An act to amend title III of the Higher Education Act of 1965 to permit additional funds to be used to continue awards under certain multi-year grants.

[AI summary unavailable — showing source text] Amends title III (Institutional Aid) of the Higher Education Act of 1965 to direct the Secretary of Education to reserve for each fiscal year from the amount appropriated for part B (Aid to Institutions With Special Needs) such sums as may be necessary to fund continuation awards for multiple year grants awarded to institutions under specified Part C challenge grant provisions prior to October 1, 1983. Revises the formula for determining the amount which the Secretary may reserve for endowment grant awards to take into account the amount reserved for such continuation awards.…