A policy briefing from AGB highlights a looming Pell Grant structural gap, with projections pointing to a potential $17 billion shortfall across fiscal years 2026 and 2027. The briefing attributes the projected gap to CBO forecast dynamics and notes continued risk beyond those years. The discussion underscores how a Pell shortfall can force institutions to adjust packaging strategies, admissions planning, and budgeting assumptions tied to need-based aid volumes. AGB leaders frame the issue as a near-term governance and compliance concern for boards managing student access. The briefing also points to timing and rulemaking pressures in 2026 that could further affect how institutions plan for federal aid administration, including potential accreditation-related developments and broader policy changes. For campus decision-makers, the key operational challenge is uncertainty—whether Congress and regulators close the gap or institutions face programmatic and financial tradeoffs that affect student success.