The BASIC Act of 2026 creates a new federal grant program to help colleges address student basic needs insecurity, defined to include food, housing, healthcare, childcare, technology, transportation, and hygiene. Colleges can apply for up to $200,000 in planning grants over two years to develop basic needs strategies or up to $5 million in implementation grants over five years to operate programs like food assistance and housing support. The bill authorizes $1 billion annually from 2027 through 2033, with at least 25 percent of funds directed to historically Black colleges, Tribal colleges, and other minority-serving institutions, and priority given to schools with high numbers of low-income students. The law also requires the Department of Education to produce reports every four years on student basic needs insecurity among federal financial aid applicants, broken down by race, income, and other demographics, and mandates a progress report to Congress within one year on connecting students to federal benefit programs.