Higher Education Grant Expansion and Fairness Act

Higher Education Grant Expansion and Fairness Act - Amends the Higher Education Act of 1965 to extend through FY 1997 the Pell Grant program authority.

Revises the formula for and increases the amount of an individual Pell Grant. Sets the maximum amount at $4,000 for award year 1992-1993. Provides, for academic years 1993-1994 through 1996-1997, for specified inflation adjustments for such specified maximum amounts. Raises to $400 the minimum amount which a student must be eligible for before a Pell Grant may be awarded.

Removes from the computation of expected family contribution in the determination of need for assistance under the Pell Grant program the following assets: (1) the family's principal place of residence; or (2) a family farm on which the family resides.