U.S. Rep. Glenn Thompson (R-PA) sponsored a bill introduced in the House this week that seeks to help farmers manage their student loan debt.
The Young Farmer Success Act (H.R. 2728) would make farmers and ranchers eligible for the Public Service Loan Forgiveness (PSLF) program. The PSLF Program forgives the remaining balance on student loans after the borrower has made 120 qualifying monthly payments under a qualifying repayment plan while working full-time for a qualifying employer.
It is open to those employed by a U.S. federal, state, local, or tribal government or not-for-profit organization. This bill would make certain farmers or ranchers eligible for student loan forgiveness.
“The average age of a farmer in the United States is 57 years old. We must encourage our youth to enter the agriculture workforce and cultivate the next generation of farmers and ranchers,” Thompson said. “Without farm and ranch workers, our country will lose the ability to provide safe and affordable food to our citizens and the world. I am proud to introduce the Young Farmer Success Act with Reps. Courtney, De La Cruz and Budzinski. This bill offers incentives for individuals who want to work in agriculture, which enhances both our national security and the long-term viability of our nation.”
The bill is also sponsored by Reps. Joe Courtney (D-CT), Monica De La Cruz (R-TX), and Nikki Budzinski (D-IL).
“We need to support a new generation of farmers now more than ever. Our number of small farms is on the decline, and the average age of American farmers is rising. There’s no doubt that experience is crucial for any farming business, but when the number of U.S. farmers over 65 outnumbers those under 35 by 6-to-1, that’s a trend we need to reverse,” Courtney said.
The Young Farmer Success Act has the support of several organizations representing farmers and ranchers nationwide, including the Illinois Farm Bureau (ILFB), the National Farmers Union, the National Corn Growers Association, and Farm Aid.
“For our farm and food system to thrive, we need a new generation of farmers. Yet among the many barriers to young farmer success, student debt looms large. The Young Farmer Success Act addresses both of these urgent challenges by allowing young farmers and growers to join the Public Service Loan Forgiveness Program. Farm Aid is proud to support this bipartisan bill and recognize that farming is indeed a public service,” said Jennifer Fahy, Farm Aid communications director.