Student Financial Aid Act

[AI summary unavailable — showing source text] Student Financial Aid Act - States that the purpose of this Act is to provide basic and supplemental educational opportunity grants to eligible students for postsecondary education. Directs the Commissioner of Education to pay to each student enrolled in an institution of higher education a basic educational opportunity grant in an amount up to $600, determined by the expected family contributions to the student's higher education. Sets forth criteria for determining the expected family contribution, including the amount of family income and the number of dependents. Requires the Commissioner to carry out a program of supplemental grants to financially needy students who demonstrate outstanding academic performance or clear promise of such performance. Authorizes appropriations for supplemental grants of $200,000,000 for fiscal year 1976 and for each succeeding fiscal year prior to September 30, 1980. States that supplemental grants shall be equal to the full cost of tuition, fees, books and other direct instructional costs at the institution attended by such student, together with a cost-of-living allowance. Requires students receiving supplemental grants to maintain satisfactory …