A bill to amend title IV of the Higher Education Act of 1965.

Increases the adjusted family income level necessary for eligibility for Federal interest subsidy payment loans to students under the Higher Education Act of 1965, from $15,000 annually to $30,000 annually. Declares that the purpose of the work-study programs under such Act is to assist students in financial need (previously in great financial need).

Increases the authorization for appropriations to carry out such work-study programs. Decreases the Federal share of the compensation of students employed in such programs.