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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Dec 20, 2019.

Fostering Undergraduate Talent by Unlocking Resources for Education Act or the FUTURE Act

This bill permanently authorizes funding for minority-serving institutions of higher education and increases the authorization of appropriations for Pell Grants.

This bill directs the Internal Revenue Service (IRS), upon the written request of the Department of Education (ED), to disclose to any authorized person, tax return information to determine eligibility for recertifications for income-contingent or income-based repayments of student loans, discharges of loans based on total and permanent disability, and the amount of student financial aid under the Higher Education Act of 1965. The IRS must also establish and implement procedures for recertifying income for purposes of this bill and for requesting tax return information.

The bill requires ED and the IRS to issue joint reports to Congress on this bill, including an update on the status of implementation of this bill and an evaluation of how such implementation affected the processing of applications for financial aid and discharge of student loans.