1. Short title This Act may be cited as the Pell Grant Modernization Act . 2. Eligibility for Federal Pell Grants (a) 10-Semester period of eligibility Section 401(c)(5) of the Higher Education Act of 1965 ( 20 U.S.C. 1070a(c)(5) ) is amended by striking 12 semesters both places it appears and inserting 10 semesters . (b) Full-Time student Subparagraph (A) of section 481(a)(2) of the Higher Education Act of 1965 ( 20 U.S.C. 1088(a)(2) ) is amended to read as follows: (2) (A) For the purpose of any program under this title, the term academic year shall— (i) require— (I) a minimum of 30 weeks of instructional time for a course of study that measures its program length in credit hours; or (II) a minimum of 26 weeks of instructional time for a course of study that measures its program length in clock hours; (ii) require an undergraduate course of study to contain an amount of instructional time whereby a full-time student is expected to complete at least— (I) 30 semester or trimester hours or 45 quarter credit hours in a course of study that measures its program length in credit hours; or (II) 1,125 clock hours in a course of study that measures its program length in clock hours; (iii) require an undergraduate course of study to contain an amount of instructional time whereby a 3/4 -time student is expected to complete at least— (I) 22 semester or trimester hours or 33 credit hours in a course of study that measures its program length in credit hours; or (II) 825 clock hours in a course of study that measures its program length in clock hours; (iv) require an undergraduate course of study to contain an amount of instructional time whereby a 1/2 -time student is expected to complete at least— (I) 14 semester or trimester hours or 21 credit hours in a course of study that measures its program length in credit hours; or (II) 525 clock hours in a course of study that measures its program length in clock hours