,,ii  #aaeth ,,congress  #b;d ,session  
,s4 #bfhd  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,april #ag1    
#bjah,mr4 ,udall 7for himself and ,mr4  
,inhofe7 introduced the following bill2 
which was read twice and referred to the
 ,committee on ,health1 ,education1     
,labor1 and ,pensions  ,a ,,bill  ,to   
establish a ,federal student loan       
restructured repayment schedule for     
certain borrowers who are agricultural  
producers4  #a4 ,short title ,this ,act 
may be cited as the ,flexible           
,agricultural ,repayments and ,modifying
 ,schedules ,act or ,,farms ,act4  #b4  
,repayment for agricultural producers   
7a7 ,amendment to the ,,hea ,part ,d of 
title ,,iv of the ,higher ,education    
,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et 
seq47 is amended by adding at the end   
the following3  #dfj;,a4 ,restructured  
repayment for agricultural producers    
7a7 ,restructured repayment  7#a7 ,in   
general ,the ,secretary1 in consultation
 with the ,secretary of ,agriculture1   

shall provide the option for a          
restructured repayment schedule as      
described in paragraph 7#c7 to an       
eligible borrower4  7#b7 ,eligible      
borrower ,in this subsection1 the term  
eligible borrower means a borrower of a 
loan made under this part who1 at the   
time of application for entrance in the 
restructured repayment schedule1 is--   
7,a7 an agricultural producer2 and  7,b7
 7i7 a beginning farmer or rancher 7as  
defined under section #cdc7;a7 of the   
,consolidated ,farm and ,rural          
,development ,act 7#g ,u4,s4,c4         
#aiia7;a7772  7ii7 a socially           
disadvantaged farmer or rancher 7as     
defined in section #cee7;e7 of the      
,consolidated ,farm and ,rural          
,development ,act 7#g ,u4,s4,c4         
#bjjc7;e7772 or  7iii7 a veteran farmer 
or rancher 7as defined in section       
#beja7;e7 of the ,food1 ,agriculture1   
,conservation1 and ,trade ,act of #aiij 
7#g ,u4,s4,c4 #bbgi7;e774  7#c7         
,restructuring options ,after entering  

into an agreement with the ,secretary to
 pay according to one of the schedules  
described in subparagraph 7,b71 and     
submitting any supporting documentation 
that the ,secretary may reasonably      
require1 an eligible borrower--  7,a7   
shall not be required to make payments  
for a loan under this part on a monthly 
basis2 and  7,b7 may make those payments
 on a quarterly1 biannual1 or annual    
basis4  7#d7 ,fees1 costs1 and interest 
,in carrying out restructured repayment 
schedules under this subsection1 the    
,secretary-- 7,a7 shall ensure that such
 schedules do not exceed the cost to the
 ,federal ,government1 as determined on 
the basis of the present value of future
 payments by such borrowers1 of loans   
made using repayment schedules that     
require monthly payments2  7,b7 shall   
not charge a fee to eligible borrowers  
for participation in the restructured   
repayment schedule2 and  7,c7 shall not 
charge the eligible borrower a higher   
interest rate than the eligible borrower

 would otherwise be charged if the      
borrower was not on a restructured      
repayment schedule4  4  7b7 ,regulations
 ,not more than #ahj days after the date
 of enactment of this ,act1 the         
,secretary of ,education1 in            
consultation with the ,secretary of     
,agriculture1 shall promulgate final    
regulations to carry out this section4