September 22, 2008 by Mara Strom A panel of financial aid experts thinks that America’s federal financial aid system needs a major overhaul.  According to the Rethinking Student Aid study group, these changes include simplifying the application process (aka FAFSA, or the Free Application for Federal Student Aid) and increasing Pell grant maximums. The most sweeping change recommended by the Fulfilling the Commitment report is the creation of federally-funded college savings accounts for children from low-income families. Each year, the government would add money to a fund for each eligible child, until that child turned 18. To draw on the fund, the money would have to be used to cover approved college expenses.  The group recommends starting the program from the age of 5. The G...