This pauses disbursement of all federal loans and prohibits new scientific grant funding indefinitely. As written, this appears to apply to student loans, as those are disbursed via universities–not directly from the Dept of Education. It explicitly requires cancellation of awarded scientific grant funding that is in conflict with the current administration.
Oh yeah, and congress controls the federal budget, not the president. It is congress’s responsibility. So, you know, feel free to get off your arses senators and representatives, when you get a chance.