The Higher Education Act of 1965 (HEA; P.L. 89-329, as amended), authorizes numerous federal aid programs that provide support to both individuals pursuing a postsecondary education and institutions of higher education (IHEs). The FAFSA Simplification Act (FSA; Title VII, Division FF of P.L. 116-260) makes significant changes to the underlying processes and methodologies for determining federal student aid eligibility. This report begins with brief background on the HEA and administration of the FSA. It then focuses on the FSA's changes to the student aid application process, associated formulas for calculating student need, and the Pell Grant program. The final sections include descriptions of FSA provisions affecting Direct Subsidized Loans for students and the Historically Black Colleges and Universities Capital Financing program for eligible institutions.