Student Financial Aid Simplification Act
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to determine a student's financial need and federal financial aid eligibility by using tax return information, unless such student qualifies for the simplified needs test or a zero expected family contribution.
It amends the Internal Revenue Code to authorize the Internal Revenue Service (IRS) to disclose certain tax return information to the Department of Education (ED). Students must submit to ED certain supplemental information not available from the IRS.
The bill requires ED to provide such tax return information to states and institutions of higher education, without charge, for use processing loan applications and determining institutional and state financial aid awards.