To amend the Higher Education Act of 1965 to prevent an institution from participating in the Pell Grant program if such institution has a high default rate under the Guaranteed Student Loan Program.

[AI summary unavailable — showing source text] Amends the Higher Education Act of 1965 to prohibit an institution from participating in the Federal Pell Grants program if it is ineligible for participation in the Federal Family Education Loans program (also known as the Stafford or guaranteed student loan program) because of a high default rate. Authorizes waivers of such prohibition in cases of exceptional mitigating circumstances.…