Wisconsin Democratic Lawmakers Sponsor Bill for Student Loan Reimbursement Program for Beginning Farmers
Friday, September 6th, 2019 -- 8:40 AM
(Wisconsin Ag Connection) -A pair of Democratic legislators are sponsoring a bill that would create a student loan reimbursement program for beginning farmers in Wisconsin.Rep. Mark Spreitzer of Beloit and Sen. Janis Ringhand from Evansville say the average age of a farmer in the state is 56 years, and there are more than twice as many producers between the ages of 55 and 74 as there are ages of 25 and 44. Sen. Ringhand adds that such a program would support beginning farmers in the first years of their career. Under their plan, the Beginning Farmer Student Loan Assistance Program would reimburse up to $30,000 of student debt for those who commit to managing a farm or a component of a farm in Wisconsin for at least five years.
State figures show that in 2017, about 64 percent of Wisconsin students graduating with a bachelor's degree borrowed to fund their education. The average debt at graduation in 2017-18 was $30,724 for UW System resident undergraduate students. Meanwhile, the lawmakers also cite a nationwide study of young farmers that shows more than half of respondents struggle to make their student loan payments on a farmer's income.
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