Student Loan Forgiveness for Farmers and Ranchers Act

The Student Loan Forgiveness for Farmers and Ranchers Act would amend the Higher Education Act to cancel the remaining balance on eligible federal student loans for borrowers who work full-time in agriculture. To qualify, individuals must be employed as a farmer, rancher, or manager of a qualified farm or ranch and belong to specific groups such as beginning farmers, veterans, women, minorities, or socially disadvantaged producers. Borrowers must make 120 monthly payments on their loans while maintaining continuous full-time employment in the sector to receive the forgiveness. The bill also establishes strict removal rules that terminate program eligibility if a borrower is not employed full-time in agriculture for more than three years after age 40 or seven years before age 40, with exceptions for active military service.