1. Short title This Act may be cited as the Student Loan Forgiveness for Farmers and Ranchers Act . 2. Loan forgiveness for farmers and ranchers (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. Loan forgiveness for farmers and ranchers (a) Qualified farm or ranch In this section, the term qualified farm or ranch means, with respect to a year, a farm or ranch whose earnings of gross revenue during the year from the sale of agricultural products are equal to or greater than— (1) in the case of 2017, $35,000; or (2) in the case of any succeeding year, the amount applicable under this subparagraph for the previous year increased by the estimated percentage change in the Consumer Price Index (as determined by the Secretary, using the definition in section 478(f)) for the most recent preceding such year. (b) In general The Secretary shall cancel the balance of interest and principal due, in accordance with subsection (c), on any eligible Federal Direct Loan not in default for a borrower who— (1) at the time of initial entrance into the agricultural student loan forgiveness program— (A) is employed full-time as an employee or manager of a qualified farm or ranch; and (B) is— (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) an individual from a population that is underrepresented in the agricultural profession (as determined by the Secretary), such as minorities or women; (iii) 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 (iv) 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) )