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Doubled Debt Relief and Easier Farm Ownership Loans for Beginners.

This bill significantly expands financial support for farmers and ranchers by doubling the lifetime limit on federal debt forgiveness from $300,000 to $600,000. It also makes it easier for new farmers to access direct ownership loans by allowing the refinancing of non-federal debt and waiving the one-year experience requirement if they participate in a mentorship program. These changes aim to improve financial stability and access to capital for agricultural operations.
Key points
The lifetime limit on federal debt forgiveness for borrowers is doubled from $300,000 to $600,000.
Beginning farmers can now use direct federal loans to refinance existing debt held by private creditors (up to four times).
The one-year experience requirement for direct farm ownership loans can be waived for beginners who have a mentor or relevant education.
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Expired
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Additional Information
Print number: 118_S_5338
Sponsor: Sen. Welch, Peter [D-VT]
Process start date: 2024-11-18
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Summarized by: gemini-flash-latest
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Debt Relief and Farm Credit Access Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_5338.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2024-11-18.

What are the main provisions?

Key points include:

  • The lifetime limit on federal debt forgiveness for borrowers is doubled from $300,000 to $600,000.
  • Beginning farmers can now use direct federal loans to refinance existing debt held by private creditors (up to four times).
  • The one-year experience requirement for direct farm ownership loans can be waived for beginners who have a mentor or relevant education.
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. Welch, Peter [D-VT].

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

Agriculture Economy