Student Loan Cancellation Update: New Group Considered for Forgiveness
Source: Newsweek
Published May 09, 2024 at 12:59 PM EDT | Updated May 09, 2024 at 4:49 PM EDT
In a renewed effort to cancel student loan debt for a niche group, Democratic Senators Chris Murphy of Connecticut and Tina Smith of Minnesota are pushing a forgiveness program for beginning farmers and ranchers.
With the rising costs of higher education, more students are turning to loans to finance their degrees. However, many students struggle to repay these loans after college, which has become a significant issue for Democrats. So far, President Joe Biden's administration has authorized the cancellation of $153 billion in student loan debt for nearly 4.3 million people, according to a CNN report in April.
Murphy and Smith, both members of the Senate Health, Education, Labor, and Pensions Committee, reintroduced the Student Loan Forgiveness for Farmers and Ranchers Act on Wednesday. The act creates a loan forgiveness program for not only beginning farmers and ranchers, but also women, veteran, and minority farmers.
"Connecticut farmers have always been the lifeblood of our rural communities, but starting and maintaining a new farm is increasingly unaffordable for young people who are often saddled with student loan debt and can't afford to make additional investments necessary for success," Murphy said in a press release on Wednesday. "By helping new farmers pay off their student loans, this legislation would pave the way for Connecticut's next generation of farmers."
Read more: https://www.newsweek.com/student-loan-cancellation-forgiveness-beginning-farmers-ranchers-1898917
