Family Farm and Small Business Exemption Act

What the bill says

S469 · U.S. Congress · In Committee

Introduced 2025-02-06. Latest action: Read twice and referred to the Committee on Health, Education, Labor, and Pensions.

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Summary (plain-language)

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.

Sponsors

• Joni Ernst (primary)
• John Boozman
• Michael F. Bennet
• Chuck Grassley
• Ruben Gallego
• John Hoeven
• James C. Justice
• Jerry Moran
• Roger Marshall
• David McCormick
• Mike Rounds
• Pete Ricketts
• Tommy Tuberville
• Thom Tillis

Text versions

• Introduced in Senate — 2025-02-06 — XML