1. Short title This Act may be cited as the Degrees Not Debt Act of 2024 . 2. Increase in the maximum amount of a Federal Pell Grant (a) Award year 2024–2025 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) in clause (iii)— (A) in the header, by inserting through award year 2023–2024 before the period; and (B) by inserting through award year 2023–2024 after subsequent award year ; (4) by redesignating clause (iv) as clause (v); and (5) by inserting after clause (iii) the following: (iv) Award year 2024–2025 For award year 2024–2025, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— (I) $14,800; reduced by (II) 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