Simplifying Financial Aid for Students Act of 2014

Bill: 113-s-2340
Sponsor: full_name: Sen. Booker, Cory A. [D-NJ]
Introduced: 2014-05-14
Policy area: Education
Subjects: Higher education

Student aid and college costs

Tax administration and collection, taxpayers
Latest action: action_date: 2014-05-14
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2014-05-14
action_desc: Introduced in Senate
text: <p>Simplifying Financial Aid for Students Act of 2014 - Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to provide for the use of data from the second preceding tax year when and to the extent necessary to carry out the simplification of applications used in estimating and determining financial aid eligibility. Requires such simplification to include data sharing between the Internal Revenue Service (IRS) and the Department of Education, pursuant to taxpayer consent.</p> <p> Increases (from $23,000 to $30,000) the limit on the adjusted gross income that parents, in the case of dependent students, and students and their spouses, in the case of independent students with dependents other than a spouse, may make if those students are to be considered as having zero expected family contribution in the determination of their need for financial aid. </p>

tv_txt: II 113th CONGRESS 2d Session S. 2340 IN THE SENATE OF THE UNITED STATES May 14, 2014 Mr. Booker introduced the following bill; which was read twice and referred to the Committee on Health, Education, Labor, and Pensions A BILL To amend the Higher Education Act of 1965 to require the Secretary to provide for the use of data from the second preceding tax year to carry out the simplification of applications for the estimation and determination of financial aid eligibility, to increase the income threshold to qualify for zero expected family contribution, and for other purposes.

1. Short title This Act may be cited as the Simplifying Financial Aid for Students Act of 2014 . 2. Using data for second preceding year Section 480(a)(1)(B) of the Higher Education Act of 1965 ( 20 U.S.C. 1087vv(a)(1)(B) ) is amended to read as follows: (B) Notwithstanding section 478(a) and beginning not later than 180 days after the date of enactment of the Simplifying Financial Aid for Students Act of 2014 , the Secretary shall provide for the use of data from the second preceding tax year when and to the extent necessary to carry out the simplification of applications (including simplification for a subset of applications) used for the estimation and determination of financial aid eligibility. Such simplification shall include the sharing of data between the Internal Revenue Service and the Department, pursuant to the consent of the taxpayer. . 3. Zero Expected Family Contribution Section 479(c) of the Higher Education Act of 1965 ( 20 U.S.C. 1087ss(c) ) is amended— (1) in paragraph (1)(B), by striking $23,000 and inserting $30,000 ; and (2) in paragraph (2)(B), by striking $23,000 and inserting $30,000 .