Young Farmer Success Act

Subjects: Education

Summary:  <p><strong>Young Farmer Success Act</strong></p> <p>This bill makes certain farmers or ranchers eligible for student loan forgiveness under the Public Service Loan Forgiveness (PSLF) program.</p> <p>Under the PSLF program, the Department of Education must cancel the balance of interest and principal due on a borrower's Federal Direct Loans after the borrower makes 120 monthly loan payments while employed in a public service job. This bill broadens the definition of <em>public service job</em> to include a full-time job engaged in farm work as an employee or manager of a qualified farm or ranch.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2728 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 2728

     To amend the Higher Education Act of 1965 to include certain 
    individuals who work on farms or ranches as individuals who are 
 employed in public service jobs for purposes of eligibility for loan 
           forgiveness under the Federal Direct Loan program.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             April 19, 2023

  Mr. Thompson of Pennsylvania (for himself, Mr. Courtney, Ms. De La 
   Cruz, and Ms. Budzinski) introduced the following bill; which was 
        referred to the Committee on Education and the Workforce

_______________________________________________________________________

                                 A BILL


 
     To amend the Higher Education Act of 1965 to include certain 
    individuals who work on farms or ranches as individuals who are 
 employed in public service jobs for purposes of eligibility for loan 
           forgiveness under the Federal Direct Loan program.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Young Farmer Success Act''.

SEC. 2. ELIGIBILITY OF CERTAIN FARM AND RANCH WORKERS FOR STUDENT LOAN 
              FORGIVENESS.

    (a) Eligibility.--Section 455(m)(3)(B) of the Higher Education Act 
of 1965 (20 U.S.C. 1087e(m)(3)(B)) is amended--
            (1) in clause (i), by striking ``or'' at the end;
            (2) in clause (ii), by striking the period at the end and 
        inserting ``; or''; and
            (3) by adding at the end the following:
                            ``(iii) a full-time job engaged in farm 
                        work as an employee or manager of a qualified 
                        farm or ranch.''.
    (b) Definition.--Section 455(m)(3) of such Act (20 U.S.C. 
1087e(m)(3)) is amended by adding at the end the following:
                    ``(C) Qualified farm or ranch.--The term `qualified 
                farm or ranch' means, with respect to a year, a farm or 
                ranch whose earnings of gross revenue during the year 
                from the sale of agricultural products are equal to or 
                greater than--
                            ``(i) in the case of 2023, $35,000; or
                            ``(ii) in the case of any succeeding year, 
                        the amount applicable under this subparagraph 
                        for the previous year increased by the 
                        estimated percentage change in the Consumer 
                        Price Index (as determined by the Secretary, 
                        using the definition in section 478(f)) for the 
                        most recent year preceding such year.''.
                                 &lt;all&gt;
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