Strengthening Financial Aid for Students Act (Strengthening FAFSA) This bill increases the income protection allowance levels used to calculate a working student's expected family contribution and need for financial assistance. An income protection allowance is an amount for basic living expenses that is protected from being considered income available for postsecondary educational expenses. The bill also raises from 12 to 14 the total number of semesters during which a student may receive a federal Pell Grant.