S. 108: Financial Aid Simplification and Transparency Act of 2015

114th Congress · introduced 2015-01-07 · Education · Latest: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S61-62, S65)

federal

Follow this bill, step by step

Where it came from: introduced 2015-01-07 · official record
Who proposed it: Sen. Alexander, Lamar [R-TN] · what a sponsor is
What happened next: no floor votes in our records yet. Why?
Where it stands now: Read twice and referred to the Committee on Health, Education, Labor, and Pensions. (Sponsor introductory remarks on measure: CR S61-62, S65) Not final yet: this can still change. We check for updates every day.
If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

Financial Aid Simplification and Transparency Act of 2015

Plain summary

Financial Aid Simplification and Transparency Act of 2015 Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to make a free application available for individuals to use in applying for a Federal Pell Grant or a loan under this Act's One Loan program. Requires specified identifying information and, in the case of Pell Grant applicants, income and family size information to be included in the application. Requires the Secretary to provide an applicant under the One Loan program specified information regarding the terms of the loan, including the anticipated monthly payment. Makes a student automatically eligible for a Pell Grant if the student or the student's family received benefits under a means-tested federal benefit program at some time during the previous 24 months. Lists, for award year 2015, the Pell Grant awards available to students based on their income and family size. Adjusts those amounts each subsequent award year by the percentage by which the maximum Pell Grant for such award year exceeds or falls below the maximum Pell Grant for award year 2015. Allows students who complete the coursework equivalent to one academic year before the end of a Pell Grant award year to receive all, or a portion of, the Pell Grant they would otherwise be eligible for in the following award year to cover their enrollment in additional courses during the current award year. Allows students who have not completed the coursework equivalent to one academic year before the end of a Pell Grant award year to receive up to two Pell Grants during an award year to complete the coursework required for them to receive a certificate or degree on time. Limits the total amount of the Pell Grants awarded to such students for the award year to 150% of the maximum Pell Grant for such award year. Terminates the William D. Ford Federal Direct Loan program on the June 30 following this Act's enactment. Establishes the One Loan program. Makes loans under such program available to undergraduate students, parents of such students, and graduate or professional students on the same terms as Direct Loans were made available to such individuals, unless otherwise specified in this Act. Sets annual and aggregate limits on the amounts undergraduate and graduate or professional students may borrow. Authorizes institutions of higher education (IHEs) to limit the annual amount that students enrolled in an identified program of study at the IHE may borrow if: (1) the IHE can show that student debt levels are excessive, and (2) the prorating or limiting of loan amounts are applied in the same manner to all students enrolled in the IHE or program of study. Gives One Loan program borrowers the option of choosing either a 10-year repayment plan or an income-based repayment plan. Directs the Secretary to develop and implement a plan to disseminate title IV financial aid eligibility information to local educational agencies and middle and secondary schools that serve students at least 25% of whom are eligible for free or reduced price school lunches under the school lunch program.

Congressional Research Service summary (Introduced in Senate), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

Financial Aid Simplification and Transparency Act of 2015

Source: Congressional Research Service summary (Introduced in Senate)

AI explanation – may be wrong, check the official text

No AI explanation yet. It takes up to a minute to write and is then saved for everyone.

Limited to a few requests an hour per person.

The strongest published arguments

Arguments for (supporters)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Arguments against (opponents)

Needs sources: no published arguments on this side yet. We only show items backed by a published source. Suggest one.

Alternatives

Needs sources: no published alternatives yet (for example a different bill, a law instead of an amendment, or keeping current law). We only show items backed by a published source. Suggest one.

How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Sen. Alexander, Lamar [R-TN] · 11 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Michael F. Bennet (D-CO), Angus S. King, Jr. (I-ME), Cory A. Booker (D-NJ), Mark R. Warner (D-VA)

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Sources

Congressional Research Service summary (Introduced in Senate)
Congress.gov
Data: GovInfo BILLSTATUS bulk data (Library of Congress), BILLSTATUS-114s108.xml <https://www.govinfo.gov/bulkdata/BILLSTATUS/114/s>

Record fed-us-cong114-s108 · catalog fed-us-congress-bills-cong114 · updated 2026-11-15 by psicol fed-bills-cong114