College Access and Opportunity Act of 2005

College Access and Opportunity Act of 2005 - Amends the Higher Education Act of 1965 (HEA) to revise and reauthorize various programs.

Revises the definition of institution of higher education to eliminate: (1) a requirement that for-profit institutions of higher education derive at least ten percent of their revenue from funds that do not come from HEA title IV student assistance programs (the 90/10 rule); and (2) a restriction on distance education in terms of relative number of courses an institution may offer by telecommunications, and relative number of students enrolled in such courses, for purposes of student assistance program eligibility (the 50 percent rule). Allows for-profit institutions to compete with traditional institutions in applying for campus-based aid.

Revises HEA title IV (Student Assistance) to: (1) require a variable rather than a fixed interest rate for consolidation loans; (2) reduce loan origination fees; (3) increase subsidized loan limits; and (4) modify need analysis requirements.

Establishes: (1) Pell Grants Plus grants for State scholar students; (2) policies for institutions' transfer of credits; (3) a college access initiative; (4) an expanded distance education demonstration; and (5) a college affordability demonstration.

Cancels student loan indebtedness for families of 9/11 victims.

Reauthorizes appropriations for HEA title: (1) II, teacher quality enhancement grants for States and partnerships, grants for preparing teachers to use technology, and new centers of excellence for recruiting and preparing teachers; (2) III, grants for American Indian tribally controlled colleges and universities, Alaska Native and Native Hawaiian-serving institutions, and historically Black colleges and universities; (3) IV student assistance, including Pell grants, TRIO, GEAR UP, supplemental educational opportunity grants, LEAP, HEP/CAMP, Byrd scholarships, child care access, Federal Family Education Loans, work-study, Direct Loans, and Perkins Loans; (3) V, developing institutions grants for Hispanic-serving institutions; (4) VI, international education programs, including international and foreign language studies, business and international education, and the Institute for International Public Policy; and (5) VII, graduate and postsecondary improvement programs, including Jacob K. Javits fellowships, graduate assistance in areas of national need, Thurgood Marshall legal educational opportunity assistance, the Fund for the Improvement of Postsecondary Education, and projects ensuring a quality higher education for students with disabilities (eliminates the Urban Community Service program and certain continuation awards).

Reauthorizes appropriations for various programs under the Education of the Deaf Act of 1986, Higher Education Amendments of 1998, Tribally Controlled College or University Assistance Act of 1978, Navajo Community College Act, and Education Amendments of 1992.