Higher Education Opportunity Through Pell Grant Expansion Act - Expresses the sense of the Senate that: (1) eligible undergraduate students should receive the maximum Federal Pell Grant amount established by this Act's amendment to the Higher Education Act of 1965 (HEA); and (2) sufficient funds should be appropriated to allow the awarding of such amount.
Authorizes and makes additional appropriations in a specified amount for FY 2006 to carry out HEA provisions for Federal Pell Grants.
Amends HEA to revise the maximum amount of a Federal Pell Grant to $5,100 for academic year 2005-2006.
Directs the Secretary of Education to adjust such maximum amount cumulatively every two academic years to account for any percentage increase in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics of the Department of Labor.
Prohibits the application of the annual updates (published in the Federal Register on December 23, 2004) 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 2005-2006, to the extent such updates will reduce the amount of Federal student assistance for which the student is eligible.
Terminates special allowance payments for lenders or holders of student loans: (1) made or purchased after enactment of this Act; (2) not qualified for such payments before such enactment; or (3) made or purchased before such enactment, but having retired or defeased obligations after such enactment, or having a maturity or retirement date extended after such enactment.
Requires windfall profit offset payments from eligible lenders of student loans.