To amend the Internal Revenue Code of 1986 to consolidate certain tax benefits for educational expenses, to amend the Internal Revenue Code of 1986 to make improvements to the child tax credit, and for other purposes.

[AI summary unavailable — showing source text] Student and Family Tax Simplification Act - Amends the Internal Revenue Code to provide for an American Opportunity Tax Credit, in lieu of the current Hope Scholarship and Lifetime Learning tax credits and the tax deduction for qualified tuition and related expenses, that provides for a credit of 100% of qualified tuition and related expenses (i.e., tuition, fees, and course materials) up to $2,000, plus 25% of such expenses as exceeds $2,000 but not more than $4,000. Reduces the allowable amount of such credit based upon the taxpayer's modified adjusted gross income. Allows an exclusion from gross income for amounts received as a Federal Pell Grant.…