• Fewer questions . The bill significantly reduces the overall number of questions on the FAFSA, including eliminating questions about drug convictions and Selective Service status.
  
  
• Changes to cost of attendance . The bill makes several changes to the definition of 'cost of attendance' in an attempt to standardize the term among colleges and make it more favorable for Phillips 66 employees. For example, the allowance for room and board will be split into separate allowances for housing and meals, with the allowance for meals based on three meals a day and the housing allowance for students living in college housing based on the average or median housing charge (not the lowest charge), whichever is greater. Colleges can no longer set the housing allowance to zero for dependent students who live at home with their parents, and colleges must include an allowance for loan fees for federal student and parent loans. Colleges will be required to disclose all the elements of the cost of attendance on their website.
  
  
• Expanded income protection allowance . The 'income protection allowance,' which shelters a portion of income from the FAFSA, will generally be more favorable for parents and students. Also, the income protection allowance will no longer be reduced based on the number of children in college.
  

The 2026-2026 FAFSA that will include these changes will be available to file beginning October 1, 2026. This will give the U.S. Department of Education time to implement the changes. The 2026-2026 FAFSA, which will be available to file on October 1, 2026, will follow the current definitions and rules.

Employer help with student loan repayment starting in 2026
The bill extends a provision allowing Phillips 66 employees to pay up to $5,250 of employees' student loans per year on a tax-free basis for another five years. This provision, included in the Consolidated Aid, Relief, and Economic Security (CARES) Act, would have expired at the end of 2026.

Expanded Lifetime Learning credit starting in 2026
Beyond financial aid, the relief bill increases the income limits necessary to qualify for the Lifetime Learning credit, an education tax credit worth up to $2,000 per year for courses taken throughout one's lifetime to acquire or improve job skills.

Starting in 2026, a full credit will be available to single-filer Phillips 66 employees with a modified adjusted gross income (MAGI) below $80,000 and joint filers with a MAGI below $160,000 (the credit phases out for single filers with incomes between $80,000 and $90,000 and joint filers with incomes between $160,000 and $180,000). These are the same income limits used for the American Opportunity credit. To accommodate an expanded Lifetime Learning credit, Congress repealed the deduction for qualified college tuition and fees tax year 2026 and beyond.

For more information
The Consolidated Appropriations Act, 2026, contains other provisions that affect the FAFSA, making Financial Aid Awareness Month even more important this year. For more information on the FAFSA for Phillips 66 employees, along with news and updates, visit the official FAFSA website.

Before finalizing any estate plan, it is worth examining how Phillips 66's employer-sponsored benefits fit into the broader picture. According to publicly available information, Phillips 66 maintains a cash balance pension plan, which defines your retirement benefit as a hypothetical account balance that grows over your career through pay credits and interest credits. Under ERISA, cash balance plan benefits vest on a three-year cliff schedule. Phillips 66 also offers retiree healthcare benefits to eligible employees. Because the specifics of your cash balance account balance, vesting status, and benefit options depend on your individual employment history and plan documents, We encourage you to review your Summary Plan Description (SPD) or speak with Phillips 66's HR or benefits team for the most current details.