Free Application for Federal Student Aid (FAFSA) requirements.

Requires all students, except for students at certain nonpublic schools, in their senior year to complete and submit the FAFSA unless: (1) a parent of a student or a student, if the student is an emancipated minor, signs a waiver that the student understands what the FAFSA is and declines to complete it; or (2) the principal of the student's high school waives the requirement due to extenuating circumstances. Requires that the: (1) model notice prepared by the commission for higher education; and (2) notice that each school corporation is required to send; regarding the FAFSA include information regarding the requirements and exceptions for completing the FAFSA.