College Access and Affordability Act of 1997

[AI summary unavailable — showing source text] College Access and Affordability Act of 1997 - Amends the Higher Education Act of 1965 (HEA) to extend and set forth the maximum Federal Pell Grant award for academic year 1998-1999 and each of the four succeeding academic years. Establishes a maximum Pell grant amount of $3,300 for academic year 1998-1999 which is lower than the maximum $4,500 for 1997-1998; and provides for incremental increases until $4,500 is reached as the maximum for academic year 2002-2003. (Sec. 2) Specifies sums that shall be available to the Secretary of Education annually to provide funds for such grants. Authorizes the Secretary, in case of insufficient funds to pay all such grants as specified, to reduce them by either a fixed or variable percentage reduction or by a fixed dollar reduction. (Sec. 3) Provides for forgiveness of student loans for those who do specified types of teaching service for certain periods. (Sec. 4) Makes any institution exempt from the cohort default rate trigger also exempt from administrative action by the Secretary based solely on such institution's cohort default rate under provisions appearing in the Code of Federal Regulations. (Sec. 5) Adjusts specified student aid need a…