1. Short title This Act may be cited as the Insular Areas College Access Act . 2. Purpose It is the purpose of this Act to establish a program that enables college-bound residents of outlying areas to have greater choices among institutions of higher education. 3. College access grants (a) Grants (1) In general (A) Allocation to outlying areas From the total amount appropriated under subsection (n) for a fiscal year, the Secretary shall allocate 25 percent to each outlying area to make grants to eligible institutions in accordance with subparagraph (B). (B) Grants to eligible institutions From the amount allocated to an outlying area under subparagraph (A) for a fiscal year, the Governor of the outlying area shall carry out a program under which the Governor awards grants to eligible institutions, on behalf of each eligible student from the outlying area who is enrolled in such institution, to pay the difference between— (i) the base amount of tuition and fees charged to the eligible student; and (ii) the base amount of tuition and fees charged to a student of the institution who is a resident of the State in which the institution is located. (2) Maximum student amounts The amount paid on behalf of an eligible student under this section shall be— (A) not more than $15,000 for any one award year (as defined in section 481 of the Higher Education Act of 1965 ( 20 U.S.C. 1088 ))