Financial Aid Simplification and Transparency Act of 2015

[AI summary unavailable — showing source text] Financial Aid Simplification and Transparency Act of 2015 Amends title IV (Student Assistance) of the Higher Education Act of 1965 to require the Secretary of Education to make a free application available for individuals to use in applying for a Federal Pell Grant or a loan under this Act's One Loan program. Requires specified identifying information and, in the case of Pell Grant applicants, income and family size information to be included in the application. Requires the Secretary to provide an applicant under the One Loan program specified information regarding the terms of the loan, including the anticipated monthly payment. Makes a student automatically eligible for a Pell Grant if the student or the student's family received benefits under a means-tested federal benefit program at some time during the previous 24 months. Lists, for award year 2015, the Pell Grant awards available to students based on their income and family size. Adjusts those amounts each subsequent award year by the percentage by which the maximum Pell Grant for such award year exceeds or falls below the maximum Pell Grant for award year 2015. Allows students who complete the coursework equivalent to one …