Emergency Grant Aid for College Students Act This bill establishes an emergency financial-aid grant program. Specifically, the Department of Education must award grants to institutions of higher education (IHEs) and, through them, emergency financial-aid grants to students. An IHE must, among other things, ensure that an emergency for which a student is eligible to receive a grant includes financial challenges that impact the student's ability to continue their course of study (e.g., loss of employment). Further, the bill prohibits an emergency financial-aid grant from being (1) treated as other financial assistance for the purposes of calculating a student's amount of need, or (2) considered in determining the amount of financial aid or eligibility for other public benefits for succeeding academic years.