1. Short title This Act may be cited as the Flexible Pell Grant for 21st Century Students Act . 2. Flexible Pell Grants (a) Purpose and amount of grants Section 401(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(b) ) is amended by adding at the end the following: (8) (A) Notwithstanding any other provision of this subsection, an eligible student who has received a Federal Pell Grant during an award year, and is enrolled in an eligible program for one or more additional payment periods during the same award year, may receive an additional Federal Pell Grant for such additional period or periods. (B) In the case of a student receiving more than one Federal Pell Grant during a single award year under subparagraph (A), the total amount of the Federal Pell Grants awarded to such student for the award year shall not exceed an amount equal to 150 percent of the amount of the Federal Pell Grant award determined under paragraph (2)(A) for which such student is eligible during such award year. (C) At or before the time of disbursement of a Federal Pell Grant under subparagraph (A) to a student, the institution in which the student is enrolled shall notify the student that any payment period for which the student receives a Federal Pell Grant shall count toward the student’s duration limits under subsection (c)(5). (D) In this paragraph, the term eligible student means a student who— (i) continues to meet all eligibility requirements to receive a Federal Pell Grant under this section