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Family Farm and Small Business Exemption Act introduced in U.S. Senate

A bill to ensure farm families have access to higher education has been introduced in the U.S. Senate.

Iowa Republican’s Joni Ernst and Chuck Grassley introduced the bipartisan Family Farm and Small Business Exemption Act, which Grassley says would codify what the Education Department has already confirmed.

“Farm and small business assets should be exempt from declaration on the Free Application for Federal Student Aid, FAFSA for short.”

He says many family farms and small businesses are asset rich but cash poor, and his legislation restores the original exemption of non-liquid assets when determining a family’s FAFSA eligibility.

“Now Congress must make this guidance permanent and ensure farm kids receive fair treatment when pursuing higher education.”

Cosponsors of the bill include senators Roger Marshall and Jerry Moran of Kansas, and South Dakota’s Mike Rounds.