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Exempting Family Farms and Small Businesses from Student Aid Asset Calculations.

This bill restores the exclusion of the value of family farms and small businesses from the definition of assets used when calculating federal student financial aid (Title IV of the Higher Education Act). This means families owning these assets will likely qualify for more financial aid for education, as their wealth will not be counted against their ability to pay. The change aims to improve access to higher education for children from families operating small businesses or farms.
Key points
The net value of a family farm where the family resides will not be counted as an asset when applying for federal student aid (FAFSA).
The net value of a small business (with up to 100 full-time employees) owned and controlled by the family will also be excluded from assets.
This change increases the likelihood of families running small businesses or farms receiving greater financial assistance for their children's college education.
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Additional Information
Print number: 118_HR_1250
Sponsor: Rep. Mann, Tracey [R-KS-1]
Process start date: 2023-02-28
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OFFICIAL LEGAL TITLE

Family Farm and Small Business Exemption Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_1250.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2023-02-28.

What are the main provisions?

Key points include:

  • The net value of a family farm where the family resides will not be counted as an asset when applying for federal student aid (FAFSA).
  • The net value of a small business (with up to 100 full-time employees) owned and controlled by the family will also be excluded from assets.
  • This change increases the likelihood of families running small businesses or farms receiving greater financial assistance for their children's college education.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Mann, Tracey [R-KS-1].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Education and the Workforce.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Education Family Agriculture