Sec. 201. Amount of need; cost of attendance; median cost of college
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Section 471 ( 20 U.S.C. 1087kk ), as amended by the FAFSA Simplification Act, is further amended by amending paragraph
(1)to read as follows: for award year 2024–2025, the cost of attendance of such student; and for award year 2025–2026 and each subsequent award year, the median cost of college of the program of study of such student, minus . Section 472(c) ( 20 U.S.C. 1087ll(c) ), as amended by the FAFSA Simplification Act, is further amended by striking of the institution and inserting of each program of study at the institution . Part F of title IV ( 20 U.S.C. 1087kk ), as amended by the FAFSA Simplification Act, is further amended by inserting after section 472, as amended by subsection (b), the following: For the purpose of this title, the term median cost of college , when used with respect to a program of study offered by one or more institutions of higher education for an award year, means the median of the cost of attendance (as defined in section 472) for the program of study across all institutions of higher education offering such a program for the preceding award year. . Section 480(f)(2) of the Higher Education Act of 1965, as amended by the FAFSA Simplification Act, is further amended— by striking net value of the and inserting the following: the net value of— the ; by striking the period at the end and inserting a semicolon; and by adding at the end the following: a family farm on which the family resides; or a small business with not more than 100 full-time or full-time equivalent employees (or any part of such a small business) that is owned and controlled by the family. . The amendments made by paragraph
(1)shall take effect for award year 2025–2026 and each subsequent award year.
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