Members of the Rethinking Student Aid study group said that by making major changes to the college aid system, they hope to be able to enable more U.S. citizens to have access to funds for a college education, The New York Times (NYSE:NYT) said Friday.

"It is just imperative for our economic future and our civic future that we invest effectively in more students achieving success in college," said Spencer Foundation President Michael McPherson, who served as the co-chairman of this week's panel. "One of the challenges is the growing gap between the price of college and families' ability to pay."

Among the changes proposed by the group is eliminating the Fafsa, a detailed federal application for financial aid. The panel suggested that the federal government obtain such personal finance information through the Internal Revenue Service instead.

The Times said the group also wants to college savings accounts that will be federally-financed in order to offer children from low-income U.S. families added financial support while in college.