Modifies the experience requirement for direct farm ownership loans to require at least 1 year of experience in farm or ranch management.
Allows the Secretary to waive the 1-year experience requirement for qualified beginning farmers or ranchers under certain conditions, such as having a mentor or relevant education.
Eliminates the 10-year limitation on direct farm ownership loans.
Permits direct loans to be used for refinancing existing indebtedness, with specific conditions on the number of times refinancing can occur.
Increases the lifetime limitation on debt forgiveness per borrower from $300,000 to $600,000.
Provides flexibility in loan fund set-asides for beginning farmers and ranchers, allowing for adjustments based on practicality.
