H.R. 1666 — Pell Grant Sustainability Act

This section states congressional findings that (1) the purchasing power of the maximum Federal Pell Grant has declined from covering 80% of base educational costs at public four-year institutions of higher education in academic year 1974–1975 to 31% in academic year 2022–2023; and (2) Federal Pell Grants must keep pace with students’ costs to enable lower-income students to attend college.

This section revises the formula for the total maximum Federal Pell Grant, which provides need-based aid to low-income undergraduate students, by amending paragraph (5) to set the amount for award year 2024–2025 and subsequent years equal to the sum of (i) $1,060 (increased annually thereafter by the estimated percentage change in the Consumer Price Index for the most recent prior calendar year) and (ii) the maximum Federal Pell Grant specified in the last enacted appropriation act applicable to that award year, rounded to the nearest $5. The section further amends paragraph (6)(A)(ii) to apply in the specified fiscal year and each subsequent fiscal year (from each of the fiscal years through 2034) and strikes the fiscal year 2034 termination date in paragraph (8)(A).