To restore the exemption of family farms and small businesses from the definition of assets under title IV of the Higher Education Act of 1965.

Bill 119 HR 1131, also known as the "Family Farm Relief Act of 2021," aims to restore the exemption of family farms and small businesses from being considered assets under title IV of the Higher Education Act of 1965. This bill seeks to provide relief to families who own farms or small businesses by ensuring that their assets are not counted against them when applying for federal student aid.

The bill recognizes the unique financial circumstances of family farms and small businesses, which often have assets tied up in land, equipment, and other necessary resources for their operations. By exempting these assets from the calculation of a family's financial need, the bill aims to make it easier for the children of farm and small business owners to access federal student aid for higher education.

Supporters of the bill argue that this exemption is necessary to prevent family farms and small businesses from being forced to sell off assets in order to pay for their children's education. They believe that by restoring this exemption, the bill will help to preserve the economic viability of these important sectors of the economy. Critics of the bill, however, argue that exempting family farms and small businesses from the asset calculation could potentially allow wealthy families to exploit the system and receive federal student aid for which they are not truly in need. They also raise concerns about the potential impact on the overall funding available for federal student aid programs. Overall, Bill 119 HR 1131 seeks to address the financial challenges faced by families who own farms and small businesses when applying for federal student aid. By restoring the exemption of these assets from the calculation of financial need, the bill aims to provide much-needed relief to these families and ensure that their children have access to the educational opportunities they deserve.