A bill to limit the applicability of the annual updates to the allowance for State and other taxes in the tables used in the Federal Needs Analysis Methodology for the award year 2004-2005, published in the Federal Register on May 30, 2003.

Prohibits reducing the amount of Federal student assistance for which a student is eligible in the award year 2004. Declares that the annual updates, published in the Federal Register on May 30, 2003, to the allowance for State and other taxes in the tables used in the Federal Needs Analysis Methodology to determine a student's expected family contribution for the award year 2004-2005 under the Higher Education Act of 1965 shall not apply to a student to the extent such updates will reduce such assistance.