Montana farmers and ranchers eligible to apply for student loan assistance program
The Montana Department of Agriculture’s (MDA) announced Friday that it is now accepting applications for the Department's Student Loan Assistance Program.
This program was developed following the 2019 state legislative session and is intended to encourage and enable Montana’s college-educated youth to pursue a career in farming or ranching. Qualified farmers and ranchers could receive grants equal to 50% of their outstanding student loan debt. The Student Loan Assistance Program aims to reduce financial stress on farm and ranch operators while helping to preserve Montana’s agricultural future.
“When we can keep a family ranch in family hands, that is a success for Montana agriculture.," said MDA Director Christy Clark.
A successful grant applicant must:
be a Montana resident;
have obtained an associate or baccalaureate degree from an approved Montana college or university;
have an outstanding balance on an eligible student loan from obtaining their degree;
be the primary owner, heir, successor or assignee of a farm or ranch in Montana;
participate in the day-to-day operations of that farm or ranch;
agree to operate a farm or ranch in Montana for at least five years; and
be in a non-default status on a student loan
The Montana Agriculture and Development Council will review all completed applications to determine whether the candidate meets all the program's requirements. The Council will then rank the applications, giving priority to applicants who show the greatest financial need; are most likely to continue operating a farm or ranch; and who employ sustainable farming practices such as conservation enhancements.
The total amount of loan repayment assistance may not exceed 50% of the applicant's total student loan debt. The minimum outstanding loan amount is $10,000. Successful applicants may choose whether the council makes one annual payment or 12 monthly payments for each year of a qualified farmer or rancher’s eligibility.
Qualified farmers and ranchers are eligible for student loan repayment assistance for up to a maximum of five years. Successful applicants may choose whether to receive one annual payment or 12 monthly payments for each year of a farmer or rancher’s eligibility.
Applications are due June 3 and can be submitted through WebGrants. Full program guidelines are available department’s website at agr.mt.gov/Student-Loan-Assistance-Program. Click here to apply.
For more information, please read the Program Guidance, or contact Logan Kruse, (406) 444-3684 or Bailey Kaskie, (406) 444-0134 at the Montana Department of Agriculture,
This article originally appeared on Great Falls Tribune: Montana farmers, ranchers eligible for grants to repay student loans
