pected increase in the cost of attend-
ance of such program. 
‘‘(E) Debt management strategies that are 
designed to facilitate the repayment of such in-
debtedness. 
‘‘(F) An explanation that the borrower has 
the options to prepay each loan, pay each loan 
on a shorter schedule, and change repayment 
plans. 
‘‘(G) For each Federal Direct PLUS Loan 
made on behalf of a dependent student for 
which the borrower is receiving counseling 
under this subsection, the contact information 
for the loan servicer of the loan and a link to 
such servicer’s website. 
‘‘(5) ANNUAL
LOAN
ACCEPTANCE.—Prior to 
making the first disbursement of a loan made under 
part D (other than a Federal Direct Consolidation 
Loan) to a borrower for an award year, an eligible 
institution, shall, as part of carrying out the coun-
seling requirements of this subsection for the loan, 
ensure that after receiving the applicable counseling 
under paragraphs (2), (3), and (4) for the loan the 
borrower accepts the loan for such award year by— 
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‘‘(A) signing the master promissory note 
for the loan; 
‘‘(B) signing and returning to the institu-
tion a separate written statement that affirma-
tively states that the borrower accepts the loan; 
or 
‘‘(C) electronically signing an electronic 
version of the statement described in subpara-
graph (B).’’. 
SEC. 202. EXIT COUNSELING. 
Section 485(b) of the Higher Education Act of 1965 
(20 U.S.C. 1092(b)) is amended— 
(1) in paragraph (1)(A)— 
(A) in the matter preceding clause (i), by 
striking ‘‘through financial aid offices or other-
wise’’ and inserting ‘‘through the use of an 
interactive program, during an exit counseling 
session that is in person or online, or through 
the use of the online counseling tool described 
in subsection (k)(1)(A)’’; 
(B) by redesignating clauses (i) through 
(ix) as clauses (iv) through (xii), respectively; 
(C) by inserting before clause (iv), as so 
redesignated, the following: 
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‘‘(i) a summary of the outstanding balance of 
principal and interest due on the loans made to the 
borrower under part B, D, or E; 
‘‘(ii) an explanation of the grace period pre-
ceding repayment and the expected date that the 
borrower will enter repayment; 
‘‘(iii) an explanation that the borrower has the 
option to pay any interest that has accrued while the 
borrower was in school or that may accrue during 
the grace period preceding repayment or during an 
authorized period of deferment or forbearance, prior 
to the capitalization of the interest; and 
‘‘(iv) an explanation of how interest accrues 
once a student borrower enters into repayment sta-
tus, and an estimation of how much interest will ac-
crue over time under the standard repayment plan 
and an income-based repayment plan under section 
493C;’’; 
(D) in clause (iv), as so redesignated— 
(i) by striking ‘‘sample information 
showing the average’’ and inserting ‘‘infor-
mation, based on the borrower’s out-
standing balance described in clause (i), 
showing the borrower’s’’; and 
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(ii) by striking ‘‘of each plan’’ and in-
serting ‘‘of at least the standard repay-
ment plan and the income-based repay-
ment plan under section 493C’’; 
(E) in clause (ix), as so redesignated— 
(i) by inserting ‘‘decreased credit 
score,’’ after ‘‘credit reports,’’; and 
(ii) by inserting ‘‘reduced ability to 
rent or purchase a home or car, potential 
difficulty in securing employment,’’ after 
‘‘Federal law,’’; 
(F) in clause (x), as so redesignated, by 
striking ‘‘consolidation loan under section 428C 
or a’’; 
(G) in clauses (xi) and (xii), as so redesig-
nated, by striking ‘‘and’’ at the end; and 
(H) by adding at the end the following: 
‘‘(xiii) for each of the borrower’s loans made 
under part B, D, or E for which the borrower is re-
ceiving counseling under this subsection, the contact 
information for the loan servicer of the loan and a 
link to such servicer’s website; and 
‘‘(xiv) an explanation that an individual has a 
right to annually request a disclosure of information 
collected by a consumer reporting agency pursuant 
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to section 612(a) of the Fair Credit Reporting Act 
(15 U.S.C. 1681j(a)).’’; 
(2) in paragraph (1)(B)— 
(A) by inserting ‘‘online or’’ before ‘‘in 
writing’’; and 
(B) by adding before the period at the end 
the following: ‘‘, except that in the case of an 
institution using the online counseling tool de-
scribed in subsection (k)(1)(A), the Secretary 
shall attempt to provide such information to the 
student in the manner described in subsection 
(k)(3)(C)’’; and 
(3) in paragraph (2)(C), by inserting ‘‘, such as 
the online counseling tool described in subsection 
(k)(1)(A),’’ after ‘‘electronic means’’. 
SEC. 203. ONLINE COUNSELING TOOLS. 
Section 485(k) of the Higher Education Act of 1965 
(20 U.S.C. 1092) is amended to read as follows: 
‘‘(k) ONLINE COUNSELING TOOLS.— 
‘‘(1) IN GENERAL.—Beginning not later than 1 
year after the date of the enactment of the Achiev-
ing Independence through Degrees Act, the Sec-
retary shall maintain— 
‘‘(A) an online counseling tool that pro-
vides the exit counseling required under sub-
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section (b) and meets the applicable require-
ments of this subsection; and 
‘‘(B) an online counseling tool that pro-
vides the annual counseling required under sub-
section (l) and meets the applicable require-
ments of this subsection. 
‘‘(2) REQUIREMENTS OF TOOLS.—In maintain-
ing the online counseling tools described in para-
graph (1), the Secretary shall ensure that each such 
tool is— 
‘‘(A) consumer tested, in consultation with 
other relevant Federal agencies, to ensure that 
the tool is effective in helping individuals under-
stand their rights and obligations with respect 
to borrowing a loan made under part D; 
‘‘(B) understandable to students who are 
borrowers of loans made under part D; and 
‘‘(C) freely available to all eligible institu-
tions. 
‘‘(3) RECORD OF COUNSELING COMPLETION.— 
The Secretary shall— 
‘‘(A) use each online counseling tool de-
scribed in paragraph (1) to keep a record of 
which individuals have received counseling using 
the tool, and notify the applicable institutions 
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of the individual’s completion of such coun-
seling; 
‘‘(B) in the case of a borrower who re-
ceives annual counseling for a loan made under 
part D using the tool described in paragraph 
(1)(B), notify the borrower by when the bor-
rower should accept, in a manner described in 
subsection (l)(6), the loan for which the bor-
rower has received such counseling; and 
‘‘(C) in the case of a borrower described in 
subsection (b)(1)(B) at an institution that uses 
the online counseling tool described in para-
graph (1)(A) of this subsection, the Secretary 
shall attempt to provide the information de-
scribed in subsection (b)(1)(A) to the borrower 
through such tool.’’. 
SEC. 204. LONGITUDINAL STUDY ON THE EFFECTIVENESS 
OF STUDENT LOAN COUNSELING. 
(a) IN GENERAL.—Not later than 1 year after the 
date of the enactment of this Act, the Secretary of Edu-
cation, acting through the Director of the Institute of 
Education Sciences, shall begin conducting a rigorous, lon-
gitudinal study of the impact and effectiveness of the stu-
dent loan counseling— 
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(1) provided under subsections (b), (l), and (k) 
of section 485 of the Higher Education Act of 1965 
(20 U.S.C. 1092), as amended by this Act; and 
(2) provided through such other means as the 
Secretary of Education may determine. 
(b) CONTENTS.— 
(1) BORROWER
INFORMATION.—The longitu-
dinal study carried out under subsection (a) shall in-
clude borrower information, in the aggregate and 
disaggregated by race, ethnicity, gender, income, and 
status as an individual with a disability, on— 
(A) student persistence; 
(B) degree attainment; 
(C) program completion; 
(D) successful entry into student loan re-
payment; 
(E) cumulative borrowing levels; and 
(F) such other factors as the Secretary of 
Education may determine. 
(2) EXCEPTION.—The disaggregation under 
paragraph (1) shall not be required in a case in 
which the number of borrowers in a category is in-
sufficient to yield statistically reliable information or 
the results would reveal personally identifiable infor-
mation about an individual borrower. 
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(c) INTERIM REPORTS.—Not later than 18 months 
after the commencement of the study under subsection 
(a), and annually thereafter, the Secretary of Education 
shall evaluate the progress of the study and report any 
short-term findings to the appropriate committees of Con-
gress. 
TITLE III—ADJUSTMENTS TO 
THE FAFSA FORM 
SEC. 301. PROVISIONAL INDEPENDENCE FOR CERTAIN STU-
DENTS. 
(a) AWARD YEAR 2022–2023.—Section 483 of the 
Higher Education Act of 1965 (20 U.S.C. 1090) is 
amended— 
(1) in subsection (h)(1), by inserting the fol-
lowing before the semicolon: ‘‘, including the special 
circumstances under which a student may qualify for 
a determination of independence’’; and 
(2) by adding at the end the following: 
‘‘(i) PROVISIONAL INDEPENDENT STUDENTS.— 
‘‘(1) REQUIREMENTS FOR THE SECRETARY.— 
The Secretary shall— 
‘‘(A) enable each student who, based on 
the special circumstance specified in subsection 
(h)(1), may qualify for an adjustment under 
section 479A that will result in a determination 
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of independence under such section and section 
480(d)(1)(I), to complete the forms developed 
by the Secretary under subsection (a) as an 
independent student for the purpose of a provi-
sional determination of the student’s Federal fi-
nancial aid award, but subject to verification 
under paragraph (2)(E) for the purpose of the 
final determination of the award; 
‘‘(B) upon completion of the forms devel-
oped by the Secretary under subsection (a), 
provide an estimate of the student’s Federal 
Pell Grant award, based on the assumption the 
student is determined to be an independent stu-
dent; 
‘‘(C) ensure that, on each form developed 
under this section, there is a single and easily 
understood screening question to identify an ap-
plicant for aid who wishes to provisionally apply 
for independent status under sections 479A and 
480(d)(1)(I); and 
‘‘(D) specify, on the forms, the con-
sequences under section 490(a) of knowingly 
and willfully completing the forms as an inde-
pendent student under subparagraph (A) with-
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out meeting the special circumstances to qualify 
for such a determination. 
‘‘(2) REQUIREMENTS FOR FINANCIAL AID AD-
MINISTRATORS.—With respect to a student accepted 
for admission who completes the forms as an inde-
pendent student under paragraph (1)(A), a financial 
aid administrator— 
‘‘(A) shall notify the student of the institu-
tional process and requirements for an adjust-
ment under sections 479A and 480(d)(1)(I) 
that will result in a determination of independ-
ence under such sections within a reasonable 
time after the student completes the forms de-
veloped by the Secretary under subsection (a) 
as an independent student for the purpose of a 
provisional determination of the student’s Fed-
eral financial aid award; 
‘‘(B) may make an adjustment under sec-
tions 479A and 480(d)(1)(I) for a determina-
tion of independence in the absence of con-
flicting information; 
‘‘(C) shall provide a final determination of 
the student’s Federal financial aid award to the 
student in the same manner as, and by not 
later than the date that, the administrator pro-
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vides most other provisionally independent stu-
dents their final determinations of Federal fi-
nancial aid awards, or during the award year in 
which the student initially submits an applica-
tion, whichever comes sooner; 
‘‘(D) shall, in making a final determination 
of the student’s Federal financial aid award, 
use the discretion provided under sections 479A 
and 480(d)(1)(I) to verify whether the student 
meets the special circumstances to qualify as an 
independent student; 
‘‘(E) in accordance with paragraph (B), 
may consider as adequate verification that a 
student qualifies for an adjustment under sec-
tions 479A and 480(d)(1)(I)— 
‘‘(i) submission of a court order or of-
ficial Federal or State documentation that 
the student’s parent or legal guardian is 
incarcerated in any Federal or State penal 
institution; 
‘‘(ii) a documented phone call with, or 
a written statement from— 
‘‘(I) a child welfare agency au-
thorized by a State or county; 
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‘‘(II) a Tribal child welfare au-
thority; 
‘‘(III) an independent living case 
worker; or 
‘‘(IV) a public or private agency, 
facility, or program serving the vic-
tims of abuse, neglect, assault, or vio-
lence; 
‘‘(iii) a documented phone call with, 
or a written statement from, an attorney, 
a guardian ad litem, or a court appointed 
special advocate, documenting that per-
son’s relationship to the student; 
‘‘(iv) a documented phone call with, or 
a written statement from, a representative 
of a program under chapter 1 or 2 of sub-
part 2 of part A; or 
‘‘(v) submission of a copy of the stu-
dent’s biological or adoptive parents’ or 
legal guardians’— 
‘‘(I) certificates of death; or 
‘‘(II) verified obituaries; 
‘‘(F) if a student does not have, and can-
not get, documentation from any of the des-
ignated authorities described in subparagraph 
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(E) of whether a student may qualify for an ad-
justment under sections 479A and 480(d)(1)(I) 
that will result in a determination of independ-
ence, may base the verification and final deter-
mination on— 
‘‘(i) a documented interview with the 
student that is limited to whether the stu-
dent meets the requirements, and not 
about the reasons for the student’s situa-
tions; and 
‘‘(ii) an attestation from the student 
that they meet the requirements, which in-
cludes a description of the approximate 
dates that the student ended the financial 
or caregiving relationship with their parent 
or legal guardian, to the best of the stu-
dent’s knowledge; 
‘‘(G) retain all documents related to the 
adjustment 
under 
sections 
479A 
and 
480(d)(1)(I), including documented interviews, 
for the duration of the student’s enrollment at 
the institution and for a minimum of 1 year 
after the student is no longer enrolled at the in-
stitution; and 
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‘‘(H) shall presume that any student who 
has obtained an adjustment under sections 
479A and 480(d)(1)(I) and a final determina-
tion of independence for a preceding award year 
at an institution to be independent for a subse-
quent award year at the same institution un-
less— 
‘‘(i) the student informs the institu-
tion that circumstances have changed; or 
‘‘(ii) the institution has specific con-
flicting information about the student’s 
independence.’’. 
(b) AWARD YEAR 2023–2024, AND EACH SUBSE-
QUENT AWARD YEAR.—Section 483 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1090), as amended by the 
FAFSA Simplification Act under section 703 of division 
FF of Public Law 116–260, is further amended— 
(1) in subsection (b)(1)(A), by inserting the fol-
lowing before the semicolon: ‘‘, including the special 
circumstances under which a student may qualify for 
a determination of independence’’; and 
(2) by adding at the end the following: 
‘‘(e) PROVISIONAL INDEPENDENT STUDENTS.— 
‘‘(1) REQUIREMENTS FOR THE SECRETARY.— 
The Secretary shall— 
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‘‘(A) enable each student who, based on 
the special circumstance specified in subsection 
(b)(1)(A), may qualify for an adjustment under 
section 479A that will result in a determination 
of independence under such section and section 
480(d), to complete the forms developed by the 
Secretary under subsection (a) as an inde-
pendent student for the purpose of a provisional 
determination of the student’s Federal financial 
aid award, but subject to verification under 
paragraph (2)(E) for the purpose of the final 
determination of the award; 
‘‘(B) upon completion of the forms devel-
oped by the Secretary under subsection (a), 
provide an estimate of the student’s Federal 
Pell Grant award, based on the assumption the 
student is determined to be an independent stu-
dent; 
‘‘(C) ensure that, on each form developed 
under this section, there is a single and easily 
understood screening question to identify an ap-
plicant for aid who wishes to provisionally apply 
for independent status under sections 479A and 
480(d); and 
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‘‘(D) specify, on the forms, the con-
sequences under section 490(a) of knowingly 
and willfully completing the forms as an inde-
pendent student under subparagraph (A) with-
out meeting the special circumstances to qualify 
for such a determination. 
‘‘(2) REQUIREMENTS FOR FINANCIAL AID AD-
MINISTRATORS.—With respect to a student accepted 
for admission who completes the forms as an inde-
pendent student under paragraph (1)(A), a financial 
aid administrator— 
‘‘(A) shall notify the student of the institu-
tional process and requirements for an adjust-
ment under sections 479A and 480(d) that will 
result in a determination of independence under 
such sections within a reasonable time after the 
student completes the forms developed by the 
Secretary under subsection (a) as an inde-
pendent student for the purpose of a provisional 
determination of the student’s Federal financial 
aid award; 
‘‘(B) may make an adjustment under sec-
tions 479A and 480(d) for a determination of 
independence in the absence of conflicting infor-
mation; 
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‘‘(C) shall provide a final determination of 
the student’s Federal financial aid award to the 
student in the same manner as, and by not 
later than the date that, the administrator pro-
vides most other provisionally independent stu-
dents their final determinations of Federal fi-
nancial aid awards, or during the award year in 
which the student initially submits an applica-
tion, whichever comes sooner; 
‘‘(D) shall, in making a final determination 
of the student’s Federal financial aid award, 
use the discretion provided under sections 
479A(c) and 480(d) to verify whether the stu-
dent meets the special circumstances to qualify 
as an independent student; 
‘‘(E) in accordance with paragraph (B), 
may consider as adequate verification that a 
student qualifies for an adjustment under sec-
tions 479A(c) and 480(d)— 
‘‘(i) submission of a court order or of-
ficial Federal or State documentation that 
the student’s parent or legal guardian is 
incarcerated in any Federal or State penal 
institution; 
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‘‘(ii) a documented phone call with, or 
a written statement from— 
‘‘(I) a child welfare agency au-
thorized by a State or county; 
‘‘(II) a Tribal child welfare au-
thority; 
‘‘(III) an independent living case 
worker; or 
‘‘(IV) a public or private agency, 
facility, or program serving the vic-
tims of abuse, neglect, assault, or vio-
lence; 
‘‘(iii) a documented phone call with, 
or a written statement from, an attorney, 
a guardian ad litem, or a court appointed 
special advocate, documenting that per-
son’s relationship to the student; 
‘‘(iv) a documented phone call with, or 
a written statement from, a representative 
of a program under chapter 1 or 2 of sub-
part 2 of part A; or 
‘‘(v) submission of a copy of the stu-
dent’s biological or adoptive parents’ or 
legal guardians’— 
‘‘(I) certificates of death; or 
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‘‘(II) verified obituaries; 
‘‘(F) if a student does not have, and can-
not get, documentation from any of the des-
ignated authorities described in subparagraph 
(E) of whether a student may qualify for an ad-
justment under sections 479A and 480(d) that 
will result in a determination of independence, 
may base the verification and final determina-
tion on— 
‘‘(i) a documented interview with the 
student that is limited to whether the stu-
dent meets the requirements, and not 
about the reasons for the student’s situa-
tions; and 
‘‘(ii) an attestation from the student 
that they meet the requirements, which in-
cludes a description of the approximate 
dates that the student ended the financial 
or caregiving relationship with their parent 
or legal guardian, to the best of the stu-
dent’s knowledge; 
‘‘(G) retain all documents related to the 
adjustment under sections 479A and 480(d), 
including documented interviews, for the dura-
tion of the student’s enrollment at the institu-
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tion and for a minimum of 1 year after the stu-
dent is no longer enrolled at the institution; and 
‘‘(H) shall presume that any student who 
has obtained an adjustment under sections 
479A and 480(d) and a final determination of 
independence for a preceding award year at an 
institution to be independent for a subsequent 
award year at the same institution unless— 
‘‘(i) the student informs the institu-
tion that circumstances have changed; or 
‘‘(ii) the institution has specific con-
flicting information about the student’s 
independence.’’. 
SEC. 302. REVISION OF FAFSA FORM. 
(a) AWARD YEAR 2022–2023.—Section 483 of the 
Higher Education Act of 1965 (20 U.S.C. 1090), as 
amended by section 301, is further amended by adding 
at the end the following: 
‘‘(j) CONVICTIONS.—The Secretary shall not include 
any question about the conviction of an applicant for the 
possession or sale of illegal drugs on the FAFSA (or any 
other form developed under subsection (a)).’’. 
(b) AWARD YEAR 2023–2024, AND EACH SUBSE-
QUENT AWARD YEAR.—Section 483 of the Higher Edu-
cation Act of 1965 (20 U.S.C. 1090), as amended by the 
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FAFSA Simplification Act under section 703 of division 
FF of Public Law 116–260, is further amended by adding 
at the end the following: 
‘‘(f) CONVICTIONS.—The Secretary shall not include 
any question about the conviction of an applicant for the 
possession or sale of illegal drugs on the Free Application 
for Federal Student Aid (or any other form developed 
under this section).’’. 
TITLE IV—FINANCIAL AID 
SHOPPING SHEET 
SEC. 401. SECRETARIAL REQUIREMENTS. 
(a) IN GENERAL.—Not later than 1 year after the 
date of the enactment of this Act, the Secretary of Edu-
cation, in consultation with the Secretaries of Defense and 
Veterans Affairs, shall develop and finalize a financial 
shopping sheet that ensures each institution of higher edu-
cation provides meaningful information about the financial 
cost and quality of such institution to students (including 
students who have authorized the Department of Edu-
cation to send the student’s Institutional Student Infor-
mation Record to such institution) to assist such students 
in determining how to use financial aid to attend such in-
stitution, and which— 
(1) is standardized so that it can be used by all 
institutions of higher education; 
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(2) is consumer tested, and presented in a man-
ner that is simple and easily understandable; and 
(3) is personalized for each student who re-
ceives such sheet by including— 
(A) the cost of attendance of the edu-
cational program in which the student is en-
rolled or seeks to be enrolled; 
(B) the type of Federal educational bene-
fits available to assist in covering such cost of 
attendance, including loans and grants under 
title IV of the Higher Education Act of 1965; 
(C) the amount of financial aid, including 
Federal, State, institutional, or other aid that 
can be used to assist in covering such cost of 
attendance; 
(D) information about student outcomes 
for students who graduate from such edu-
cational program, including, based upon the 
most recent data available— 
(i) the graduation rate; 
(ii) the loan repayment rate; and 
(iii) the estimated loan debt upon 
graduation; and 
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(E) any other information that facilitates 
comparison of aid packages offered by different 
institutions of higher education. 
(b) DEFINITIONS.—In this subsection: 
(1) COST OF ATTENDANCE.—The term ‘‘cost of 
attendance’’ has the meaning given the term in sec-
tion 472 of the Higher Education Act of 1965 (20 
U.S.C. 1087ll). 
(2) INSTITUTION OF HIGHER EDUCATION.—The 
term ‘‘institution of higher education’’ has the 
meaning given the term in section 102 of the Higher 
Education Act of 1965 (20 U.S.C. 1002). 
SEC. 402. REQUIREMENTS FOR INSTITUTIONS OF HIGHER 
EDUCATION. 
Section 487(a) of the Higher Education Act of 1965 
(20 U.S.C. 1094(a)) is amended by adding at the end the 
following: 
‘‘(30) The institution will use a financial aid 
shopping sheet described in 401(a) of the Achieving 
Independence through Degrees Act as its sole finan-
cial award letter or include such sheet as a supple-
mental cover to such financial award letter.’’. 
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TITLE 
VI—ADJUSTMENTS 
TO 
CAMPUS-BASED STUDENT FI-
NANCIAL AID PROGRAMS 
PART 1—FEDERAL SUPPLEMENTAL 
EDUCATIONAL OPPORTUNITY GRANTS 
SEC. 601. PURPOSE; APPROPRIATIONS AUTHORIZED. 
Section 413A of the Higher Education Act of 1965 
(20 U.S.C. 1070b) is amended— 
(1) by amending subsection (a) to read as fol-
lows: 
‘‘(a) PURPOSE OF SUBPART.—It is the purpose of 
this subpart to— 
‘‘(1) provide, through institutions of higher edu-
cation, supplemental grants to assist in making 
available the benefits of postsecondary education to 
qualified students who demonstrate financial need in 
accordance with the provisions of part F of this title; 
and 
‘‘(2) to establish demonstration projects at var-
ious institutions of higher education, as defined in 
section 101, to determine best practices and policies 
regarding the distribution of emergency grant aid to 
assist students in completing their program of study, 
notwithstanding aid they may have received in ac-
cordance with the provisions of part F of this title.’’; 
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(2) in subsection (b)(1), by striking ‘‘appro-
priated’’ and all that follows through the end and in-
serting ‘‘appropriated— 
‘‘(A) $1,150,000,000 for fiscal year 2022; 
‘‘(B) $1,300,000,000 for fiscal year 2023; 
‘‘(C) $1,450,000,000 for fiscal year 2024; 
‘‘(D) $1,600,000,000 for fiscal year 2025; 
and 
‘‘(E) $1,750,000,000 for fiscal year 2026 
and each succeeding fiscal year.’’; 
(3) by redesignating paragraph (2) as para-
graph (3); and 
(4) by inserting after paragraph (1) the fol-
lowing: 
‘‘(2) For the purpose of enabling the Secretary 
to fund demonstration projects under section 
413(F), there are allocated, from funds authorized 
under paragraph (b)(1), $1,250,000 for fiscal year 
2022 and each of the 3 succeeding fiscal years.’’. 
SEC. 602. ALLOCATION OF FUNDS. 
Section 413D of the Higher Education Act of 1965 
(20 U.S.C. 1070b–3) is amended to read as follows: 
‘‘SEC. 413D. ALLOCATION OF FUNDS. 
‘‘(a) ALLOCATION FORMULA
FOR FISCAL YEARS 
2022 THROUGH 2026.— 
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‘‘(1) IN GENERAL.—From the amount appro-
priated under section 413A(b)(1) for a fiscal year, 
the Secretary shall allocate to each institution— 
‘‘(A) for fiscal year 2022, an amount equal 
to the greater of— 
‘‘(i) 90 percent of the amount the in-
stitution received under subsection (a) for 
fiscal year 2021, as such subsection was in 
effect with respect to such fiscal year (in 
this subparagraph referred to as ‘the 2021 
amount for the institution’); or 
‘‘(ii) the fair share amount for the in-
stitution determined under subsection (c); 
‘‘(B) for fiscal year 2023, an amount equal 
to the greater of— 
‘‘(i) 80 percent of the 2021 amount 
for the institution; or 
‘‘(ii) the fair share amount for the in-
stitution determined under subsection (c); 
‘‘(C) for fiscal year 2024, an amount equal 
to the greater of— 
‘‘(i) 60 percent of the 2021 amount 
for the institution; or 
‘‘(ii) the fair share amount for the in-
stitution determined under subsection (c); 
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‘‘(D) for fiscal year 2025, an amount equal 
to the greater of— 
‘‘(i) 40 percent of the 2021 amount 
for the institution; or 
‘‘(ii) the fair share amount for the in-
stitution determined under subsection (c); 
and 
‘‘(E) for fiscal year 2026, an amount equal 
to the greater of— 
‘‘(i) 20 percent of the 2021 amount 
for the institution; or 
‘‘(ii) the fair share amount for the in-
stitution determined under subsection (c). 
‘‘(2) RATABLE REDUCTION.— 
‘‘(A) IN GENERAL.—If the amount appro-
priated under section 413A(b)(1) for a fiscal 
year is less than the amount required to be allo-
cated to the institutions under this subsection, 
then the amount of the allocation to each insti-
tution shall be ratably reduced. 
‘‘(B) ADDITIONAL
APPROPRIATIONS.—If 
the amounts allocated to each institution are 
ratably reduced under subparagraph (A) for a 
fiscal year and additional amounts are appro-
priated for such fiscal year, the amount allo-
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cated to each institution from the additional 
amounts shall be increased on the same basis as 
the amounts under subparagraph (A) were re-
duced (until each institution receives the 
amount required to be allocated under this sub-
section). 
‘‘(b) ALLOCATION FORMULA FOR FISCAL YEAR 2027 
AND
EACH
SUCCEEDING
FISCAL
YEAR.—From the 
amount appropriated under section 413A(b)(1) for fiscal 
year 2027 and each succeeding fiscal year, the Secretary 
shall allocate to each institution the fair share amount for 
the institution determined under subsection (c). 
‘‘(c) DETERMINATION OF FAIR SHARE AMOUNT.— 
‘‘(1) IN GENERAL.—Subject to paragraph (2), 
the fair share amount for an institution for a fiscal 
year shall be equal to the sum of the institution’s 
undergraduate student need described in paragraph 
(2) for the preceding fiscal year. 
‘‘(2) INSTITUTIONAL
UNDERGRADUATE
STU-
DENT NEED.—The undergraduate student need for 
an institution for a fiscal year shall be equal to the 
sum of the following: 
‘‘(A) An amount equal to 50 percent of the 
amount that bears the same proportion to the 
available appropriated amount for such fiscal 
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year as the total amount of Federal Pell Grant 
funds awarded at the institution for the pre-
ceding fiscal year bears to the total amount of 
Federal Pell Grant funds awarded at all institu-
tions participating under this part for the pre-
ceding fiscal year. 
‘‘(B) An amount equal to 50 percent of the 
amount that bears the same proportion to the 
available appropriated amount for such fiscal 
year as the total amount of the undergraduate 
student need at the institution for the preceding 
fiscal year bears to the total amount of under-
graduate student need at all institutions partici-
pating under this part for the preceding fiscal 
year. 
‘‘(3) ELIGIBILITY FOR FAIR SHARE AMOUNT.— 
The Secretary may not allocate funds under this 
part to any institution that, for 2 or more fiscal 
years during any 3 fiscal year period beginning not 
earlier than the first day of the first fiscal year that 
is 2 years after the date of the enactment of this 
paragraph, has a student population with less than 
7 percent of undergraduate students who are recipi-
ents of Federal Pell Grants.’’. 
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