A bill to achieve greater accountability in Federal student assistance programs, to minimize the potential for waste and abuse, and for other purposes.

[AI summary unavailable — showing source text] Amends the Higher Education Act of 1965 (HEA) to revise and add provisions relating to title IV (Student Assistance) programs. Eliminates a requirement that at least 85 percent of Pell Grant payment funds be advanced to eligible institutions before the start of each payment period. Limits Pell Grant individual eligibility to three academic years in the case of an undergraduate degree or certificate program normally requiring two years or less. Authorizes the Secretary of Education (the Secretary) to prescribe regulations reasonably necessary to carry out the purposes of Pell Grant provisions. Requires institutional accountability plans under the allocation of funds provisions of the supplemental education opportunity grant (SEOG) program and the work-study program. Permits adjustments of an institution's allocation if it fails to meet the performance goals established in its accountability plan. Requires participating institutions to develop such plans to assess, in quantifiable terms, their success in providing an education of demonstrable value to their students. Directs the Secretary to publish and take public comment on: (1) a number of criteria from which an institution shall …