Next Generation Hispanic Serving Institutions Act

Next Generation Hispanic Serving Institutions - Amends the Higher Education Act of 1965 to revise provisions for Hispanic-serving institutions (HSIs) under title V (Developing Institutions).

Establishes a program of competitive grants to eligible HSIs that offer postbaccalaureate certifications or degrees (part B grants). Limits a part B grant award's duration to not more than five years. Prohibits the Secretary of Education from awarding more than one part B grant to an HSI in any one fiscal year.

Authorizes appropriations for FY 2005 through FY 2009 for: (1) the current part A program of grants to HSIs that offer baccalaureate degrees or are junior or community colleges; and (2) the new part B program of grants to HSIs that offer postbaccalaureate certifications or degrees.

Eliminates the requirement that an eligible HSI provide assurances that at least 50 percent of its Hispanic students be low-income students.

Includes, among authorized activities under part A grants, articulation agreements and student support programs to help transfers from two-year to four-year institutions.

Eliminates the two-year wait-out period between any two five-year part A grants to an HSI.