124
and by inserting after subparagraph (D) the fol-
lowing new subparagraph: 
‘‘(E) which provides a program that is not 
less than a 2-year educational program that is 
acceptable for full credit toward a bachelor’s de-
gree;’’; 
(5) 
in 
section 
316(c)(2) 
(20 
U.S.C. 
1059c(c)(2))—
(A) by redesignating subparagraphs (G) 
through (M) (as redesignated by section 
301(b)(5) of this Act) as subparagraphs (H) 
through (N), respectively; 
(B) by inserting after subparagraph (F) 
the following: 
‘‘(G) education or counseling services de-
signed to improve the financial literacy and eco-
nomic literacy of students and, as appropriate, 
their parents;’’; and 
(C) in subparagraph (N), as redesignated 
by subparagraph (A), by striking ‘‘subpara-
graphs (A) through (K)’’ and inserting ‘‘sub-
paragraphs (A) through (M)’’; 
(6) 
in 
section 
317(c)(2) 
(20 
U.S.C. 
1059d(c)(2)), by inserting after subparagraph (I)
125
(as added by section 302(a)(6) of this Act) the fol-
lowing: 
‘‘(J) education or counseling services de-
signed to improve the financial literacy and eco-
nomic literacy of students and, as appropriate, 
their parents.’’; 
(7) in section 323(a) (20 U.S.C. 1062(a))—
(A) by striking ‘‘section 360(a)(2)’’ and in-
serting ‘‘section 399(a)(2)(A)’’; 
(B) 
by 
redesignating 
paragraphs 
(7) 
through (12) as paragraphs (8) through (13), 
respectively; and 
(C) by inserting after paragraph (6) the 
following: 
‘‘(7) Education or counseling services designed 
to improve the financial literacy and economic lit-
eracy of students and, as appropriate, their par-
ents.’’; 
(8) 
in 
section 
324(d)(2) 
(20 
U.S.C. 
1063(d)(2)), by striking ‘‘section 360(a)(2)(A)’’ and 
inserting ‘‘section 399(a)(2)(A)’’; 
(9) 
in 
section 
326(e)(1) 
(20 
U.S.C. 
1063b(e)(1)), in the matter preceding subparagraph 
(A), by inserting a colon after ‘‘the following’’;
126
(10) in section 327(b) (20 U.S.C. 1063c(b)), by 
striking ‘‘initial’’; 
(11) 
in 
section 
342(5)(C) 
(20 
U.S.C. 
1066a(5)(C))—
(A) by inserting a comma after ‘‘equip-
ment’’ the first place it appears; and 
(B) by striking ‘‘technology,,’’ and insert-
ing ‘‘technology,’’; 
(12) in section 343(e) (20 U.S.C. 1066b(e)), by 
inserting after the subsection designation the fol-
lowing: ‘‘SALE OF QUALIFIED BONDS.—’’; 
(13) in section 351(a) (20 U.S.C. 1067a(a)), by 
striking ‘‘of 1979’’; 
(14) in section 391(b)(7)(E) (20 U.S.C. 
1068(b)(7)(E)), by striking ‘‘subparagraph (E)’’ and 
inserting ‘‘subparagraph (D)’’; and 
(15) in section 396 (20 U.S.C. 1068e), by strik-
ing ‘‘section 360’’ and inserting ‘‘section 399’’. 
(b) REPEAL.—Section 1024 (20 U.S.C. 1135b–3), as 
transferred by section 301(a)(5) of the Higher Education 
Amendments of 1998 (Public Law 105–244; 112 Stat. 
1636), is repealed. 
SEC. 305. TITLE III AUTHORIZATIONS. 
Section 399(a) (20 U.S.C. 1068h(a)) is amended—
127
(1) by striking ‘‘1999’’ each place it appears 
and inserting ‘‘2007’’; 
(2) by striking ‘‘4 succeeding fiscal years’’ each 
place it appears and inserting ‘‘5 succeeding fiscal 
years’’; 
(3) in paragraph (1)—
(A) by striking ‘‘$10,000,000’’ in subpara-
graph (B) and inserting ‘‘$23,800,000’’; and 
(B) by striking ‘‘$5,000,000’’ in subpara-
graph (C) and inserting ‘‘$11,900,000’’; 
(4) in paragraph (2)—
(A) by striking ‘‘$135,000,000’’ in sub-
paragraph (A) and inserting ‘‘$241,000,000’’; 
and 
(B) by striking ‘‘$35,000,000’’ in subpara-
graph (B) and inserting ‘‘$59,000,000’’; and 
(5) in paragraph (4), by striking ‘‘$110,000’’ 
and inserting ‘‘$212,000’’. 
TITLE IV—STUDENT ASSISTANCE 
PART A—GRANTS TO STUDENTS 
SEC. 401. PELL GRANTS. 
(a) EXTENSION OF AUTHORITY.—Section 401(a) (20 
U.S.C. 1070a(a)) is amended by striking ‘‘2004’’ and in-
serting ‘‘2013’’.
128
(b) DIRECT PAYMENT.—Section 401(a) (20 U.S.C. 
1070a(a)) is further amended—
(1) by striking paragraph (2); and 
(2) by redesignating paragraph (3) as para-
graph (2). 
(c) MAXIMUM PELL GRANT INCREASE.—Paragraph 
(2)(A) of section 401(b) 20 U.S.C. 1070a(b)(2)(A)) is 
amended to read as follows: 
‘‘(2)(A) The amount of the Federal Pell Grant for 
a student eligible under this part shall be $6,000 for aca-
demic years 2007–2008 through 2013–2014, less an 
amount equal to the amount determined to be the expected 
family contribution with respect to that student for that 
year.’’. 
(d) TUITION SENSITIVITY.—Section 401(b) is further 
amended—
(1) by striking paragraph (3); and 
(2) by redesignating paragraphs (4) through 
(8) as paragraphs (3) through (7), respectively. 
(e) MULTIPLE GRANTS.—Paragraph (5) of section 
401(b) (as redesignated by subsection (d)(2)) is amended 
to read as follows: 
‘‘(5) YEAR-ROUND PELL GRANTS.—
‘‘(A) IN GENERAL.—The Secretary shall, 
for students enrolled full time in a bacca-