1. Short title This Act may be cited as the Flexible Agricultural Repayments and Modifying Schedules Act or FARMS Act . 2. Repayment for agricultural producers (a) Amendment to the HEA Part D of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a et seq.) is amended by adding at the end the following: 460A. Restructured repayment for agricultural producers (a) Restructured repayment (1) In general The Secretary, in consultation with the Secretary of Agriculture, shall provide the option for a restructured repayment schedule as described in paragraph (3) to an eligible borrower. (2) Eligible borrower In this subsection, the term eligible borrower means a borrower of a loan made under this part who, at the time of application for entrance in the restructured repayment schedule, is— (A) an agricultural producer; and (B) (i) a beginning farmer or rancher (as defined under section 343(a) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1991(a) )); (ii) a socially disadvantaged farmer or rancher (as defined in section 355(e) of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 2003(e) )); or (iii) a veteran farmer or rancher (as defined in section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(e) ). (3) Restructuring options After entering into an agreement with the Secretary to pay according to one of the schedules described in subparagraph (B), and submitting any supporting documentation that the Secretary may reasonably require, an eligible borrower— (A) shall not be required to make payments for a loan under this part on a monthly basis