Authorizes such waiver or modification of requirements in order to provide relief from certain financial and administrative burdens to affected individuals who: (1) are serving on active duty during the emergency; (2) are serving on National Guard duty during the emergency; (3) reside or are employed in a disaster area declared by any Federal, State, or local official in connection with the emergency; or (4) suffered direct economic hardship as a direct result of the emergency, as determined under a waiver or modification issued under this Act. Authorizes waiver or modification of certain reporting requirements for institutions of higher education, lenders, guarantee agencies, and other entities participating in such programs, if such entities are located in declared disaster areas connected to the emergency.
Expresses the sense of Congress that: (1) all institutions offering postsecondary education should provide a full refund to students who are members of the Armed Forces serving on active duty during the national emergency, for that portion of a period of instruction the student was unable to complete, or for which the individual did not receive academic credit, because he or she was called up for such service; and (2) if affected individuals withdraw from a course of study as a result of such service, such institutions should make every effort to minimize deferral of enrollment or reapplication requirements and should provide the greatest flexibility possible with administrative deadlines related to those applications.