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Student Loan Forgiveness for Farmers and Ranchers After 10 Years of Service.

This bill establishes a path for full cancellation of federal student loans (principal and interest) for individuals working at qualified farms or ranches. To qualify, borrowers must make 120 monthly payments (about 10 years) while employed full-time in agriculture and belong to specific groups, such as beginning farmers or underrepresented populations. The goal is to provide financial relief and encourage long-term commitment to the agricultural sector.
Key points
Full cancellation of eligible Federal Direct Loans is granted after making 120 qualifying monthly payments (approximately 10 years).
The program targets farmers, ranchers, employees, and managers of qualified farms, particularly those who are beginning, veterans, or from underrepresented groups.
Borrowers must maintain full-time employment at a qualified farm throughout the 10-year repayment period; failure to do so for extended periods may result in removal from the program.
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Additional Information
Print number: 118_S_4281
Sponsor: Sen. Murphy, Christopher [D-CT]
Process start date: 2024-05-08
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OFFICIAL LEGAL TITLE

Student Loan Forgiveness for Farmers and Ranchers Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_4281.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-05-08.

What are the main provisions?

Key points include:

  • Full cancellation of eligible Federal Direct Loans is granted after making 120 qualifying monthly payments (approximately 10 years).
  • The program targets farmers, ranchers, employees, and managers of qualified farms, particularly those who are beginning, veterans, or from underrepresented groups.
  • Borrowers must maintain full-time employment at a qualified farm throughout the 10-year repayment period; failure to do so for extended periods may result in removal from the program.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Murphy, Christopher [D-CT].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Education Agriculture