Student loan forgiveness for farmers aims to attract a younger workforce
The average American farmer is 58. We’re on the precipice of a wave of retirements - with few replacements in sight.
WASHINGTON (Gray DC) - The farming industry is facing two major problems right now.
The first is age - the average American farmer is 58.
We’re on the precipice of a wave of retirements - with few replacements in sight.
Second - is cost.
According to data from Agriculture Dive, the average cost to run a farm annually is $226,000.
A new bill is aiming to solve both of these problems at once.
The Student Loan Forgiveness for Farmers and Ranchers Act is an offshoot of a program that forgives loans for those who go into public service.
The idea is to unsaddle would-be farmers with onerous debt so that they can have a leg-up starting a farm.
Senator Tina Smith of Minnesota who’s behind the bill says there are already too many barriers.
“One of them, of course, is lack of access to capital and the just the cash that it takes to buy or rent land to get going or to purchase the equipment that you need,” said Sen. Smith. “If you have a big student debt hanging over your head, it makes it even harder to put that cash together.”
This is not part of the farm bill which is currently being negotiated.
So far this a democratic push, but Smith is hopeful Republicans will be on board too.
Copyright 2024 Gray DC. All rights reserved.
