Sec. 7. Agreements with applicable educational institutions
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Section 454(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1087d(a) ) is amended— in paragraph (5), by striking and after the semicolon; by redesignating paragraph
(6)as paragraph (7); and by inserting after paragraph
(5)the following: notwithstanding any other provision of this Act, for the award year beginning on July 1, 2024, and each subsequent award year, if such institution is an applicable educational institution (as defined in section 4968(b) of title 26, United States Code), provide that such institution may not award— a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Plus Loan to any eligible student; or a Federal Direct Plus Loan to a parent of an eligible dependent undergraduate student if such student is eligible for a Federal Pell Grant. . Section 413C(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1070b–2(a) ) is amended— in paragraph (3), by redesignating subparagraphs
(A)through
(D)as clauses
(i)through (iv), respectively; by redesignating paragraphs
(1)through
(3)as subparagraphs
(A)through (C), respectively; in the matter preceding subparagraph (A), as so redesignated, by striking Assistance may and inserting Assistance may ; and by adding at the end the following: In addition to the requirements under paragraph (1), for the award year beginning on July 1, 2024 and each subsequent award year, an institution that is an applicable educational institution (as defined in section 4968(b) of title 26, United States Code) may only receive assistance under this subpart if such institution guarantees that, for each such award year— the institution will make available to each student who is enrolled at the institution and who is eligible for a Federal Pell Grant under section 401, an amount, derived from only non-Federal resources, that is not less than the maximum amount that may be awarded to a student under section 413B(a)(1), to be provided to such a student as emergency financial assistance in the event that the student is in need of such assistance; and the percentage of students enrolled at such institution who are eligible for a Federal Pell grant will be equal to or greater than the percentage of students who were enrolled at such institution and were eligible for a Federal Pell grant in the award year during which the Bipartisan Workforce Pell Act was enacted. .
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- 20 USC 1070b–2(a)
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