,,ii #aafth ,,congress #ast ,session ,s4 #bafh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,july #ah1 #bjai,mr4 ,murphy 7for himself and ,mr4 ,udall7 introduced the following bill2 which was read twice and referred to the ,committee on ,health1 ,education1 ,labor1 and ,pensions ,a ,,bill ,to establish a student loan forgiveness plan for certain borrowers who are employed at a qualified farm or ranch4 #a4 ,short title ,this ,act may be cited as the ,student ,loan ,forgiveness for ,farmers and ,ranchers ,act4 #b4 ,loan forgiveness for farmers and ranchers 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 ,loan forgiveness for farmers and ranchers 7a7 ,qualified farm or ranch ,in this section1 the term qualified farm or ranch means1 with respect to a year1 a farm or ranch whose earnings of gross revenue during the year from the sale of agricultural products are-- 7#a7 not less than-- 7,a7 in the case of #bjai1 #ce1jjj2 and 7,b7 in the case of any succeeding year1 the amount applicable under this paragraph for the previous year increased by the estimated percentage change in the ,consumer ,price ,index 7as determined by the ,secretary1 using the definition in section #dgh7;f77 for the most recent preceding year2 and 7#b7 not more than-- 7,a7 in the case of #bjai1 #a1jjj1jjj2 and 7,b7 in the case of any succeeding year1 the amount applicable under this paragraph for the previous year increased by the estimated percentage change in the ,consumer ,price ,index 7as determined by the ,secretary1 using the definition in section #dgh7;f77 for the most recent preceding year4 7b7 ,in general ,the ,secretary shall cancel the balance of interest and principal due1 in accordance with subsection 7c71 on any eligible ,federal ,direct ,loan not in default for a borrower who-- 7#a7 at the time of initial entrance into the agricultural student loan forgiveness program-- 7,a7 is employed full-time as an employee or manager of a qualified farm or ranch2 and 7,b7 is-- 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 an individual from a population that is underrepresented in the agricultural profession 7as determined by the ,secretary71 such as minorities or women2 7iii7 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 7iv7 a veteran farmer or rancher 7as defined in section #beja7;a7 of the ,food1 ,agriculture1 ,conservation1 and ,trade ,act of #aiij 7#g ,u4,s4,c4 #bbgi7;a7772 7#b7 makes #abj monthly payments on the eligible ,federal ,direct ,loan after the date of enactment of the ,student ,loan ,forgiveness for ,farmers and ,ranchers ,act1 pursuant to any one or a combination of-- 7,a7 payments under an income-based repayment plan under section #dic;,c2 7,b7 payments under a standard repayment plan under section #dee7;d77#a77;,a71 based on a #aj-year repayment period2 7,c7 monthly payments under a repayment plan under subsection 7d77#a7 or 7g7 of section #dee of not less than the monthly amount calculated under section #dee7;d77#a77;,a71 based on a #aj-year repayment period2 or 7,d7 payments under an income contingent repayment plan under section #dee7;d77#a77;,d72 7#c7 is employed full-time as an employee or manager of a qualified farm or ranch at the time of such forgiveness2 and 7#d7 has been employed full-time as an employee or manager of a qualified farm or ranch during the period in which the borrower makes each of the qualifying payments described in paragraph 7#b74 7c7 ,loan cancellation amount ,after the conclusion of the employment period described in subsection 7b71 the ,secretary shall cancel the obligation to repay the balance of principal and interest due as of the time of such cancellation1 on the eligible ,federal ,direct ,loans made to the borrower under this part4 7d7 ,removal from the program 7#a7 ,in general ,subject to paragraph 7#b71 the ,secretary shall remove a borrower from the agricultural student loan forgiveness program if the borrower-- 7,a7 was less than #dj years old when the borrower entered the agricultural student loan forgiveness program1 and that borrower fails to be employed full-time as an employee or manager of a qualified farm or ranch for a cumulative period of more than #g years after entering the program2 or 7,b7 was #dj years old or older when the borrower entered the agricultural student loan forgiveness program1 and that borrower fails to be employed full-time as an employee or manager of a qualified farm or ranch for a cumulative period of more than #c years after entering the program4 7#b7 ,exception for military service ,the ,secretary shall not consider any of the following as a period of time counting toward removal from the agricultural student loan forgiveness program for purposes of paragraph 7#a73 7,a7 ,time serving on active duty during a war or other military operation or national emergency4 7,b7 ,time performing qualifying ,national ,guard duty during a war or other military operation or national emergency4 7,c7 ,the #ahj-;day period following the demobilization date for the service described in subparagraph 7,a7 or 7,b74 7#c7 ,readmission prohibited ,the ,secretary shall not allow a borrower who has been removed from the agricultural student loan forgiveness program under this section to be readmitted to the program1 unless the ,secretary finds that the borrower has experienced exceptional circumstances4 7e7 ,eligible ,federal ,direct ,loan ,the term eligible ,federal ,direct ,loan means a ,federal ,direct ,stafford ,loan1 ,federal ,direct ,,plus ,loan1 or ,federal ,direct ,unsubsidized ,stafford ,loan1 or a ,federal ,direct ,consolidation ,loan4 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 section1 including regulations relating to the process of tracking and verifying work as an employee or manager of a qualified farm or ranch for purposes of section #dfj;,a of the ,higher ,education ,act of #aife 7as added by this ,act74