The Trump-Vance administration has issued a freeze on federal loans and grants starting Tuesday, leaving many wondering what this means for their federal student financial aid.

A memo ordering the halting of federal funding was released on Monday night by Matthew Vaeth, the acting director of the White House Office of Management and Budget. The freeze goes into effect today at 5 p.m. ET and requires federal agencies to review all of their federal financial assistance programs and complete a comprehensive analysis to make sure funding aligns with the administration.

This freeze does not impact “assistance provided directly to individuals,” which means the suspension won’t impact federal student loans or Pell Grants, Mark Kantrowitz, a financial aid expert and CNET Money Expert Review Board member said. However, Kantrowitz noted that federal work-study programs and the Federal Supplemental Education Opportunity Grant could be impacted since these funds are given to colleges to provide to students. 

Since most colleges are well into the spring semester and have already allocated funds for the spring term, it’s possible the freeze might not affect that aid either. Currently, the details remain unclear.

So what exactly is impacted? 

“The memo mostly targets spending that is in conflict with the recent executive orders, including DEI, foreign aid, and the Green New Deal,” Kantrowitz said. Other state aid, Medicaid and health research grants could also be affected. 

The Office of Management and Budget must receive all of the requested information by Feb. 10. So Kantrowitz expects that the suspension could last two weeks or longer if all information must be reviewed before resuming funding.

We’ll keep you updated as we learn more.