Third Higher Education Extension Act of 2006

[AI summary unavailable — showing source text] Third Higher Education Extension Act of 2006 - Amends the Higher Education Extension Act of 2005 to extend the programs under the Higher Education Act of 1965 through June 30, 2007. Amends the Higher Education Act of 1965 to bar trustees of institutions of higher education (IHEs), or of institution-affiliated organizations, from serving as eligible lenders under the Federal Family Education Loan (FFEL) program, unless the trusteeship continues pursuant to a contract entered into before the enactment of this Act. Alters the grant program for Hispanic-serving IHEs to: (1) move the time at which at least 25% of their full-time students must be Hispanic, from the time such IHEs apply for a new grant back to the end of the preceding grant year; (2) eliminate the requirement that at least 50% of their Hispanic students be poor; and (3) eliminate the two-year waiting period between grant applications. Requires that account maintenance fees payable to guarantee agencies under the FFEL program be calculated on the basis of .10% of the original principal amount of such outstanding loans on which insurance was issued. (Currently, such fees are capped at such percentage.) Directs the Secretary…