Page:United States Statutes at Large Volume 122.djvu/3306

 12 2 STA T .3 2 8 3 PUBLIC LA W 11 0– 31 5— AU G .1 4, 2008 HigherEducat i onOp portunit yA ct , the S ecretary s ha l l pro v ide a w ritten report to the authori z ing co m mittees on the wor k the D epartment has done with the Secretary o f the T reasury regarding —‘ ‘ ( A ) how the e x pected family contri b ution of a student can be calculated using substantially less income and asset information than was used on M arch 31, 20 0 8; ‘‘( B ) the extent to which the reduced income and asset information will result in a redistribution of F ederal grants and subsidized loans under this title, State aid, or institu - tional aid, or in a change in the composition of the group of recipients of such aid, and the amount of such redistribu- tion; ‘‘( C ) how the alternative approaches for calculating the expected family contribution will— ‘‘(i) rely mainly, in the case of students and parents who file income tax returns, on information available on the 10 4 0, 1040E Z , and 1040A; and ‘‘(ii) include formulas for ad j usting income or asset information to produce similar results to the existing approach with less data; ‘‘(D) how the I nternal R evenue Service can provide to the Secretary of Education income and other data needed to compute an expected family contribution for taxpayers and dependents of taxpayers, and when in the application cycle the data can be made available; ‘‘(E) whether data provided by the Internal Revenue Service can be used to— ‘‘(i) prepopulate the electronic version of the FAFSA with student and parent taxpayer data; or ‘‘(ii) generate an expected family contribution with- out additional action on the part of the student and taxpayer; ‘‘(F) the extent to which the use of income data from two years prior to a student ’ s planned enrollment date will change the expected family contribution computed in accordance with part F, and potential adjustments to the need analysis formula that will minimize the change; and ‘‘( G ) the extent to which the data elements collected on the FAFSA on March 31, 2008, that are needed to determine eligibility for student aid or to administer the Federal student financial aid programs, but are not needed to compute an expected family contribution, such as information regarding the student’s citizenship or perma- nent residency status, registration for selective service, or driver’s license number, can be reduced without adverse effects . ‘‘(3) S TUDY .— ‘‘(A) F ORMA T I O N O FS TUDY G ROU P .— N ot later than 9 0 days after the date of enactment of the Higher Education Opportunity Act, the Comptroller General shall convene a study group the membership of which shall include the Secretary of Education, the Secretary of the Treasury, the Director of the Office of Management and Budget, the Director of the Congressional Budget Office, representa- tives of institutions of higher education with expertise in Federal and State financial aid assistance, State chief Deadlin e .

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