The federal financial aid system is no longer up to today's demands. Built in a different era, its haphazard evolution over the decades has made it inefficient, poorly targeted, and overly complicated. With the need for higher education never greater and college growing increasingly unaffordable, students deserve a streamlined aid system that is more understandable, effective, and fair. Policymakers can achieve such reforms at no additional cost to taxpayers--by rebalancing existing resources and better aligning incentives for students and institutions of higher education. Ultimately, those reforms will increase access to high-quality credentials and boost student success in higher education and the workforce. In "Rebalancing Resources and Incentives in Federal Student Aid," the authors offer more than 30 specific policy recommendations that are designed to create such a system. Nothing is off-limits. They recommend specific changes to federal grants, loans, tax benefits, college outreach programs and federal regulations to provide more direct aid to the lowest-income students, while strengthening accountability for institutions of higher education to ensure that more students are able to earn affordable, high-quality credentials. Taken together, the package of proposals in their report is "budget-neutral" over the 10-year period from federal fiscal years 2013-2022. Pell Grant Funding Sources are appended. (Contains 1 figure, 3 tables, and 120 notes.)