Section 1 Short title
This Act may be cited as the “Young Farmer Success Act”.
Young Farmer Success Act
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.
Sec. 2 Eligibility of certain farm and ranch workers for student loan forgiveness
Eligibility— Section 455(m)(3)(B) of the Higher Education Act of 1965 (20 U.S.C. 1087e(m)(3)(B)) is amended—
by striking “or” at the end of clause (i);
by striking the period at the end of clause (ii) and inserting “; or”; and
by adding at the end the following new clause:
“(iii) a full-time job as an employee or manager of a qualified farm or ranch.”
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 2017, $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.”