Yes. Age of 12 refers to the removal of existing deportation order, not the age fit to file for conditional residency. 17 and under cannot file for conditional residency on the day Dream Act is signed; they must wait until their 18th birthday, but the Dream Act guarantees that they would not be deported until they have a chance to file for conditional residency with the removal of deportation order provision.

It is in the Senate Bill under the "Retroactive Benefits" provision of Article 6. This one is rarely mentioned in the press because there is no upper age limits for people who already have a college degree before the Dream Act is signed. 34 is the upper cap for those without a prior college degree.

Then graduate ASAP. Doesn't make any sense to give conditional residency to some 34 year old with GED while denying it to a 35 year old illegal with a Ph'D, if there is one. If there is an adjustment of age cap, then the people with more education are most likely to be spared since those people are the most desirable of illegal immigrant population.