Nontraditional Student Opportunity Act

Nontraditional Student Opportunity Act - Amends the Higher Education Act of 1965 (HEA) to revise student assistance programs with respect to access by nontraditional students.

Revises the campus-based programs of supplemental educational opportunity grants (SEOG), college work-study (CWS), and Perkins Loans to require that a reasonable proportion of the higher education institution's SEOG allocation, CWC grant, and Perkings Loans be made to nontraditional students, if the institutions's allocation, grant, or loans under such programs are based directly or indirectly in part on the financial need demonstrated by nontraditional students. Defines nontraditional students, for such purposes, as those who are: (1) attending the institution less than full time; (2) age 24 or older; (3) single parents; or (4) independent students.

Provides for access to the Robert T. Stafford Student Loan Program by less-than-half-time students who are enrolled for the equivalent of at least three credit hours.

Provides for access to Pell Grants by less-than-half-time students.

Revises need analysis requirements for Pell Grants and for student assistance in general to exclude from consideration as assets the net value of: (1) the family's principal place of residence; (2) a family farm on which the family resides; or (3) a small business substantially owned and managed by a member or members of the family.

Increases the maximum of the child care allowance for purposes of determining cost of attendance in calculating the amount of an individual Pell Grant.

Requires higher education institutions to assure that they provide human resources supportive services designed to solve particular problems related to the nontraditional student's need, including, but not limited to, counseling, child care services, financial aid services, campus health care services, and library services at times and places to accommodate nontraditional students. Provides that failure to comply with this requirement will result in the institution's forfeiting a portion of its funds under the programs of supplemental educational opportunity grants (SEOG), college work-study (CWS), and Perkins Loans.

Revises postsecondary programs for nontraditional students to require the Secretary of Education (the Secretary) to conduct, through the Office of Educational Research and Improvement, a two-year study of the types of programs available for increasing the accessibility for nontraditional students of postsecondary education, and determine the success or failure of such programs. Directs the Secretary to make interim and final reports to specified congressional committees.

Directs the Secretary to establish information and counseling services within the Department of Education to: (1) collect information on effective existing programs providing financial aid information and dissemination, and on existing exemplary guidance and counseling and college admission counseling programs targeted to adult students; and (2) offer assistance to businesses and institutions that wish to implement such programs. Directs the Secretary to make grants or contracts to develop model guidance and counseling and college admission counseling programs for use in various types of businesses and institutions, including tools and resources for dissemination to nontraditional students. Requires preference to be given applicants that have the ability to recruit nontraditional students. Includes among those eligible for such grants and contracts public and nonprofit private entities concerned with the availability of higher education assistance.

Provides for disregard of student financial assistance received under HEA in determining need or eligibility for, or amount of, benefits or assistance under any Federal (or federally-assisted State or local) program providing food stamps, welfare assistance, medicaid, or social security income.