Education Opportunity Enhancement Act of 1992

Education Opportunity Enhancement Act of 1992 - Title I: Federal Pell Grants - Amends the Higher Education Act of 1965 (HEA) to revise and rename the Pell Grants program under HEA title IV part A subpart 1 as the Federal Pell Grants program (later redesignates the provisions as subpart 2). Extends such program authority through FY 1998.

Increases the maximum award amount for Pell Grants to $4,500 in academic year 1993-1994, with further increases based on the Consumer Price Index for academic years 1994-1995 through 1998-1999.

Revises the formula for determining the amount of a Pell Grant award to a student. Sets forth payment schedules based on the expected family contribution and tuition costs, for various types of students.

Permits Pell Grant awards (proportionately reduced) to students attending on a less-than-half time basis (including those taking one course at a time).

Prohibits Pell Grants awards to prisoners in Federal or State penal institutions.

Revises provisions relating to the period of eligibility for Pell Grants.

Includes as eligible for Pell Grants students in programs of study abroad that are approved for credit by the institutions.

Revises provisions relating to the eligibility index.

Provides that Pell Grant recipients shall not be considered to be individual grantees for purposes of specified Federal law.

Repeals specified provisions for a separate need analysis formula for Pell Grants. (Later in this Act, a single new need analysis formula and system is established for all title IV student aid programs, including Pell Grants.)

Title II: Need Analysis - Revises HEA title IV part F provisions for Need Analysis.

Establishes a new single need analysis formula to be used in the calculation of financial need for all title IV Student Assistance programs (thus replacing the current separate formulas for Pell Grants and for other title IV programs). Bases such new formula on the current formula used for the Stafford (GSL) and the "campus-based" aid programs including supplemental grants and work-study programs.

Revises provisions for amount of need. Eliminates provisions for a minimum student contribution.

Revises provisions for cost of attendance.

Revises provisions for expected family contribution: (1) in general; (2) for dependent students; (3) independent students without dependent children; and (4) independent students with dependent children.

Revises provisions relating to the Secretary's authority to prescribe specified updated need analysis tables and to propose modifications in the need analysis methodology.

Revises provisions for the simplified needs test to provide for a by-pass and consideration as having a zero family contribution for those with family adjusted gross incomes less than or equal to the earned income tax credit.

Retains provisions relating to: (1) the discretion of student financial aid administrators; (2) disregard of student aid in other Federal programs; and (3) Native American students.

Revises definitions for need analysis provisions under title IV.

Includes, under the definition of independent student, one who is 24 years of age or older by December 31 of the award year.