To amend section 504(a) of the Higher Education Act of 1965 to eliminate the 2-year wait out period for grant recipients under the Hispanic-Serving Institutions program.

Amends the Higher Education Act of 1965 to eliminate a two-year wait-out period between grants under a program for Hispanic-serving institutions (thus permitting an eligible institution to apply for a subsequent five-year grant award immediately after the expiration of its most recent five-year award).