Challenge Grant Amendments of 1983

[AI summary unavailable — showing source text] Challenge Grant Amendments of 1983 - Amends the Higher Education Act of 1965 (HEA) to establish a program to provide matching endowment grants to institutions of higher education which are eligible for assistance under the challenge grant program (part C of title III of HEA). Authorizes the Secretary of Education to award such matching endowment grants from sums available under the challenge grant program. Limits the endowment grant period to not more than 20 years, during which time the institution may not withdraw or expend the endowment fund corpus (the amount of the grant plus the matching amount deposited by the institution). Permits the institution, after grant period termination, to use the endowment fund corpus plus any endowment fund income for any educational purpose. Provides that institutions may receive more than one such grant, but may only receive such a grant for two fiscal years out of any period of five consecutive fiscal years. Limits the amount of an endowment grant to an institution to: (1) not less than $50,000 for any fiscal year; and (2) not more than $250,000 for FY 1984 or $500,000 for FY 1985 or any succeeding fiscal year. Permits an eligible institution …