One Big Beautiful Bill Act: FAFSA Changes
The One Big Beautiful Bill Act (H.R.1) was signed into law by President Trump on July 4, 2025. For students, families, and institutions like Northeastern State University, this bill results in significant changes to federal aid (Title IV) programs.
Important Disclaimer
- Northeastern State University does not have the ability to grant exceptions to federal regulations, including those concerning enrollment, Legacy provisions, or federal loan eligibility.
- This information is based on the current understanding as they relate to federal student financial aid and can be subject to change with little notice. We will continue to update this page as additional guidance is received from the U.S. Department of Education.
FAFSA Changes
- Family farms and family-owned small businesses will no longer be counted as assets (reverting to rules before FAFSA Simplification)
- Family Farm – Farms on which the family resides
- Small Business – 100 or fewer full-time (or full-time equivalent) employees
- Family-owned commercial fisheries are now also exempt from asset reporting
Foreign Income Reporting
- Foreign income must now be included in the Adjusted Gross Income (AGI) for Pell Grant eligibility
Removes the need for financial aid staff to decide whether foreign income affects Pell Grant eligibility.