; (2) in subsection (b)— (A) in paragraph (1)(B)(i), by striking paragraph (5)(A) and inserting paragraph (5) ; (B) by striking paragraph (5) and inserting the following: (5) Total Maximum Federal Pell Grant (A) Award year 2024–2025 For award year 2024–2025, the total maximum Federal Pell Grant award shall be $10,000. (B) Award year 2025–2026 For award year 2025–2026, the total maximum Federal Pell Grant award shall be $11,000. (C) Award year 2026–2027 For award year 2026–2027, the total maximum Federal Pell Grant award shall be $12,000. (D) Award year 2027–2028 For award year 2027–2028, the total maximum Federal Pell Grant award shall be $13,000. (E) Award year 2028–2029 For award year 2028–2029, the total maximum Federal Pell Grant award shall be $14,000. (F) Award year 2029–2030 and subsequent years For award year 2029–2030, and each subsequent award year, the total maximum Federal Pell Grant award shall be $14,000— (i) increased by the adjustment percentage for the award year for which the amount under this subparagraph is being determined; and (ii) rounded to the nearest $50. (G) Definition of adjustment percentage In this paragraph, the term adjustment percentage, as applied to an award year, is equal to the percentage increase in the Consumer Price Index, as defined in section 478(f), for the most recent calendar year ending prior to the beginning of the award year. ; (C) by striking paragraphs (6) and (7) and inserting the following: (6) Appropriation of funds There are authorized to be appropriated, and there are appropriated, out of any money in the Treasury not otherwise appropriated, such sums as may be necessary for fiscal year 2024 and each subsequent fiscal year to provide the total maximum Federal Pell Grant for which a student shall be eligible under this section during an award year. ; and (D) by redesignating paragraphs (8) and (9) as paragraphs (7) and (8), respectively; (3) in subsection (d)(5)(B)(ii)— (A) in subclause (I)(bb), by striking or after the semicolon