If the state of California finds the funds, the Cal Grant Reform Act--as enacted in the 2022 Budget Act--is to be implemented in 2024 to support hundreds of thousands of Californians in affording, accessing, and succeeding in higher education. Instead, the state has proposed adding more funding to the less equitable Middle Class Scholarship (MCS) program. This Equity Alert provides an overview of why Cal Grant Reform is needed; describes the limitations of the Middle Class Scholarship program in serving low-income, BIPOC, and community college students in California; and provides recommendations that state policymakers can act on this year to advance equity-centered financial aid reforms.