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Student Aid Boost: Excluding Family Farms and Small Businesses from Assets.

This bill changes how federal student financial aid (FAFSA) eligibility is calculated. The value of family farms and small businesses (up to 100 employees) will no longer be counted as family assets. This change aims to increase the eligibility for financial aid for students whose families own and operate these types of businesses, improving access to higher education.
Key points
The value of a family farm where the family resides will not be considered when assessing eligibility for federal student financial aid.
The value of a family-owned small business (up to 100 employees) is excluded from assets, potentially leading to more financial aid for education.
This adjustment provides financial relief to families who hold significant assets in business property but may struggle to afford college tuition.
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Expired
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Additional Information
Print number: 118_S_1237
Sponsor: Sen. Ernst, Joni [R-IA]
Process start date: 2023-04-20
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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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_S_1237.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-20.

What are the main provisions?

Key points include:

  • The value of a family farm where the family resides will not be considered when assessing eligibility for federal student financial aid.
  • The value of a family-owned small business (up to 100 employees) is excluded from assets, potentially leading to more financial aid for education.
  • This adjustment provides financial relief to families who hold significant assets in business property but may struggle to afford college tuition.
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 Sen. Ernst, Joni [R-IA].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Education Agriculture Economy