Pell Grant calculations would use $14,800 minus annual funding-law maximums

The maximum Pell Grant calculation would subtract the maximum in annual funding law from a $14,800 base. The formula would apply to maximum federal Pell Grant awards per student. Starting in 2028–29, the formula would adjust the $14,800 base using the estimated annual change in consumer prices. The calculation sets a maximum, not a guaranteed award for every student. These award formula provisions would take effect July 1, 2026, for award years beginning on or after that date.

Students could receive Pell Grants for up to 16 semesters or the equivalent. Eligibility would also cover a student's first course of study after a bachelor's degree at an eligible college covered by the bill's definition. To receive grants after a bachelor's degree, students must have received Pell Grants for at least one but fewer than 16 semesters, or the equivalent. They must meet other Pell eligibility rules and stay within the overall duration limit.