Federal debt relief for farmers draws comparisons to student loan forgiveness

The U.S. Department of Agriculture announced it will provide $1.3 billion in debt relief for about 36,000 farmers across the country. The relief will be funded by the Inflation Reduction Act that Congress passed back in August. USDA officials said farmers and ranchers have faced incredibly tough circumstances over the past few years and that this move will provide a fresh start.

“The funding included in today’s announcement helps keep our farmers farming and provides a fresh start for producers in challenging positions,” Agriculture Secretary Tom Vilsack said.

The announcement came just weeks after the Biden administration enacted its own plan to cancel the debt of millions of student borrowers, a move the right has continued to criticize.

However, some Republican politicians who have previously criticized Biden’s student loan program would not respond to questions about whether they support the farm loan help, according to the Associated Press.

While many on social media have drawn the comparison between the two relief plans, there is one key distinction: The USDA debt relief for farmers is backed by $3.1 billion set aside by Congress, while the student debt relief signed into law by President Biden was approved with the stroke of a pen.

The USDA said this relief plan for farmers is just a first step and that it will provide further assistance to those hit hardest by the COVID-19 pandemic.

The Associated Press contributed to this report.