College Access and Opportunity Act of 2006

[AI summary unavailable — showing source text] College Access and Opportunity Act of 2005 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize various programs. Revises the definition of institution of higher education to eliminate: (1) a requirement that for-profit institutions of higher education derive at least ten percent of their revenue from funds that do not come from HEA title IV student assistance programs (the 90/10 rule); and (2) a restriction on distance education in terms of relative number of courses an institution may offer by telecommunications, and relative number of students enrolled in such courses, for purposes of student assistance program eligibility (the 50 percent rule). Allows for-profit institutions to compete with traditional institutions in applying for campus-based aid. Revises HEA title IV (Student Assistance) to: (1) require a variable rather than a fixed interest rate for consolidation loans; (2) reduce loan origination fees; (3) increase subsidized loan limits; and (4) modify need analysis requirements. Establishes: (1) Pell Grants Plus grants for State scholar students; (2) policies for institutions' transfer of credits; (3) a college access initiative; (4) an expanded dist…