Gulf Coast College Revitalization Act - Expresses the sense of Congress that the assistance provided under this Act to revitalize institutions of higher education (IHE) affected by Hurricane Katrina or Hurricane Rita is a first step toward revitalizing and restoring the economic, social, and cultural prosperity of the entire Gulf Coast region.
Directs the Secretary (of Education) to award grants to IHEs adversely affected by a Gulf hurricane disaster to assist the affected institutions in recruiting and retaining students and retaining faculty.
Directs the Secretary to assume or cancel repayment obligations for qualified loan amounts under specified student loan programs under the Higher Education Act of 1965 for certain borrowers who return to or enroll in such affected IHEs in academic years 2005–2006, 2006–2007, or 2007–2008, and obtain associate’s or bachelor’s degrees from such IHEs.
Designates such provisions for institutional grants and student loan forgiveness under this Act as emergency requirements pursuant to specified budget provisions of H. Con. Res. 95 of the 109th Congress.