MANDATORY PELL GRANT INCREASES.

SEC. 102. MANDATORY PELL GRANT INCREASES.(a) Extension of Authority.—Section 401(a) (20 U.S.C. 1070a(a)) is amended by striking “fiscal year 2004” and inserting “fiscal year 2017”.121 STAT. 785(b) Funding for Increases.—Section 401(b) (20 U.S.C. 1070a(b)) is amended by adding at the end the following new paragraph:“(9) Additional funds.—“(A) In general.—There are authorized to be appropriated, and there are appropriated, to carry out subparagraph (B) of this paragraph (in addition to any other amounts appropriated to carry out this section and out of any money in the Treasury not otherwise appropriated) the following amounts—“(i) $2,030,000,000 for fiscal year 2008;“(ii) $2,090,000,000 for fiscal year 2009;“(iii) $3,030,000,000 for fiscal year 2010;“(iv) $3,090,000,000 for fiscal year 2011;“(v) $5,050,000,000 for fiscal year 2012;“(vi) $105,000,000 for fiscal year 2013;“(vii) $4,305,000,000 for fiscal year 2014;“(viii) $4,400,000,000 for fiscal year 2015;“(ix) $4,600,000,000 for fiscal year 2016; and“(x) $4,900,000,000 for fiscal year 2017.“(B) Increase in federal pell grants.—The amounts made available pursuant to subparagraph (A) of this paragraph shall be used to increase the amount of the maximum Federal Pell Grant for which a student shall be eligible during an award year, as specified in the last enacted appropriation Act applicable to that award year, by—“(i) $490 for each of the award years 2008–2009 and 2009–2010;“(ii) $690 for each of the award years 2010–2011 and 2011–2012; and“(iii) $1,090 for award year 2012–2013.“(C) Eligibility.—The Secretary shall only award an increased amount of a Federal Pell Grant under this section for any award year pursuant to the provisions of this paragraph to students who qualify for a Federal Pell Grant award under the maximum grant award enacted in the annual appropriation Act for such award year without regard to the provisions of this paragraph.“(D) Formula otherwise unaffected.—Except as provided in subparagraphs (B) and (C), nothing in this paragraph shall be construed to alter the requirements of this section, or authorize the imposition of additional requirements, for the determination and allocation of Federal Pell Grants under this section.“(E) Ratable increases and decreases.—The amounts specified in subparagraph (B) shall be ratably increased or decreased to the extent that funds available under subparagraph (A) exceed or are less than (respectively) the amount required to provide the amounts specified in subparagraph (B).“(F) Use of fiscal year funds for award years.—The amounts made available by subparagraph (A) for any fiscal year shall be available and remain available for use under subparagraph (B) for the award year that begins in such fiscal year.”.121 STAT. 786