College Financial Aid: Family Farm and Small Business Exemption
A house committee must act next: committee consideration.
This bill has very strong bipartisan support with dozens of cosponsors from both parties. It addresses a common complaint about recent changes to financial aid calculations.
Govbase has not yet run an impact analysis on this legislation.
Referred to the House Committee on Education and Workforce.
Introduced in House
The bill was officially filed and given a number. It now enters the legislative queue.
Senators Joni Ernst and Chuck Grassley introduced the bipartisan Family Farm and Small Business Exemption Act to restore FAFSA exemptions for non-liquid assets. The bill aims to codify guidance that farm and small business assets should not be counted when determining financial aid eligibility, helping families who are 'asset rich but cash poor.'
Lawmakers are considering the Family Farm and Small Business Exemption Act to address concerns that the FAFSA Simplification Act unfairly penalizes rural families. The bill would reinstate a long-standing exemption for family farms and small businesses in financial aid calculations, preventing their non-liquid assets from reducing student aid eligibility.
Congress eliminated a long-standing financial aid exemption in the FAFSA Simplification Act, meaning the value of a family farm could now decrease the amount of aid students receive. Senator Joni Ernst is introducing a bill to restore the exemption, as studies show some families' expected contributions could jump from $7,600 to over $41,000 under the new rules.
No votes recorded for this bill yet.
Document Type
Congressional Bill
Official Title
Family Farm and Small Business Exemption Act
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