NYS College Loan Forgiveness Program
I receive calls from students who have student loan debt asking how they are going to be able to afford to pay them off. There may be some relief for NY State residents if you meet certain criteria by applying for the NY State “Get on Your Feet Loan Forgiveness Program”. This NYS college loan forgiveness program is a program for NY State residents that provides up to 24 months of federal student loan debt relief to recent NYS college graduates who are participating in a federal income-driven repayment plan. Below is a link on the details of the program. Some of the requirements include that you need to be a NY State resident and have resided in NYS for 12 continuous months, have earned your undergraduate degree from a NY State school December 2014 or later, have an adjusted gross income of less than $50K and be current on all of your student loans. See below for all the specifics.
The NYS Get on Your Feet Loan Forgiveness Program provides up to 24 months of federal student loan debt relief to recent NYS college graduates who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income.
An applicant must:
be a legal resident of NYS and have resided in NYS for 12 continuous months;
be a U.S. citizen or eligible non-citizen;
have graduated from a NYS high school or received a NYS high school equivalency diploma;
have earned an undergraduate degree from a college or university located in NYS in or after December 2014;
have earned no higher than a bachelor’s degree at the time of application;
apply for this program within two years of receiving an undergraduate degree.
be enrolled in the federal Income Based Repayment plan at 10% of discretionary income, the Pay as You Earn plan, or the Revised Pay as You Earn plan;
have a primary work location in NYS, if employed;
have an adjusted gross income of less than $50,000;
be current on all federal or NYS student loans;
be current on the repayment of any NYS award; and
be in compliance with the terms of any service condition imposed by a NYS award.
Eligible Student Loans
Eligible student loans include federal loans in the federal Income Based Repayment plan at 10% of discretionary income, the Pay as You Earn plan, and the Revised Pay as You Earn plan.
If you have multiple federal loans, you may have multiple loan servicers. If you are unsure about your loan information, visit the U.S. Department of Education’s National Student Loan Data Systems (NSLDS) for details about your federal student loans and servicers.
A recipient receives a maximum of 24 payments equal to the amount of the monthly federal repayment plan payment, provided the recipient continues to meet the Program’s eligibility requirements.
Note: Any loan forgiveness award payment made on your behalf may have tax implications. Recipients will receive a 1099 form, issued by the NYS Office of the State Comptroller, reflecting the total loan forgiveness payments made for the tax year. Any questions regarding potential tax implications should be directed to a tax professional, the Internal Revenue Service, or the NYS Department of Taxation and Finance.
Payments are available for up to 24 months.
How to Apply
The Get on Your Feet Loan Forgiveness Program application is now available.
Payments will be made directly to the borrower’s federal student loan servicer(s).
Please contact the Scholarship Unit at firstname.lastname@example.org or 1-888-697-4372 with any questions regarding this program.
If you have any questions about the college admissions process or the above information please do not hesitate to contact me at
email@example.com or by phone, 845.551.6946.