Parental contributions provisions modification

This bill modifies how Minnesota calculates financial aid eligibility by changing the percentages of parental and student contributions counted toward a student's cost of attendance. For dependent students, it sets family responsibility at 95% of parental contribution, while for independent students it sets responsibility at 71% of student contribution if they have dependents or 35% if they do not. The legislation also removes existing tuition and fee maximums that capped financial aid calculations, instead using the lesser of an institution's average tuition and fees or a new benchmark based on the highest public university rates. Additionally, it adjusts the living expense allowance to 106% of the federal poverty guideline for one person and clarifies which fees count toward financial aid eligibility.