FAFSA completion rates for the high‑school class of 2026 have surged: more than 1.5 million seniors filed forms through January, a 51.9% increase over last year, placing the cohort on track to set a new record. The uptick has been strongest among low‑income and high‑minority high schools and has produced a material rise in Pell‑eligible students. At the same time, federal policy changes in the so‑called “big, beautiful bill” are reshaping higher education incentives: the legislation restricts borrowing and creates new accountability measures that could accelerate interest in shorter credentials and non‑degree “un‑college” pathways. Higher education leaders and financial‑aid offices are already adjusting messaging and advising around student loan availability and credential choice. The combination of higher FAFSA completion and new federal constraints matters to enrollment managers, financial‑aid directors and registrars. More FAFSA filings mean increased demand for grant funding and need for advising; meanwhile, regulatory changes could shift student demand toward short programs and workforce credentials. Clarification: FAFSA is the Free Application for Federal Student Aid; Pell Grants are the primary federal need‑based grant program for undergraduates.