Simplifying the Application for Student Aid Act - 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 to carry out the simplification of the 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.