Creating Higher Education Affordability Necessary to Compete Economically Act or the Middle Class CHANCE Act

This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify provisions related to the Federal Pell Grant program.

Specifically, it increases the maximum Federal Pell Grant award for academic year 2017-2018 and adjusts it in subsequent award years to account for changes in the Consumer Price Index.

Additionally, the bill increases from one to two the number of Pell Grants an eligible student may receive in a single award year (i.e., it restores year-round Pell Grants). An eligible student is a student who: (1) has already received one Pell Grant for an award year, (2) is enrolled in an eligible program for an additional payment period (e.g., a summer term) during the same award year, (3) is enrolled on at least a part-time basis, and (4) has completed a full-time course load prior to receiving an additional Pell Grant.

A student's total amount of Pell Grants must not exceed 150% of the maximum Pell Grant for that award year. Also, any period during which a student receives an additional Pell Grant counts toward that student's lifetime Pell Grant eligibility period.

Finally, the bill increases from 12 to 15 semesters a student's lifetime Federal Pell Grant eligibility period.