Family Farm and Small Business Exemption Act

This bill brings back a rule that used to keep family farms and small businesses from being counted when figuring out how much financial aid a student can get for college. Before recent changes to the FAFSA form, the value of a family farm where the family lives, or a small business with 100 or fewer employees owned by the family, was not included when calculating a student's financial need. Starting with the 2024-2025 school year, those farms and businesses started being counted as assets, which can affect how much aid a student qualifies for. This bill would go back to the old rule and stop counting them again.

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