Every student looking to continue on to higher education deserves an equal shot at fulfilling their dreams.

Bipartisan legislation working its way through both chambers of Congress aims to ensure they get that chance.

The Family Farm and Small Business Exemption Act, if passed, would undo a change to the way family assets are calculated when applying for student aid that took effect in 2024. For decades before the change, the value of assets held by many family farms and small businesses were excluded when calculating a family’s net worth for purposes of student aid.

The bills seek to restore the exemption for family farms on which the family resides and small businesses with 100 or less full-time or equivalent employees.

In many cases, the value of assets held by those small businesses and farms far exceeds the actual economic reality for the families that own them. Owning a working farm or business facility with physical property valued in the hundreds of thousands of dollars does not equate to having access to those sort of funds.

A full third of the Pennsylvania delegation to the U.S. House have signed on as co-sponsors of the bill, including current chair of the House Agriculture Committee Rep. Glenn Thompson, R-15th. Additionally, U.S. Reps. Brian Fitzpatrick, R-1st, Daniel Meuser, R-9th, John Joyce, R-13th, Mike Kelly, R-16th and Chris Deluzio, D-17th are cosponsors.

Small businesses and family farms are a vital part of the fabric of Pennsylvania’s economy. Providing the children of those who own them every chance to pursue an education, which is often used to later drive growth and innovation through those same family institutions, just makes economic sense and stands to benefit all Americans.

— JP