Middle Income Student Assistance Act of 1991

Middle Income Student Assistance Act of 1991 - Amends the Higher Education Act of 1965 to provide for student eligibility for Stafford loans without regard to an expected family contribution in the determination of need. Provides that any Stafford loan may be counted as part of the expected family contribution in the determination of need for certain other types of student assistance.

Revises Pell Grant provisions relating to borrowing authority for adjustments for insufficient appropriations. Directs the Secretary of Education (the Secretary) to expend, from the next succeeding fiscal year's appropriation for Pell Grants, necessary sums to meet any insufficiencies to satisfy full Pell Grant entitlements for the preceding fiscal year.

Excludes, for Pell Grant and other student assistance program need analysis, the net value of the family's principal place of residence or a farm on which the family resides. Directs the Secretary to recommend to the Congress any changes necessary to achieve an equitable assessment of income and assets after the exclusion of such assets.