The Congressional Budget Office projects a $11.5 billion shortfall in the Pell Grant program if Congress does not appropriate additional funds by Sept. 30, risking cuts to awards or tightened eligibility for low‑income students. The CBO warning signals a direct funding cliff for the largest federal grant program that supports college access. If lawmakers fail to act, the Education Department would face constrained options for distributing aid for the 2026–27 academic year. The shortfall raises questions for financial aid offices, enrollment projections at community colleges and public universities, and institutions that rely on Pell as a backbone of access. College financial officers and student affairs leaders should track appropriations timing and contingency rules for awarding summer and fall grants.