The Congressional Budget Office projected an $11.5 billion shortfall in the Pell Grant program if Congress fails to add funding to the Federal Student Aid account by Sept. 30, warning that without action students could face steep grant cuts or tightened eligibility. The report signals a looming federal funding crisis for need‑based aid that many institutions rely on to enroll low‑income students. College financial officers and state higher‑education agencies will need contingency plans if Congress does not appropriate additional resources. A shortfall at this scale would put pressure on institutional aid budgets, admissions offers, and student retention strategies—particularly at access‑oriented public and private institutions with heavy Pell populations. Stakeholders are likely to push for stopgap legislation or targeted appropriations ahead of the fiscal year deadline to avoid abrupt impacts on the 2026–27 entering cohort.