Family Farm and Small Business Exemption Act

This bill would change how college financial aid is calculated for students from families that own farms or small businesses. Currently, when students fill out forms for federal student aid, the government counts the value of family farms where the family lives and small businesses with 100 or fewer employees as assets that could reduce aid eligibility. This bill would stop counting these farms and businesses as assets when determining how much financial aid a student can receive. Before 2024, these family farms and small businesses were not counted as assets, but that changed starting with the 2024-2025 school year.

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