Title IV of the Higher Education Act of 1965 (HEA; P.L. 89-329, as amended) authorizes the primary sources of federal aid to support postsecondary education students. Title IV programs made over $118 billion in aid available to postsecondary students in FY2020 through Direct Loans and other forms of aid, including $27 billion in Pell Grants. The FAFSA Simplification Act (FSA; Title VII, Division FF of P.L. 116-260, Consolidated Appropriations Act, 2021) makes significant changes to the underlying processes and methodologies for determining student eligibility for federal student aid authorized by Title IV. This report begins with brief background on the HEA and administration of the FSA. It then focuses on the FSA's changes to the student aid application process, associated formulas for calculating student need, and the Pell Grant program. The final sections include descriptions of FSA provisions affecting Direct Subsidized Loans for students and the Historically Black Colleges and Universities Capital Financing program for eligible institutions.