1. Short title This Act may be cited as the Degrees Not Debt Act of 2018 . 2. Increase in the maximum amount of a Federal Pell Grant Section 401(b)(7)(C) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b)(7)(C) ) is amended— (1) in clause (i)(I), by striking clause (iv)(II) and inserting clause (v)(II) ; (2) in clause (ii)(I), by striking clause (iv)(II) and inserting clause (v)(II) ; (3) by redesignating clauses (iii) and (iv) as clauses (iv) and (v), respectively; (4) by inserting after clause (ii) the following: (iii) Award year 2018–2019 For award year 2018–2019, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— (I) $10,000; reduced by (II) the maximum Federal Pell Grant for which a student would be eligible using the criteria provided under section 479; and (III) rounded to the nearest $5. ; and (5) by striking clause (iv), as redesignated by paragraph (3), and inserting the following: (iv) Subsequent award years For award year 2019–2020 and each subsequent award year, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— (I) the amount determined under this subparagraph for the preceding award year; increased by (II) a percentage equal to the annual adjustment percentage for the award year for which the amount under this subparagraph is being determined