Financial Aid Form Simplification and Access Act

Financial Aid Form Simplification and Access Act - Amends the Higher Education Act of 1965 to revise the process of applying for student assistance.

Revises requirements for the simplified needs test to take into account dislocated workers and recipients of means-tested federal benefits.

Directs the Secretary of Education to develop and use a simplified paper application form of the Free Application for Federal Student Aid (FAFSA), to be called the EZ FAFSA, for students who meet the requirements of the automatic zero expected family contribution.

Requires the Secretary to: (1) phase-out the paper form (the long form or full FAFSA) for students who do not meet the requirements for a EZ FAFZA; and (2) produce, distribute, and process common forms in electronic format, including a simplified electronic application form on the Internet.

Directs the Secretary to make every effort to provide students with early information about potential financial aid eligibility, both through a widely disseminated printed form and the Internet or other electronic means.

Directs the Secretary to make special efforts to notify: (1) students who qualify for specified means-tested federal benefits of their potential eligibility for a maximum federal Pell Grant; and (2) middle school and secondary school students of the availability of student financial assistance.

Requires the Secretary to contract for or establish a toll-free telephone service to provide an application mechanism and timely and accurate information to the general public.

Increases dependent and independent students' income protection allowances, excluded in determining their need for aid.

Revises requirements for the determination of independence by students with special circumstances, and provides for electronic applications tailored to their situation.

Excludes certain untaxed education benefits and savings distributions from student need determinations. Sets forth asset attribution rules for qualified education benefits.

Revises the purposes of the independent Advisory Committee on Student Financial Assistance to reflect this Act.