To amend the Higher Education Act of 1965 to require a high school diploma or recognized equivalent as a prerequisite for Federal student financial assistance.

Amends the Higher Education Act of 1965 (HEA) to eliminate ability-to-benefit provisions from student eligibility provisions under HEA title IV (Student Assistance), thus requiring a high school diploma or recognized equivalent as a prerequisite for Federal student financial assistance.

Redefines institution of higher education, vocational school, and proprietary institution of higher education, for purposes of the Federal student assistance program, to reflect such requirement.