A bill to amend section 411 of the Higher Education Act of 1965 to improve the awarding of basic educational opportunity grants under such section.

Requires, under the provisions of the Higher Education Act of 1965, that any funds available for basic student educational opportunity grant payments during the fiscal year ending June 30, 1974, which exceed the amount necessary for making all payments under the payment schedule announced by the Commission of Education for 1973-1974, shall remain available for making payments under this subpart during the fiscal year ending June 30, 1975.

Provides, under such Act, that not later than July 1 of each year the Commissioner shall publish in the Federal Register a schedule of expected family contributions for the succeeding academic year for various levels of family income, which, except as is otherwise provided in such Act, together with any amendments thereto, shall become effective with respect to grants to be made on or after the subsequent July 1. Provides that, during the thirty-day period following such publication, the Commissioner shall provide interested parties with an opportunity to present their views and make recommendations with respect to such schedule. Provides that, not later than fifteen days after the conclusion of such period, the Commissioner shall submit to the Chairman of the Committee on Labor and Public Welfare of the Senate, and to the Chairman of the Committee on Education and Labor of the House of Representatives, a summary of the comments received by the Commissioner during such period.

Requires the schedule of expected family contributions required for each academic year to be submitted to the President of the Senate and the Speaker of the House of Representatives not later than the time of its publication in the Federal Register.