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.
Status:
Expired
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