Young Farmer Success Act

Bill: 117-hr-8549
Sponsor: full_name: Rep. Courtney, Joe [D-CT-2]
Introduced: 2022-07-28
Policy area: Education
Latest action: action_date: 2022-07-28
text: Referred to the House Committee on Education and Labor.

Summaries:
action_date: 2022-07-28
action_desc: Introduced in House
text: <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>

tv_txt: I 117th CONGRESS 2d Session H. R. 8549 IN THE HOUSE OF REPRESENTATIVES July 28, 2022 Mr. Courtney (for himself, Mr. Thompson of Pennsylvania , Mrs. Hayes , Ms. Blunt Rochester , Ms. Lofgren , Ms. Pingree , Ms. Kelly of Illinois , and Mr. Welch ) introduced the following bill; which was referred to the Committee on Education and Labor 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.

1. Short title This Act may be cited as the Young Farmer Success Act . 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) by striking or at the end of clause (i); (2) by striking the period at the end of clause (ii) and inserting ; or ; and (3) by adding at the end the following new clause: (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 new subparagraph: (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 2022, $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. .