Amends the Higher Education Act of 1965 to increase the maximum Pell Grant award for academic years 2007-2008 through 2011-2012. Increases such amount to $7,600 for 2007-2008, and by $1,000 increments in each subsequent academic year, until it stands at $11,600 for 2011-2012.
Requires a further increase in any such maximum Pell Grant award, by an amount sufficient to achieve a 5% increase in students' purchasing power relative to the cost of attendance at an institution of higher education, if the Secretary of Education determines that the amount authorized does not increase such purchasing power by at least 5% from one academic year to the next.
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