Simplifying Financial Aid for Students Act of 2015

Bill: 114-s-1872
Sponsor: full_name: Sen. Booker, Cory A. [D-NJ]
Introduced: 2015-07-27
Policy area: Education
Subjects: Higher education

Student aid and college costs

Tax administration and collection, taxpayers
Latest action: action_date: 2015-07-27
text: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

Summaries:
action_date: 2015-07-27
action_desc: Introduced in Senate
text: <p><b>Simplifying Financial Aid for Students Act of 2015</b> </p> <p> This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Department of Education (ED) to provide for the use of tax information from the second preceding tax year (the "prior, prior year") to determine a student's financial aid eligibility. It requires data sharing between the Internal Revenue Service and ED, pursuant to taxpayer consent. </p> <p> The bill also increases from $23,000 to $30,000 the adjusted gross income threshold used to determine whether a student qualifies for an automatic zero expected family contribution (EFC) in the calculation of such student's financial need. A dependent student is eligible for an automatic zero EFC if the student's parents have adjusted gross income up to $30,000. An independent student with non-spouse dependents is eligible for a zero EFC if the student and spouse have adjusted gross income up to $30,000. </p>

tv_txt: II 114th CONGRESS 1st Session S. 1872 IN THE SENATE OF THE UNITED STATES July 27, 2015 Mr. Booker (for himself, Ms. Hirono , Mr. Franken , Ms. Stabenow , Mr. Schumer , Mr. Kaine , Ms. Mikulski , Mr. Tester , Mr. Markey , Mr. Murphy , Mr. Schatz , and Mr. Merkley ) 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 2015 . 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 2015 , 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 .