A student aid law worth noting
Rep. Mann looking out for farm families
A proposed change to applications for federal financial aid for college would hurt students from farm families and small businesses. U.S. Rep. Tracey Mann has their backs with legislation he co-sponsored.
Starting in July 2024, the Free Application for Federal Student Aid (FAFSA) will switch from its current system of calculating students’ financial need, called Expected Family Contribution, to the Student Aid Index. One change is that students will be required to report the net worth of their families’ assets, such as family farms or businesses, which could be very valuable on paper but do not actually yield much more yearly income than any other family.
The current financial aid formula excludes those types of assets from families’ net worth. It has existed since 1992 but is set to be phased out next year. This could result in the loss of financial aid eligibility for students from families that own small businesses or family farms.
“Family farms and small businesses exemplify the American dream,” said Rep. Mann. “When young people from these families are applying for higher education financial aid, the assets tied up in the family farm or the small business should not count against them. The Family Farm and Small Business Exemption Act would ensure that students of owners of family farms or small businesses would not be unfairly penalized in the FAFSA process. For more than 30 years, these exemptions have been the standard, and it’s time to restore them before a new analysis formula goes into effect. This is one measurable way for Congress to support the families who help America thrive.”
Mann, a Salina Republican who was elected to a second term representing Kansas’ 1st Congressional District last November, and Rep. Jimmy Panetta, a California Democrat, are leading 27 other representatives in pushing for the Family Farm and Small Business Exemption Act, which would continue the exemption into the new formula.
Kansas Farm Bureau President Joe Newland said he applauds and supports the legislation introduced by Rep. Mann. “Growing food is a capital-intensive, low-margin business, and farmers and ranchers should never be asked to borrow from their livelihood to pay for their child’s education.”
We couldn’t say it any better than that.
