Pulaski Times

U.S. Senators John Boozman, Joni Ernst, and Michael Bennet have introduced the bipartisan Family Farm and Small Business Exemption Act. This legislation aims to reverse changes in the Free Application for Federal Student Aid (FAFSA) process that could limit access to need-based student aid for farm families and small business owners.

The proposed act seeks to amend the FAFSA Simplification Act by reinstating exemptions for farmland, machinery, other operational materials, and small businesses with fewer than 100 employees from being listed as assets on the FAFSA form.

Senator Boozman emphasized the importance of supporting agriculturalists: “We rely on our farm families to feed, clothe and fuel the world,” he said. “Supporting agriculturalists by ensuring their children have the opportunity to access an affordable education is commonsense.”

Senator Ernst shared her personal connection to the issue: “No one should have to sell off the farm – or their small business – to afford college. As a farm kid myself, I know the enormous impacts grants and financial aid have on rural students’ decision to go to college.”

Senator Bennet highlighted how federal financial aid supports students from farming backgrounds: “From Colorado to Iowa, federal financial aid helps ensure more students can afford college – including students from farm families, whose businesses are vital to our communities and economies.”

The bill is cosponsored by Senators Chuck Grassley, Roger Marshall, Jim Justice, Jerry Moran, John Hoeven, Mike Rounds, and Thom Tillis. In addition, Congressman Tracey Mann has introduced companion legislation in the U.S. House of Representatives.

Several organizations endorse this legislation including the American Farm Bureau Federation and National Association of Independent Colleges and Universities.