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IN HB1581
Bill
Status
1/23/2017
Primary Sponsor
Melanie Wright
Click for details
AI Summary
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Establishes the Indiana Farmer Student Loan Forgiveness Program to provide up to $10,000 in student loan forgiveness payments to qualified farmers who are Indiana residents.
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Defines "small farm" as a farming operation in Indiana with annual gross cash farm income between $35,000 and $500,000 (or 140% of the USDA Economic Research Service maximum, whichever is greater).
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Requires applicants to be Indiana residents, engage in agricultural activities and participate in day-to-day farm operations, hold a baccalaureate or higher degree from an approved postsecondary institution, have outstanding student loan balance, and receive commission approval.
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Establishes the Indiana Farmer Student Loan Forgiveness Fund to be administered by the Commission for Higher Education, funded through general assembly appropriations and gifts, with available funds allocated annually to qualified farmers proportionally.
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Takes effect July 1, 2017.
Legislative Description
Student loan forgiveness for farmers. Establishes the Indiana farmer student loan forgiveness program. Defines "small farm". Provides that an individual who: (1) engages in agricultural activities as a small farm; and (2) participates in the day-to-day operation of a small farm; is eligible to receive a student loan forgiveness payment not to exceed $10,000 to be used to satisfy the individual's outstanding student loans. Provides that the commission for higher education shall administer the program.
Last Action
First reading: referred to Committee on Education
1/23/2017