Section 1 Short title
This Act may be cited as the “Simplifying Financial Aid for Students Act of 2014”.
Simplifying Financial Aid for Students Act of 2014
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.
Sec. 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.”
Sec. 3 Zero Expected Family Contribution
Section 479(c) of the Higher Education Act of 1965 (20 U.S.C. 1087ss(c)) is amended—
in paragraph (1)(B), by striking “$23,000” and inserting “$30,000”; and
in paragraph (2)(B), by striking “$23,000” and inserting “$30,000”.