H.R. 1131 · Where this bill is now
Became law through another bill
Its text was included in H.R. 1, Public Law 119-21 (per the Congressional Research Service). This bill number itself: In committee.
What this bill does
In plain words · AI-written from the official summaryRestores student aid exemption for family farms
When students apply for federal financial aid through FAFSA, the government looks at their family's assets to decide how much aid they qualify for. This bill would restore an exemption that was recently removed—it would exclude the value of a family farm where the family lives or a small business with 100 or fewer employees from being counted as an asset. This means those family assets wouldn't reduce the amount of federal student aid a student could receive.
How it affects you
If you're a student from a family that owns a farm or a small business with 100 or fewer employees, this could directly affect you. Right now, the value of that farm or business counts against you when you apply for federal student aid, which can lower how much aid you get. This bill would change that by excluding those assets from the calculation again.
Read the official summary (Introduced in House, Feb 7, 2025)
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. The bill applies to the net worth of (1) a family farm on which the family resides, or (2) a small business with not more than 100 full-time or full-time equivalent employees that is owned and controlled by the family.
Prior to recent changes made to the FAFSA, the net worth of these family farms and small businesses were excluded as assets when calculating a student's financial need to determine federal student aid eligibility. Beginning with the 2024-2025 academic year, the net worth of these farms and businesses are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
Written by AI (Claude) using only the official summary by the Congressional Research Service, the Library of Congress’s nonpartisan research staff. It can miss nuance, so check the official summary and the bill text for details.
1st SessionH. R. 1131
A BILL
Family Farm and Small Business Exemption Act
Sponsor: Rep. Tracey Mann (R-KS-1) · Introduced Feb 7, 2025 · Education · 1 version of the text
Sources: Congress.gov actions and votes · bill text from GovInfo · latest official action Feb 7, 2025: “Referred to the House Committee on Education and Workforce.”