Section 1 Short title
This Act may be cited as the “Pell Grant Funding Act”.
Pell Grant Funding Act
A BILL
To require the Secretary of Education to use the excess revenue generated from the William D. Ford Federal Direct Loan Program to carry out the Federal Pell Grant Program.
Sec. 2 Applying excess revenue to Federal Pell Grants
The Secretary of Education shall—
as soon as practicable after the end of a fiscal year, determine whether during such fiscal year the William D. Ford Federal Direct Loan Program under part D of title IV of the Higher Education Act of 1965 (20 U.S.C. 1087a et seq.) generated any revenue in excess of the amount that was necessary to cover the costs of carrying out such Program for such fiscal year; and
if such excess revenue was generated, use such excess revenue to carry out the Federal Pell Grant Program under subpart 1 of part A of title IV of the Higher Education Act of 1965 (20 U.S.C. 1070a) for the succeeding fiscal year.