# Plain Language Summary of H.R. 2026

This bill would completely eliminate federal student financial assistance funding for the 2024 fiscal year. In other words, it would set the budget for student aid programs to zero dollars, meaning no money would be available for grants, loans, or other financial help that the Department of Education currently provides to students.

If this bill became law, it would affect millions of students and their families. College students who rely on federal Pell Grants—which don't have to be repaid—would lose that money. Students with federal student loans would be unable to take out new loans to pay for college. Graduate students, parents borrowing for their children's education, and students at trade schools and community colleges would all be cut off from federal financial assistance. The bill would essentially freeze all new federal student aid in its tracks for that entire year.

The practical impact would be severe. Many students from lower and middle-income families would find college suddenly unaffordable without federal aid. Some would have to drop out of school, delay their education, or turn to private loans with higher interest rates. Schools themselves would likely see enrollment drop, which could force them to cut programs and lay off staff. This is a very broad measure that would affect the entire federal student aid system with no exceptions or phase-in period—it's an all-or-nothing approach to eliminating this funding entirely for one year.

To provide for a limitation on availability of funds for Department of Education, Student Financial Assistance for fiscal year 2024.

Biggs, Andy

 <p>This bill specifies that no FY2024 funding is authorized to be appropriated or made available for the Department of Education's Student Financial Assistance account.</p>