Occasionally the solution to an underachieving government program is refreshingly mundane. So it is that a simpler federal form may be all that separates millions of poor students in the U.S. from a chance to get help paying for college.

A shorter, simplified application would increase Pell grant spending by an estimated $1.4 billion, cutting the annual amount currently left on the table by more than half and keeping the program in surplus.

In the 2015-2016 school year, roughly 2 million high school seniors -- some 60 percent of the total -- completed the Free Application for Federal Student Aid, or Fafsa. Of those who don't fill out the Fafsa, roughly half would have been eligible for federal Pell grants. The government awards Pell grants based on family need, up to an annual maximum of $5,920.

Read the full article on simplifying the financial aid process at Bloomberg