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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Jun 19, 2014.
Creating Higher Education Affordability Necessary to Compete Economically Act or the Middle Class CHANCE Act - Amends the Higher Education Act of 1965 to increase the maximum Federal Pell Grant for award year 2014-2015 and adjust it each subsequent award year to account for changes in the Consumer Price Index.
Directs the Secretary of Education to award an additional Pell Grant to an eligible student who: (1) has received a Pell Grant for an award year, and (2) is enrolled in a program of study for one or more additional payment periods during the same award year that are not otherwise covered by the Pell Grant.
Limits the total amount of the Pell Grants awarded to such student for the award year to 150% of the maximum Pell Grant for such award year.
Raises, from 12 semesters to 15 semesters, the period during which a student may receive Federal Pell Grants.