Fed Up Higher Education Technical Amendments Act of 2005

Fed Up Higher Education Technical Amendments of 2005 - Amends the Higher Education Act of 1965 (HEA) to make various technical revisions regarding access to student aid programs.

Revises the HEA general definition of institution of higher education (IHE) to include one that admits as regular students those who have been home-schooled (as well as high school graduates or those with equivalency certificates), thus conforming it with provisions that make such home-schooled students eligible for student aid under HEA title IV.

Eliminates an HEA title IV requirement that new forbearance agreements between lenders and borrowers be in writing; but requires lenders to notify borrowers of their terms.

Requires students withdrawing from an IHE to return only HEA title IV grant aid amounts exceeding 50 percent of the total (if more than $50).

Revises requirements for suspension of student aid eligibility owing to conviction for any Federal or State offense involving the possession or sale of a controlled substance.

Allows IHEs to use electronic means to comply with requirements for: (1) reports on teacher preparation program quality; and (2) voter registration forms for students.

Permits Hispanic-Serving Institutions (HSIs) to apply for Federal HSI grants under HEA title V without waiting two years between applications.

Authorizes the use of HEA title VII funds for: (1) Federal scholarship aid to low-income and minority students for summer institutes to prepare for law school; and (2) Thurgood Marshall Fellowships to attend law school.

Amends the Higher Education Amendments of 1998 to make effective on and after July 1, 2006, provisions that exempt institutions with low cohort default rates from certain disbursement and endorsement requirements.