Students could lose thousands of dollars in need-based financial aid after Congress made changes to streamline FAFSA.
Norine Black stands in the middle of a field in Ames, Iowa. She carefully walks between the rows of dirt, surveying the seed that was recently planted. By the middle of the summer, the fields will be filled with corn, which will easily tower over this 70-year-old grandmother and lifelong farmer.
"The value in this land is much different than say, stock. It's not liquid. It's not gold," Black said. Under the changes, in a farm family with an adjusted gross income of $60,000, a student could receive thousands in need-based financial aid. By counting the value of a farm on paper, though, not just a family's income, that same student's need-based financial aid might drop to $0.According to the National Center for Education Statistics, an estimated 85% of college students receive some type of financial aid in this country, or roughly 17.7 million students.
"It's a game changer. [Kids are wondering,] 'Can I go back to Central next year?' Yeah it's rough," he added.College administrators across Iowa and the U.S. are so concerned, they're calling on Congress to do something. Since Congress enacted the changes legislatively, they are the only ones who can update the policy.
"You might have to borrow money on your farm. This increase in assets is going to put families in a condition where they are asset-rich but income poor," he added.
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