Fair Funding for Upward Bound Act - Amends the Higher Education Act of 1965 to clarify the procedures for awarding grants and contracts under the TRIO program (which prepares disadvantaged students for postsecondary education and provides them with support services) by: (1) prohibiting an applicant from receiving a lower score for omitting application information or assurances not required in the guidance issued by the Secretary of Education; and (2) requiring the method for weighing an applicant's prior experience to be consistent for each program year.
Directs the Secretary to: (1) notify applicants of any changes in the procedures for awarding TRIO grants and contracts at least 30 days before implementing them, provided such notice was not included in the guidance issued by the Secretary; and (2) annually notify each applicant of its peer review score for prior experience.