan under this title but for which, if the student had received such a loan, the student would have qualified for loan forgiveness under subclause (II)(bb)(CC). ; by striking subsections
(g)and (h); and by redesignating subsections
(i)and
(j)as subsections
(g)and (h), respectively. Section 406 of H. Con. Res. 95 (109th Congress) is amended— by striking subsection (b); and by striking
(a)and inserting the following: In general .—Upon Upon . The amendments made by paragraph
(1)shall take effect beginning on July 1, 2023. Notwithstanding section 401(b)(7)(C)(iii) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b)(7)(C)(iii) ), the amount determined under such clause for purposes of section 401(b)(7)(B)(iii) of such Act for award year 2022–2023 shall be $2,535.
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Sec. 4
Doubling Federal Pell Grants and providing all Federal Pell Grants through mandatory funding
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