What is the official ID of this bill?
The official print number for this legislation is HR 1250.
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.
Status:
Expired
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