To amend the Higher Education Act of 1965 to authorize grants for institutions of higher education serving Asian Americans and Pacific Islanders.

Amends the Higher Education Act of 1965 to direct the Secretary of Education to provide grants and related assistance to certain institutions of higher education that have an undergraduate enrollment that is at least 10% Asian American or Pacific Islander, for activities to improve their capacity to serve such students.

Requires applicants for such assistance to submit a five-year plan for improving the assistance they provide to such students.

Gives priority to eligible institutions that serve a significant percentage of low-income Asian American and Pacific Islander students.