Bill > S4281

This bill establishes a student loan forgiveness plan for certain borrowers who are employed at a qualified farm or ranch. Specifically, the bill amends the Higher Education Act to allow the Secretary of Education to cancel the balance of interest and principal on eligible Federal Direct Loans for borrowers who are employed full-time as a farmer, rancher, or employee/manager of a qualified farm or ranch, and who meet other criteria such as being a beginning farmer/rancher, from an underrepresented population in agriculture, or a socially disadvantaged or veteran farmer/rancher. The borrower must make 120 qualifying monthly payments on the loan and remain employed at the qualified farm or ranch to be eligible for forgiveness. The bill also outlines provisions for removing borrowers from the program if they fail to maintain the required employment, with exceptions for military service.

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https://www.congress.gov/bill/118th-congress/senate-bill/4281/all-info