Shenango Valley News

U.S. Representative Mike Kelly has co-sponsored the Family Farm and Small Business Exemption Act, a bipartisan effort aimed at restoring exemptions for assets on family farms and small businesses in the calculation of a family's net worth for student aid purposes. This move follows changes introduced by the FAFSA Simplification Act in July 2024, which altered the federal formula for determining student aid.

The legislation is spearheaded in the House by Representatives Tracey Mann, Jimmy Panetta, Glenn "GT" Thompson, and Angie Craig. The bill currently has 79 co-sponsors in the House. In the Senate, Senators Joni Ernst and Michael Bennet have introduced similar legislation.

Rep. Kelly emphasized the financial challenges faced by farm families due to inflation and rising costs: "Farm families across Western Pennsylvania work hard every day to earn an honest living... This legislation evens the playing field for hardworking families and students alike."

Rep. Mann highlighted the decrease in net farm income since 2022: “Between navigating record-levels of inflation and skyrocketing input costs... Congress should work to make life easier, not harder, for these dedicated families and students."

Rep. Panetta noted that students from these backgrounds should not be penalized when applying for aid: "The Family Farm and Small Business Exemption Act would restore long-standing exemptions... I’m proud to reintroduce this bipartisan bill."

Rep. Thompson remarked on the nature of farming as an industry: “Farming tends to be an asset-rich but cash-poor industry... America's hardworking farm families should not be unfairly burdened when pursuing higher education."

Rep. Craig expressed her commitment to increasing educational opportunities: “If the kids of farmers and small business owners decide higher education is the right step for them... I'll keep working across the aisle."

Senator Ernst shared her personal connection as a farm kid: “No one should have to sell off the farm – or their small business – to afford college.”

Senator Bennet emphasized support across states: “From Colorado to Iowa, federal financial aid helps ensure more students can afford college.”