The FAFSA Simplification Act, a recent bill aimed at simplifying college aid applications, may negatively impact farm families. The act removes a key exemption for farm and small business owners, removing the asset test exemption. This could increase college costs for these families. Previously, farm families were exempt from asset tests, but now those with an adjusted gross income over $60,000 will face these tests. This could increase the expected family contribution towards college expenses, potentially disqualifying many from Pell Grants and other federal and state aid, forcing them to rely on student loans. Congress is working to reinstate the exemption for farm and small business families, and affected parties are encouraged to contact their elected representatives to support this legislation.
