Sioux City Times

U.S. Representative Randy Feenstra has announced his support for the Family Farm and Small Business Exemption Act, which aims to reinstate a policy that exempts assets from family farms and small businesses when calculating a family's net worth for FAFSA applications. This legislation is spearheaded by Rep. Tracey Mann, along with U.S. House Agriculture Committee Chairman G.T. Thompson, Rep. Jimmy Panetta, and Rep. Angie Craig.

The bill seeks to address challenges faced by farmers and small business owners in Iowa, who have experienced declines in net farm income and other economic pressures. According to Rep. Feenstra, "Counting assets — like farmland and equipment that cannot be easily liquidated — against farm families when applying for FAFSA only adds fuel to the fire."

Rep. Mann emphasized the importance of not penalizing young people from farming or small business backgrounds when they apply for financial aid: "Congress should work to make life easier, not harder, for these dedicated families and students."

Chairman Thompson added that farming is often an "asset-rich but cash-poor industry," stressing the need to avoid penalizing farm families seeking higher education opportunities.

Senator Joni Ernst echoed these sentiments, stating: "No one should have to sell off the farm – or their small business – to afford college." She highlighted her commitment to ensuring that Iowa families are not hindered by policies affecting their ability to invest in education.

Companion legislation has been introduced in the Senate by Senators Joni Ernst and Michael Bennet.