To permit Pell Grant recipients to receive grants to cover more than one full-time academic year of study during a 12-month award year period and to extend the period of eligibility for Pell Grants by one academic year.

Amends the Higher Education Act of 1965 to revise the Pell Grant program to: (1) permit recipients to receive increased award amounts to cover more than one full-time academic year of study during a 12-month award year period; and (2) extend the period of eligibility by one academic year.