S. 5388
Cancels student loans for farmers and ranchers
Farmers and ranchers who make 120 monthly payments on federal student loans while working on a farm or ranch would have the remaining balance of principal and interest canceled.
- Borrowers must work for a farm or ranch with a federal farm number
- Must work there full-time when the loans are canceled and while making the 120 payments
- Borrowers must be new farmers, veterans, women, minorities, or socially disadvantaged farmers
- Military service time does not count toward removal from the program
In committee