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

Provides that the amount of the assets of a student and those of the students' family shall no longer be taken into account as one of the criteria for evaluating eligibility for basic educational opportunity grants under the Higher Education Act. Authorizes Federal interest subsidy payments on loans made pursuant to such Act if the students adjusted family income is less than $30,000 (presently $15,000), or, if the income is above $30,000, there is a verified determination of need.

Authorizes appropriations of $1,260,000,000 for fiscal year 1975 for work-study assistance grants to needy students.