1. Short title This Act may be cited as the Creating Higher Education Affordability Necessary to Compete Economically Act or the Middle Class CHANCE Act . 2. Increase in the maximum amount of a Federal Pell Grant Section 401(b)(7)(C) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b)(7)(C) ) is amended— (1) in clause (i)(I), by striking clause (iv)(II) and inserting clause (v)(II) ; (2) in clause (ii)— (A) in the heading, by striking through 2017–2018 and inserting through 2016–2017 ; (B) in the matter preceding subclause (I), by striking through 2017–2018 and inserting and 2016–2017 ; and (C) in subclause (I), by striking clause (iv)(II) and inserting clause (v)(II) ; (3) by redesignating clauses (iii) and (iv) as clauses (iv) and (v), respectively; (4) by inserting after clause (ii) the following: (iii) Award year 2017–2018 For award year 2017–2018, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— (I) $9,650; reduced by (II) the maximum Federal Pell Grant for which a student was eligible, as specified in the last enacted appropriation Act applicable to award year 2017–2018; and (III) rounded to the nearest $5. ; and (5) by striking clause (iv), as redesignated by paragraph (3), and inserting the following: (iv) Subsequent award years For award year 2018–2019 and each subsequent award year, the amount determined under this subparagraph for purposes of subparagraph (B)(iii) shall be equal to— (I) the amount determined under this subparagraph for the preceding award year; increased by (II) a percentage equal to the annual adjustment percentage for the award year for which the amount under this subparagraph is being determined