This bill establishes a student loan forgiveness program for farmers and ranchers who work on qualified farms or ranches. Borrowers who are beginning farmers, socially disadvantaged farmers, veterans, or members of underrepresented groups in agriculture can have their federal student loans forgiven after making 120 monthly payments while employed full-time on a qualifying farm or ranch. The program requires borrowers to remain employed full-time in agricultural work throughout the repayment period, with different employment duration requirements depending on age at program entry (7 years for those under 40 and 3 years for those 40 and older). The bill exempts periods of active military service from these employment duration requirements and allows the Secretary of Education to remove borrowers from the program if they fail to maintain required employment levels. The Secretary of Education must issue final regulations within 180 days to implement the program and establish procedures for verifying agricultural employment.
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