Washington D.C. – U.S. Senator Tina Smith of Minnesota, a member of the Senate Agriculture Committee, and Senator Chris Murphy (Connecticut) have reintroduced the Student Loan Forgiveness for Farmers and Ranchers Act, legislation to create a loan forgiveness program for beginning farmers and ranchers, especially for women, veteran, and minority farmers.
According to Smith’s Office, the average age of a farmer in the U.S. is 58 years old.
Smith and Murphy’s legislation attempts to reduce barriers for young, diverse farmers hoping to take over as the current generation of farmers and producers begin to retire.
“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 Senator 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.”
Senator Smith also leads the Increasing Land Access, Security, and Opportunities Act, legislation that would increase access to capital for underserved farmers, boost training and economic opportunity for beginner farmers, and help make land more affordable for young and Black, Indigenous and other people of color (BIPOC) farmers.