Emergency Loan Abuse Prevention Act of 2004 - Amends the Higher Education Act of 1965 to reduce certain special allowance payments to holders of student loans.
Appropriates, for each fiscal year after enactment of this Act, an additional amount to increase the maximum Pell grant for that fiscal year. Makes such amount equal to the amount by which expenditures for such special allowances are reduced by this Act for that fiscal year, as determined by the Congressional Budget Office.