; (2) by redesignating paragraph (6) as paragraph (7); and (3) by inserting after paragraph (5) the following: (6) notwithstanding any other provision of this Act, for the award year beginning on July 1, 2024, and each subsequent award year, if such institution is an applicable educational institution that is an organization subject to taxation under section 4968 of the Internal Revenue Code of 1986, provide that such institution may not award— (A) a Federal Direct Stafford Loan, a Federal Direct Unsubsidized Stafford Loan, or a Federal Direct Plus Loan to any eligible student; or (B) a Federal Direct Plus Loan to a parent of an eligible dependent undergraduate student if such student is eligible for a Federal Pell Grant. ; and (b) Federal supplemental educational opportunity grants Section 413C(a) of the Higher Education Act of 1965 ( 20 U.S.C. 1070b–2(a) ) is amended— (1) in paragraph (3), by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively; (2) by redesignating paragraphs (1) through (3) as subparagraphs (A) through (C), respectively; (3) in the matter preceding subparagraph (A), as so redesignated, by striking Assistance may and inserting (1) In general Assistance may ; and (4) by adding at the end the following: (2) Exception In addition to the requirements under paragraph (1), for the award year beginning on July 1, 2024 and each subsequent award year, an institution that is an applicable educational institution that is an organization subject to taxation under section 4968 of the Internal Revenue Code of 1986, may only receive assistance under this subpart if such institution guarantees that, for each such award year— (A) the total amount of grants and scholarships, including other financial assistance not received under this title as defined in section 480(i), awarded to a student who receives a Federal Pell Grant under this title shall not be less than the student’s cost of attendance (as defined in section 472)