Working Student Act of 2014

To amend the Higher Education Act of 1965 to increase the income protection allowances. 1. Short title This Act may be cited as the Working Student Act of 2014 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 $8,451 for academic year 2015–2016; . (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) (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 $13,135 for academic year 2015–2016; and (II) for married students where 1 is enrolled pursuant to subsection (a)(2), of $21,060 for academic year 2015–2016; . (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) (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 2015–2016: Income Protection Allowance Family Number in College (including 1 2 3 4 5 For each additional subtract: 2 $33,277 $27,580 $4,250 3 41,431 35,761 $30,078 4 51,151 45,481 39,825 $34,114 5 60,358 54,661 49,005 43,321 $37,665 6 70,591 64,908 59,265 53,554 47,898 For each additional add: 6,000 . (d) Updated tables and amounts Section 478(b) of the Higher Education Act of 1965 ( 20 U.S.C. 1087rr(b) (1) in paragraph (1), by striking subparagraphs (A) and (B) and inserting the following: (A) In general For each academic year after academic year 2015–2016, 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 2015–2016, 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)(D) 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 shall be developed for each academic year after academic year 2015–2016, by increasing each of the dollar amounts contained in such section for academic year 2015–2016 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, 2015.

Summary: Working Student Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to increase the income protection allowance for academic year 2015-2016 to: $8,451 for dependent students; $13,135 for independent students without dependents other than a spouse who are single, separated, or married when both spouses are enrolled; and $21,060 for independent students without dependents other than a spouse if only one of the spouses is enrolled. Increases for academic year 2015-2016 the income protection allowances for independent students with dependents other than a spouse. (These allowances vary depending on the number of such dependents.) Provides for cost-of-living adjustments to such income protection allowances after academic year 2015-2016. (An income protection allowance is the amount excluded from a student's income in determining the student's need for assistance under title IV.)