College Quality, Affordability, and Diversity Improvement Act of 2005

College Quality, Affordability, and Diversity Improvement Act of 2005 - Amends the Higher Education Act of 1965 (HEA) and Internal Revenue Code (IRC) to set forth provisions relating to: (1) access to college for all; (2) teacher quality enhancement; (3) diversity, retention, and enriched academics for matriculating students; (4) opportunities at Hispanic-serving institutions; (5) historically Black colleges and universities; and (6) recruitment of teachers to teach at tribal colleges or universities.

Makes appropriations in a specified amount to carry out the HEA Pell Grant program. Increases the maximum amount of an individual Pell Grant.

Revises the IRC Hope Scholarship program.

Eliminates origination fees under HEA student loan programs.

Directs the Secretary of Education to adjust fees and terms for Federal Direct Unsubsidized Loans to equal those for Unsubsidized Stafford Loans for middle-income borrowers.

Direct Loan Reward Act - Amends HEA to require the Secretary to carry out a Direct Loan Reward Program to encourage institutions of higher education (IHEs) to participate in the Federal Direct Loan Program for student loans.

Authorizes the Secretary to award competitive grants under HEA to university consortia to engage in endeavors to reduce college costs.

Requires a certain maintenance of effort by States in supporting public IHEs.

Amends IRC to provide a nonrefundable tax credit for interest on higher education loans.

Amends HEA to provide refinancing authority for Federal Direct Consolidation Loans.

Sets a quarterly rate of special allowance for holders of loans funded through tax-exempt securities.

Requires windfall profit offset payments from eligible lenders of student loans.

Exempts from student aid need formula determinations earnings of up to specified amounts.

Repeals provisions suspending individual eligibility for HEA student assistance on the basis of convictions for drug-related offenses.

Increases and extends through FY 2011 authorizations of appropriations for special programs for students whose families are engaged in migrant and seasonal farmwork, and for the following Federal campus-based aid programs: (1) Supplemental Educational Opportunity Grants; (2) Work-Study; and (3) Perkins Loans.

Provides for increased amounts of forgiveness and cancellation under HEA student loan programs for certain teachers.

Provides student loan forgiveness after certain public sector employees have made 120 payments under an income contingent repayment plan.

Revises provisions and reauthorizes appropriations for HEA title II (Teacher Quality Enhancement): (1) teacher quality enhancement grants for States and partnerships; and (2) technology preparation for teachers.

Establishes a HEA program for college admissions test preparation for low-income students.

Revises HEA title IV regarding student aid applications and certain support services to increase student retention.

Revises provisions and extends authorizations of appropriations for the following HEA title IV programs of support services for low-income students: (1) Federal Trio; (2) GEAR UP; and (3) LEAP.

Revises provisions for Hispanic-serving institutions (HSIs) under HEA title V (Developing Institutions). Establishes a program of competitive grants to eligible HSIs that offer postbaccalaureate certifications or degrees (part B grants).

Extends and increases authorization of appropriations for HEA title V part B programs for strengthening historically Black Colleges and universities (HBCUs).

Establishes the Patsy T. Mink graduate fellowship program for eligible institutions that serve various minorities.

Tribal Colleges and Universities Teacher Loan Forgiveness Act - Amends HEA title IV to provide for the cancellation of a specified percentage of the total amount of any Federal Perkins loan, Federal Family Education loan, or direct student loan for each year of employment (up to five) as a full-time teacher at a tribal college or university if the borrower is not in default on such loan.