Bill > S469

This bill amends the Higher Education Act of 1965 to restore an exemption for family farms and small businesses when calculating financial aid assets. Specifically, the bill modifies the definition of assets for federal student financial aid purposes by excluding the net value of a family farm where the family resides and small businesses with 100 or fewer full-time or full-time equivalent employees that are owned and controlled by the family. Under the current law, the net value of these assets might be counted when determining a student's eligibility for financial aid, which could potentially disadvantage students from families with farm or small business ownership. The amendments will apply to need analysis for award years beginning on or after the date of the bill's enactment, meaning that students from families with farms or small businesses will have these assets excluded when calculating their expected family contribution for financial aid, potentially making college more accessible for these families.

Health and Social Services

https://www.congress.gov/bill/119th-congress/senate-bill/469/all-info