Report to Congress

(a) In general Not later than July 1, 2028, and on an annual basis thereafter, the Secretary of Education shall prepare and submit to Congress a report on the impacts of the amendments made by this Act, which shall include the following information with respect to the most recent award year for which information is available: (1) The number and percentage of dependent students whose student aid index computations under subsection (a) of section 475 of the Higher Education Act of 1965 (20 U.S.C. 1087oo) include the subtraction under subsection (c) of such section 475 of a student loan allowance determined under paragraph (5) of such subsection (c), as added by section 2, from the parents’ total income, disaggregated— (A) by students who are eligible for a Federal Pell Grant under section 401 of the Higher Education Act of 1965 (20 U.S.C. 1070a) for such award year; and (B) by students who are not eligible for such a Federal Pell Grant. (2) The average amount of the student loan allowance described in paragraph (1).