S.2340 - Simplifying Financial Aid for Students Act of 2014113th Congress (2013-2014)
|Sponsor:||Sen. Booker, Cory A. [D-NJ] (Introduced 05/14/2014)|
|Committees:||Senate - Health, Education, Labor, and Pensions|
|Latest Action:||05/14/2014 Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (All Actions)|
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Summary: S.2340 — 113th Congress (2013-2014)All Information (Except Text)
Introduced in Senate (05/14/2014)
Simplifying Financial Aid for Students Act of 2014 - 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 when and to the extent necessary to carry out the simplification of 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.
Increases (from $23,000 to $30,000) the limit on the adjusted gross income that parents, in the case of dependent students, and students and their spouses, in the case of independent students with dependents other than a spouse, may make if those students are to be considered as having zero expected family contribution in the determination of their need for financial aid.