American Opportunity Grant Act

American Opportunity Grant Act - Amends the Higher Education Act of 1965 to rename basic educational opportunity grants (currently, Federal Pell Grants) as American Opportunity Grants for students at institutions of higher education.

Revises the determination of the amount of such a grant. Sets forth formulas based on adjusted incomes and amounts of the basic awards, and of the additional "B" average merit awards and public service awards. Sets forth limitations relating to calculations of individual grant awards.

Sets forth baseline expenditure and revenue limitations on institutional eligibility for participation in such grants program.

Revises provisions relating to individual periods of eligibility.

(Sec. 4) Preserves Pell Grant eligibility provisions with respect to students attending proprietary institutions of higher education or postsecondary vocational school. Sets the maximum grant in such cases at $2,500. Directs the Comptroller General to evaluate and report to specified congressional committees on the financial aid needs of students attending such institutions, with recommendations for appropriate alternatives.

(Sec. 5) Directs the Advisory Committee on Student Financial Assistance to study and report to the Congress on the baseline expenditure and revenue limitations for institutional eligibility to participate in the grants program under this Act, including recommendations to restrain the annual rate of tuition increases and increases in the cost of attendance.

(Sec. 6) Establishes a Commission on Corporate Welfare to report to the President and the Congress and to recommend changes in existing law relating to Federal expenditures and revenues that would: (1) reduce direct or indirect subsidies to corporations; and (2) produce, in total, a net savings that would fully offset expenditures resulting from the American Opportunity Grants program under this Act. Authorizes appropriations.