Working Student Act of 2015

Summary: Working Student Act of 2015  This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the income protection allowance levels used to calculate a student's expected family contribution and need for financial assistance. (An income protection allowance is an amount for basic living expenses that is protected from being considered income available for postsecondary educational expenses.)  Specifically, the bill increases, in academic year 2016-2017, income protection allowance levels for students who are dependent, independent without non-spouse dependents (e.g., children), and independent with non-spouse dependents to reduce such students' income available (and increase need for financial assistance) to cover postsecondary educational expenses.  The Department of Education must, in subsequent years, adjust the income protection allowance levels for inflation.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Working Student Act of 2015''.

SEC. 2. SUPPORT FOR WORKING STUDENTS.

    (a) Dependent Students.--Section 475(g)(2)(D) of the Higher 
Education Act of 1965 (20 U.S.C. 1087oo(g)(2)(D)) is amended to read as 
follows:
                    ``(D) an income protection allowance (or a 
                successor amount prescribed by the Secretary under 
                section 478) of $8,519 for academic year 2016-2017;''.
    (b) Independent Students Without Dependents Other Than a Spouse.--
Section 476(b)(1)(A)(iv) of the Higher Education Act of 1965 (20 U.S.C. 
1087pp(b)(1)(A)(iv)) is amended to read as follows:
                            ``(iv) an income protection allowance (or a 
                        successor amount prescribed by the Secretary 
                        under section 478)--
                                    ``(I) for single or separated 
                                students, or married students where 
                                both are enrolled pursuant to 
                                subsection (a)(2), of $13,244 for 
                                academic year 2016-2017; and
                                    ``(II) for married students where 1 
                                is enrolled pursuant to subsection 
                                (a)(2), of $21,222 for academic year 
                                2016-2017;''.
    (c) Independent Students With Dependents Other Than a Spouse.--
Section 477(b)(4) of the Higher Education Act of 1965 (20 U.S.C. 
1087qq(b)(4)) is amended to read as follows:
            ``(4) Income protection allowance.--The income protection 
        allowance is determined by the following table (or a successor 
        table prescribed by the Secretary under section 478), for 
        academic year 2016-2017:

                                          ``Income Protection Allowance
----------------------------------------------------------------------------------------------------------------
  Family  Size                                          Number in College
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                                                                                                     For each
   (including           1               2               3               4               5           additional
    student)                                                                                        subtract:
----------------------------------------------------------------------------------------------------------------
      2              $33,534         $27,797                                                           $4,230
      3               41,742          36,045         $30,308
      4               51,543          45,833          40,122         $34,385
      5               60,831          55,080          49,370          43,659         $37,949
      6               71,321          65,408          59,724          53,960          48,276
For each
additional
   add:                5,950                                                                              ''.
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    (d) Updated Tables and Amounts.--Section 478(b) of the Higher 
Education Act of 1965 (20 U.S.C. 1087rr(b)) is amended--
            (1) in paragraph (1), by striking subparagraphs (A) and (B) 
        and inserting the following:
                    ``(A) In general.--For each academic year after 
                academic year 2016-2017, the Secretary shall publish in 
                the Federal Register a revised table of income 
                protection allowances for the purpose of sections 
                475(c)(4) and 477(b)(4), subject to subparagraphs (B) 
                and (C).
                    ``(B) Table for independent students.--For each 
                academic year after academic year 2016-2017, the 
                Secretary shall develop the revised table of income 
                protection allowances by increasing each of the dollar 
                amounts contained in the table of income protection 
                allowances under section 477(b)(4) by a percentage 
                equal to the estimated percentage increase in the 
                Consumer Price Index (as determined by the Secretary) 
                between December 2014 and the December next preceding 
                the beginning of such academic year, and rounding the 
                result to the nearest $10.''; and
            (2) in paragraph (2), by striking ``shall be developed'' 
        and all that follows through the period at the end and 
        inserting ``shall be developed for each academic year after 
        academic year 2016-2017, by increasing each of the dollar 
        amounts contained in such section for academic year 2016-2017 
        by a percentage equal to the estimated percentage increase in 
        the Consumer Price Index (as determined by the Secretary) 
        between December 2014 and the December next preceding the 
        beginning of such academic year, and rounding the result to the 
        nearest $10.''.
    (e) Effective Date.--The amendments made by this section shall be 
effective on July 1, 2016.