Young farmers considered for student loan forgiveness in new bill
By John Cole | The Center Square contributor
(The Center Square) – Student loan forgiveness may be on the way for young farmers and ranchers across the country.
U.S. Rep. Glenn ‘GT’ Thompson, chairman of the federal House Agriculture Committee, has introduced legislation to address financial concerns that are holding younger generations back from entering the industry.
Last week, Thompson, alongside three other lawmakers, introduced the “Young Farmer Success Act.” The bill, which is a bipartisan proposal, would make young farmers and ranchers eligible for the Public Service Loan Forgiveness, or PSLF program, and help them manage their student loan debt.
Thompson and other supporters argue it will help preserve America’s agricultural economy.
“In recent years, the average age of the American farmer has steadily increased, making it imperative to support the next generation in order to secure our food supply,” Thompson said. “The Young Farmers Success Act will offer incentives to young people entering the agricultural workforce, and invests in our future and national security.”
U.S. Rep. Joe Courtney, a Democrat from Connecticut, is also backing the effort. He noted that the number of small farms nationwide has declined, while the agriculture industry is being impacted by high costs.
“For young farmers entering the profession, student loan debt can hold them back from being able to make needed investments in farming equipment,” Courtney said.
Only 9% of U.S. farmers are under the age of 35, U.S. Rep. Monica De La Cruz, a Texas Republican who is co-sponsoring the bill, said.
“By giving young farmers access to Public Service Loan Forgiveness through the Young Farmer Success Act, we can provide more young men and women with the opportunity to pursue farming,” De La Cruz said.
“Too many young people who want to farm or work in agriculture are held back by the cost of student loans,” said U.S. Rep. Nikki Budzinski, D-Ilinois, another co-sponsor. “That’s why this legislation is a commonsense way to help more young people build careers in agriculture, strengthen family farms, and keep our rural communities strong.”
This bill is supported by several organizations, including the Pennsylvania Farm Bureau.
Tommy Nagle, president of the bureau, said he can relate to the struggles of prospective young farmers and ranchers since he, too, is a first-generation farmer.
“The USDA’s Agriculture Census showed a nationwide average age of 58-years-old for producers, with the average age in Pennsylvania being a little bit higher than the national average,” Nagle said. “Agriculture is the backbone of Pennsylvania’s economy, so it is crucial that we support legislation that promotes reducing barriers for younger generations in the industry.”
“We recognize one of the most prominent financial burdens for young farmers and ranchers is their outstanding student loans because the agriculture industry’s salaries are not the highest paying, yet their jobs are critical for food and national security,” Nagle continued. “Having a robust agricultural workforce for years to come is imperative because American families depend on our producers to supply their food, fiber, and fuel.”
The National Milk Producers, National Young Farmers Coalition, National Farmers Union, and the National Corn Growers Association also offered support for the proposal.
This isn’t the first time that Thompson has attempted to address this matter.
Last session, the Centre County Republican also introduced legislation that would have allowed certain farmers or ranchers eligible for student loan forgiveness under the PLSF program.
That bill, which never advanced out of the House Committee on Education and the Workforce, had the backing of Thompson and 19 additional co-sponsors, including fellow Pennsylvania Republican, U.S. Rep. Brian Fitzpatrick, R-1st District.
The current bill was referred to the same committee last week.