; reduced by (BB) $6,495 or the maximum Federal Pell Grant for which a student was eligible for the preceding award year, as specified in the last enacted appropriation Act applicable to that year, whichever is greater; and (bb) rounded to the nearest $5. . (b) Award year 2024–2025, and each subsequent award year (1) In general Section 401(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b) ), as amended by section 703 of the FAFSA Simplification Act (title VII of division FF of Public Law 116–260 ), is further amended— (A) by amending paragraph (5) to read as follows: (5) Total maximum Federal Pell Grant (A) Award year 2024–2025 and each subsequent award year For award year 2024–2025, and each subsequent award year, the total maximum Federal Pell Grant award per student shall be equal to the sum of— (i) (I) in the case of award year 2024–2025, $1,060; or (II) in the case of award year 2025–2026 and each subsequent award year, the amount determined under this clause for the preceding award year, increased by a percentage equal to the annual adjustment percentage for the award year for which the amount under this clause is being determined; and (ii) the amount specified as the maximum Federal Pell Grant in the last enacted appropriation Act applicable to that award year. (B) Rounding The total maximum Federal Pell Grant for any award year shall be rounded to the nearest $5. (C) Annual adjustment percentage defined In this paragraph, the term annual adjustment percentage , as applied to an award year, is equal to the estimated percentage change in the Consumer Price Index (as determined by the Secretary, using the definition in section 478(f)) for the most recent calendar year ending prior to the beginning of that award year. ; (B) in paragraph (6)(A)(ii), by striking each of the fiscal years 2024 through 2034 and inserting fiscal year 2024 and each subsequent fiscal year