Middle Income Student Assistance Act

Middle Income Student Assistance Act - Amends the Higher Education Act of 1965 (HEA) to reduce, from 70 percent to 50 percent, the portion of a student's total income (minus specified adjustments) which is the required student contribution toward higher education expenses, for purposes of student assistance determinations.

Excludes, for Pell Grant and other student assistance program need analysis, from the assets of families with adjusted gross incomes of no more than $40,000, the net value of the family's principal place of residence or a farm on which the family resides.

Sets the standard contribution from discretionary income at ten and one-half percent of such income (thus eliminating certain charts in which such portion varies with the amount of such income), for purposes of eligibility determinations for dependent students and for independent students with dependents other than a spouse.