S. 469: Family Farm and Small Business Exemption Act
A Senate bill (S.) in the 119th U.S. Congress.
Overview
| Congress | 119th U.S. Congress (2025–2026) |
|---|---|
| Type | Senate bill (S.) |
| Originating chamber | Senate |
| Introduced | 2025-02-06 |
| Sponsor | Sen. Ernst, Joni [R-IA] |
| Policy area | Education |
| Cosponsors | 13 |
| Latest action | 2025-02-06 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions. |
| Last updated | 2026-07-28 |
Summary
Official summary (Introduced in Senate, 2025-02-06):
Family Farm and Small Business Exemption Act
This bill restores an exemption for certain family farms and small businesses on the Free Application for Federal Student Aid (FAFSA) form. The bill applies to the net worth of (1) a family farm on which the family resides, or (2) a small business with not more than 100 full-time or full-time equivalent employees that is owned and controlled by the family.
Prior to recent changes made to the FAFSA, the net worth of these family farms and small businesses were excluded as assets when calculating a student's financial need to determine federal student aid eligibility. Beginning with the 2024-2025 academic year, the net worth of these farms and businesses are treated as an asset and therefore included in the calculation. This bill restores the exemption to exclude such net worth from the calculation.
Cosponsors (13)
| Name | Party / state |
|---|---|
| Michael F. Bennet | D CO (original cosponsor) 2025-02-06 |
| Chuck Grassley | R IA (original cosponsor) 2025-02-06 |
| Roger Marshall | R KS (original cosponsor) 2025-02-06 |
| James C. Justice | R WV (original cosponsor) 2025-02-06 |
| Jerry Moran | R KS (original cosponsor) 2025-02-06 |
| John Hoeven | R ND (original cosponsor) 2025-02-06 |
| Mike Rounds | R SD (original cosponsor) 2025-02-06 |
| John Boozman | R AR (original cosponsor) 2025-02-06 |
| Thom Tillis | R NC (original cosponsor) 2025-02-06 |
| Pete Ricketts | R NE 2025-02-11 |
| Tommy Tuberville | R AL 2025-06-11 |
| Ruben Gallego | D AZ 2025-09-02 |
| David McCormick | R PA 2026-07-27 |
Full text & official record
The official bill text, section-by-section summary, amendments, committee reports, and the complete legislative timeline for S. 469 are published by Congress on congress.gov.
Frequently asked questions
What is S. 469?
S. 469 is a Senate bill (S.) introduced in the 119th U.S. Congress, originating in the Senate. Official title: Family Farm and Small Business Exemption Act.
Where can I read the full bill text?
The full text, cosponsors, amendments, and legislative status for S. 469 are available on congress.gov.
Bill data: congress.gov API (official congressional records).