U.S. Senators Smith, Baldwin & Murphy Reintroduce Bill to Support Young Farmers, Forgive Student Loan Debt

WASHINGTON, D.C. – U.S. Senators Tina Smith (D-MN), Tammy Baldwin (D-WI) and Chris Murphy (D-CT) reintroduced the Student Loan Forgiveness for Farmers and Ranchers Act , legislation to create a loan forgiveness program for beginning farmers and ranchers, as well as veteran, women and minority farmers. Beginning farmers are considered those who have less than 10 years of experience operating a farm. The ag industry will soon see major shifts in farm ownership with more than one-third of American farmers being 65 years old or older. Student loan debt is among the largest obstacles America’s young farmers face, placing an enormous financial strain on beginner farmers and discouraging others from pursuing careers in the agricultural industry. Unforgiven student debt has a disproportionate impact on the farming industry. The Student Loan Forgiveness for Farmers and Ranchers Act would grant these farmers the support they need to invest in their farms and ranches and incentivize a new generation of farmers to enter the agricultural industry. “To keep Minnesota’s agriculture economy thriving, we need to continue to invest in the next generation of farmers as the average age of farmers keeps going up. There is more we can be doing to help future farmers fill their shoes,” said Sen. Smith. “Student debt is one of the most significant challenges our young farmers and ranchers face. This legislation would help encourage a younger, more diverse workforce and help more people start and stay in farming.” “Wisconsin farmers work hard to feed our families, support our rural economies, and keep our state the agricultural prize of the country,” said Sen. Baldwin. “But right now, they are getting squeezed from all sides. Between President Trump’s trade war and the war in Iran driving up fuel and fertilizer costs, farmers are facing more uncertainty and financial pressure at a time when it’s already hard enough to make ends meet. Our bill will help ease the burden and incentivize getting into this rewarding work and help keep Wisconsin agriculture strong for generations to come.” “Between the trade war, the Iran war, and his devastating cuts to agricultural programs, Donald Trump has sent farm bankruptcies surging and thrown our farming industry into a full-blown crisis,” said Sen. Murphy. “Our farmers are a cornerstone of rural life in Connecticut and we need to give them our support so they can not only survive this crisis but come out stronger on the other side. My bill would help the beginner farmers overcome financial barriers and strengthen Connecticut agriculture for the long term.” Sen. Smith is a member of the Senate Agriculture Committee and understands agriculture is the backbone of Minnesota’s economy. Full text of the legislation can be found here . ###