Graves Joins Bicameral Effort to Restore FAFSA Exemptions for Farm and Small Business Families

Washington, D.C. - Today, Congressman Sam Graves (MO-06) joined U.S. Representatives Tracey Mann (KS-01) and Jimmy Panetta (CA-19), House Agriculture Committee Chairman G.T. Thompson (PA-15), House Agriculture Committee Ranking Member Angie Craig (MN-02) and 73 of their colleagues in reintroducing the bipartisan Family Farm and Small Business Exemption Act. In July 2024, provisions from the Federal Application For Student Aid (FAFSA) Simplification Act altered the federal formula for determining student aid. The Family Farm and Small Business Exemption Act seeks to restore the decades-old standard that exempts the value of assets found on family farms and small business from being assessed as part of a family’s net worth.

“Growing up on a family farm shouldn’t disqualify anyone from receiving financial aid to go to college,” said Rep. Graves. “Families shouldn’t be forced to sell off the farm just to pay their children’s way through school either. The Family Farm and Small Business Exemption Act restores standard exemptions that have been around for decades to ensure this is never allowed to happen again. It’s just plain common sense.”

Senator Joni Ernst (R-IA) and Michael Bennet (D-CO) introduced the legislation in the U.S. Senate. 

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