Student Aid Readjustment Act

[AI summary unavailable — showing source text] Student Aid Readjustment Act - Amends the Higher Education Act of 1965 to increase the maximum limits on the amount of individual Pell Grants. Restricts the period of eligibility for Pell Grants to the full-time equivalent of the period required for the completion of the first two academic years of the undergraduate baccalaureate course of study. Directs the Secretary of Education (the Secretary) to keep the congressional appropriations committees informed with respect to the amount of funds required to satisfy fully all entitlements to Pell Grants. Prohibits the Secretary from reducing such a grant except as expressly provided by and in accordance with specified provisions relating to insufficient appopriations. Eliminates loan eligibility for the first two academic years of undergraduate study and increases the maximum limits on loan amounts for the succeeding years under the Federally-insured student loan (FISL), guaranteed student loan (GSL), and supplemental student loan programs. Makes the limit on national direct student loans (NDSL) $9,000 in the case of any student other than a graduate or professional one, except that the amount loaned for any one academic year may not ex…