I’m getting conflicting information on the upcoming changes to the FAFSA (beginning 2023-24) that were passed as part of the pandemic relief package. I’ve put links to two articles below, but here’s an excerpt from one:
The SAI formula also eliminates the family farm and small business asset exclusions, meaning that families would have to report the net value of any business or farm they own if they did not qualify for the simplified formula that excludes assets from consideration.
I know you shouldn’t trust everything you read on the internet, but if these articles are correct, then will we have to report a dollar amount for the value of our small business? I’m not loving the prospect as our income isn’t that high but the value of our small business is pretty decent.
One reason I’m questioning it is because I’ve read lots of other articles summarizing the changes and they don’t mention this one (big) change.