Sen. Joni Ernst stands against the U.S. Department of Education’s new formula when determining eligibility for Free Application For Federal Student Aid (FASFA) for Iowa farm and small business families. Ernst says the Biden administration has had three years to create the new FASFA form following the FASFA Simplification Act in 2020, but the form just went live a week after the Jan. 1, 2024 deadline.
The term “investment farm” refers to small family farms and businesses with less than 100 employees that are operated to build profits for the owner. Ernst says some Iowan families will be required to pay over $40,000 to be able to send their children on for further education.
Ernst says many Iowa small businesses and farms are asset-rich but cash-flow-poor. Ernst is working alongside Sen. Chuck Grassley on this issue and says they are pushing the administration to fix their FAFSA fiasco to ensure Iowans don’t have to sell their farm to afford college.
A FASFA fact sheet from the senators has been included below.