This part leaves three kinds of family asset out of a student aid test. They are a family farm the family lives on, a small business it runs, and a fishing business. It starts on July 1, 2026 for the 2026 to 2027 award year.
The section amends section 480(f)(2) of the Higher Education Act of 1965 (20 U.S.C. 1087vv(f)(2)) to add three assets whose net value is left out: a family farm the family lives on, a small business with no more than 100 full-time or equivalent employees owned and controlled by the family, and a commercial fishing business and related expenses, including vessels and permits the family owns and controls.
What the document actually says
“a family farm on which the family resides;”
That sentence, in plain words
A family farm is left out. The family must live on it.
What this is about
A small business the family runs is left out too. It may have no more than 100 staff. A fishing business counts as well, with its boats and permits.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
The document says “shall apply”Who acts: Secretary of EducationHow: statuteSec. 80001 in the PDF
What the document says
“The amendments made by subsection (a) shall take effect on July 1, 2026, and shall apply”
The section makes its amendments effective on July 1, 2026 and applies them to award year 2026-2027 and each award year after, as determined under the Higher Education Act of 1965.
What the document actually says
“The amendments made by subsection (a) shall take effect on July 1, 2026, and shall apply”
That sentence, in plain words
The changes start on July 1, 2026.
What this is about
They first reach the 2026 to 2027 award year. Every later award year is covered too. Award years are set by an older law.
No action is recorded against this proposal. That is not evidence that none has been taken, and nobody has yet read it against the record. See what the tracker does not yet cover.
Both things the section does: add the three excluded assets, and fix the effective date and the award year it first applies to.
The punctuation edits that make room for the new subparagraphs.
The section works by amending section 480(f)(2) of the Higher Education Act of 1965, which is not indexed here, so how the aid test is otherwise worked out cannot be checked against anything on this site.
