Equitable Student Aid Access Act
This bill amends the Higher Education Act of 1965 to revise requirements governing the Free Application for Federal Student Aid (FAFSA).
The bill increases the adjusted gross income threshold used to determine whether a student qualifies for an automatic zero expected family contribution (EFC) in the calculation of the 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.
The bill requires the Department of Education (ED) to allow students to use tax information from the year before the previous one in determining their financial aid eligibility. The Internal Revenue Service and ED must share available data pursuant to taxpayer consent.
The bill requires the FAFSA application to be available to students by October 1, which is three months earlier than is currently required.