Family Farm and Small Business Exemption Act has not moved since its introduction on Feb 6, 2025, with cosponsors from both parties
Written by the Congressional Research Service [2]. 141 words.
Family Farm and Small Business Exemption Act This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. The bill applies to the net worth of (1) a family farm on which the family resides, or (2) a small business with not more than 100 full-time or full-time equivalent employees that is owned and controlled by the family. Prior to recent changes made to the FAFSA, the net worth of these family farms and small businesses were excluded as assets when calculating a student's financial need to determine federal student aid eligibility. Beginning with the 2024-2025 academic year, the net worth of these farms and businesses are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
- Committees
- Senate Health, Education, Labor, and Pensions Committee
- Policy area
- Education: 22 of 3,602 bills became law, 113th–118th (0.6%)
- Sponsor
- 4 of 321 bills enacted since 2013
- Text versions
- 1: introduced in senate · 181 words
- Subjects
- Government lending and loan guaranteesRural conditions and developmentSmall businessStudent aid and college costs
- Latest action
- Feb 6, 2025: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Records
- Congress.gov · Bill text
Each bill appears once, under its strongest link. 1 in all.
Related, per CRS or House · 1
- 119th H.R. 1131 Family Farm and Small Business Exemption Act R · Introduced