; and (2) by adding at the end the following: The amount of the principal and interest on a borrower’s loans forgiven pursuant to income contingent repayment shall not be included in the gross income of the borrower for purposes of the Internal Revenue Code of 1986. . TT Financial Aid Fairness For Students Act 55001. Short title This title may be cited as the Financial Aid Fairness for Students Act or the FAFSA Act . 55002. Findings Congress finds the following: (1) Expanding the ability of low- and middle-income borrowers to pursue higher education is critical to reversing decades of exclusionary policies that have adversely impacted people of color. (2) Under current law, individuals with drug-related offenses are precluded from accessing Federal grants, loans, and work-study aid pursuant to section 484(r) of the Higher Education Act of 1965 ( 20 U.S.C. 1091(r) ), commonly referred to as the Aid Elimination Penalty . (3) The Free Application for Federal Student Aid (FAFSA) screens applicants for Federal financial aid based on her or his history of drug offenses. (4) Given that criminal sentencing laws in the United States disproportionately impact racial minorities and low-income communities, the Aid Elimination Penalty may disproportionately hinder these same groups from accessing Federal financial aid. (5) Recognizing that an educated citizenry is the powerhouse of the Nation, that higher education allows Americans to access well-paying jobs, health­care, strong interpersonal relationships and a higher quality of life, the Federal Government should in­cen­tiv­ize the pursuit of higher education while ensuring equality of opportunity. 55003. Repeal of suspension of eligibility under the Higher Education Act of 1965 for grants, loans, and work assistance for drug-related offenses (a) Repeal Subsection (r) of section 484 of the Higher Education Act of 1965 ( 20 U.S.C. 1091(r) ) is repealed. (b) Revision of FAFSA form Section 483 of the Higher Education Act of 1965 ( 20 U.S.C. 1090 ) is amended by adding at the