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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Feb 2, 2016.
Working Student Act of 2015
This bill amends title IV (Student Assistance) of the Higher Education Act of 1965 to modify the income protection allowance levels used to calculate a student's expected family contribution and need for financial assistance. (An income protection allowance is an amount for basic living expenses that is protected from being considered income available for postsecondary educational expenses.)
Specifically, the bill increases, in academic year 2016-2017, income protection allowance levels for students who are dependent, independent without non-spouse dependents (e.g., children), and independent with non-spouse dependents to reduce such students' income available (and increase need for financial assistance) to cover postsecondary educational expenses.
The Department of Education must, in subsequent years, adjust the income protection allowance levels for inflation.