College Loan Assistance Act of 2005 - Amends the Higher Education Act of 1965 to revise student aid requirements for student loans and Pell Grants.
Allows refinancing of student consolidation loans under the Federal Family Education Loan (FFEL) program. Reduces the amount of a cap on interest rate under the FFEL program.
Extends authority for the Pell Grant program. Increases the maximum amount of an individual Pell Grant award to $7,000 for each of academic years 2005-2006 through 2010-11.
Prohibits eligible lenders or the Secretary of Education from collecting origination fees from borrowers, under the FFEL or the Federal direct loan program, for any loan made on or after the first July 1 after the date of enactment of this Act.