MODIFICATION TO FAFSA.

SEC. 101. MODIFICATION TO FAFSA. (a) In General.—Section 475(g)(1) of the Higher Education Act of 1965 (20 U.S.C. 1087oo(g)(1)), as amended by the FAFSA Simplification Act (title VII of division FF of Public Law 116-260), is further amended to read as follows: “(1) In general.—The student’s available income is equal to— “(A) the difference between the student’s total income (determined in accordance with section 480) and the adjustment to student income (determined in accordance with paragraph (2)); multiplied by “(B) 50 percent, except that the amount determined under this paragraph shall not be less than -$1,500 for award year 2024-2025 and not less than zero for award year 2025-2026 and each award year thereafter.” ” . (b) Appropriation.—Section 401(b)(7)(A) of the Higher Education Act of 1965 (20 U.S.C. 1070a(b)(7)(A))), as amended by the FAFSA Simplification Act (title VII of division FF of Public Law 116-260), is further amended to read as follows: “(A) In general.—In addition to any funds appropriated under paragraph (6) and any funds made available for this section under any appropriations Act, there are authorized to be appropriated, and there are appropriated (out of any money in the Treasury not otherwise appropriated) to carry out this section— “(i) $1,170,000,000 for fiscal year 2024; “(ii) $3,170,000,000 for fiscal year 2025; “(iii) $2,170,000,000 for fiscal year 2026; and “(iv) $1,236,000,000 for fiscal year 2027 and each succeeding fiscal year.” . (c) No Effect on Previous Appropriations.—Section 401(b)(7)(B)(i) of the Higher Education Act of 1965 (20 U.S.C. 1070a(b)(7)(B)(i)), as amended by the FAFSA Simplification Act (title VII of division FF of Public Law 116-260) and section 102(b) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117-103),is amended by striking “or 2023” and inserting “2023, or 2024”. (d) [20 U.S.C. 1070a note] Effective Date.—The amendments made by this section shall take effect and apply as if included in the FAFSA Simplification Act and in accordance with section 701(b) of such Act, as amended by section 102(a) of the FAFSA Simplification Act Technical Corrections Act (division R of Public Law 117-103) (including the authorization provided under section 102(c)(1)(A) of such Act).