Rural Issue

Farmers could receive student loan forgiveness

Programs ICON

A bill introduced into the House this week would include young farmers in the student loan forgiveness program.  The Young Farmer Success Act of 2015 would add farmers to the Public Service Loan Forgiveness Program.  The program currently provides forgiveness to health and government professionals as well as military, teachers and others in public service.

Eric Hansen, policy analyst for the National Young Farmers Coalition, says student loan debt is one of the largest barriers for beginning farmers.

“If a farmer makes 10 years of income-based payments on their student loans under our bill, then the balance on their loans would be forgiven.”  He says several of their members aren’t able to expand farming operations or get into the business due to their student loans.

Hansen tells Brownfield the bill will help more young people become farmers as many existing farmers near retirement.  “We only gained 1,200 farmers under the age of 35 in the past five years, and what we hear from USDA is that we need more like 100,000.”

He says the forgiveness program would help create a more viable career path for young people entering agriculture and those coming back to the family farm.

AUDIO: Interview with Eric Hansen (4:15 mp3):

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