The main purpose of this legislation is to exempt family farms and small businesses from being counted as assets when determining eligibility for federal student financial aid under the Higher Education Act of 1965. This aims to make it easier for families who own these types of businesses to access financial support for higher education. Key provisions of the legislation include a change to the definition of assets in the financial aid process. Specifically, it removes the net value of family farms and small businesses from the asset calculations used to assess a family's financial need.