1. Short title This Act may be cited as the Pell Plus Act of 2023 . 2. Pell Plus Program Section 401 of the Higher Education Act of 1965 ( 20 U.S.C. 1070a ), as amended by section 703 of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ), is amended by adding at the end the following: (k) Pell Plus program (1) Program established (A) In general Beginning with award year 2025–2026, for each award year for which a student receives a Federal Pell Grant and meets the requirements of paragraph (2) , the Secretary shall award such student an additional Federal Pell Grant, referred to as a Federal Pell Plus Grant , in an amount equal to the amount of the student’s Federal Pell Grant award determined under this section for such award year, except as provided in subparagraph (B) . (B) Cost of attendance reductions In any case in which a student is awarded a Federal Pell Grant under this section and a Federal Pell Plus grant under this subsection, the combined total of such Federal Pell Grant, such Federal Pell Plus Grant, and the amount provided by a Pell Plus institution in accordance with paragraph (4)(B)(i)(II)(aa) shall not exceed the cost of attendance (as defined in section 472) at the institution at which that student is in attendance. In the case that such combined total would exceed such cost of attendance, the Secretary shall reduce the amount of the Federal Pell Plus grant awarded to the student, taking into consideration the corresponding reduction in the amount provided by a Pell Plus institution in accordance with paragraph (4)(B)(i)(II)(aa) as a result of the reduced Federal Pell Plus grant amount, until the combined total of such reduced Federal Pell Plus Grant, such reduced amount provided by a Pell Plus institution in accordance with paragraph (4)(B)(i)(II)(aa), and the Federal Pell Grant award of the student does not exceed such cost of attendance. (2) Student eligibility A student meets the requirements of this paragraph, if the student— (A) during the award year during