The Congressional Budget Office warned that the Pell Grant program faces an $11.5 billion shortfall if Congress does not replenish the Federal Student Aid account by Sept. 30. The CBO’s projection raises the prospect of steep cuts to grant amounts, tightened eligibility or a freeze on new awards for students starting in the next academic year unless lawmakers act. Higher-education financial officers and financial-aid directors will need contingency plans for enrollment, budgeting and student communications if federal funding gaps materialize. Institutions that rely heavily on Pell-eligible students could face enrollment declines or pressure to increase institutional aid to fill gaps, intensifying fiscal stress already driving program cuts and campus consolidation.