As a new yorker, you know that the cost of living in the beautiful city of New York has been on the rise. Just about everything has increased and if you studied there you may be having a hard time paying off the student loans.
But don’t worry you can still conquer the student loan battle.
If you are dealing with private student loans in New York you should consider refinancing them, you can begin getting offers from different lenders in places like LendKey.
With over half of its graduates in debt, help has to be taken into consideration that’s why New York offers various type of student loan forgiveness programs for its citizens.
Student Loan Debt in New York
According to a report made by Lendedu New York has an average debt per borrower of $31,506 with a percentage of graduates with debt at 64%.
With these numbers increasing every day New York offers some student loan forgiveness to help you pay off the debt-keep in mind some forgiven student loan amounts may be subject to taxes. It’s necessary to be prepared when the tax season comes around.
Ok, It’s time to take a look at what student loan forgiveness programs in New York you have available.
1. New York State ‘Get on Your Feet’ Loan Forgiveness Program
The New York ‘Get on Your Feet’ loan forgiveness program released back in 2015, help any student loan borrower in New York with an adjusted gross income of less than $50,000.
To qualify you must be already enrolled in any of the income-based repayment programs available and be current with all federal or NYS student loans. Also, you have earned an undergraduate degree from a college or university located in NYS in or after the 2014–15 academic year.
Borrowers can apply for this program year-round if awarded you could receive a maximum of 24 payments equal to the amount of the monthly federal repayment plan payment toward your student loan debt.
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.
You can apply Here.
2. New York Loan Forgiveness for District Attorneys and Indigent Legal Services Attorneys.
This loan forgiveness program was made to retain experienced attorneys employed as District Attorneys, Assistant District Attorneys or Indigent Legal Services Attorneys throughout New York State.
To qualify for this program you must have worked full time as a District Attorney, Assistant District Attorney, or Indigent Legal Services Attorney in New York State for at least four years, but no more than nine years (including the year prior to application) and be in a non-default status on a student loan made under any NYS or federal education loan program.
If awarded you could receive up to $20,400 or eligible student loan debt, whichever is less. Awards are paid in the amount of $3,400 for each annual period of qualified service or the remaining loan indebtedness. Any additional payments made to reduce the outstanding balance may cause a reduction in the total amount of the award. No payments will be made after the student loan has been paid in full.
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.
You can apply Here.
3. New York Loan Forgiveness for Licensed Social Workers.
The loan forgiveness program for social workers in New York was designed to increase the number of licensed social workers working in critical human service areas, including but not limited to the following fields: home care, health, mental health, substance abuse, aging, HIV/AIDS and child welfare or communities with multilingual needs.
To qualify for this program you must have full-time employment as a licensed social worker in a critical human service area for at least 35 hours per week during the calendar year prior to his or her application. To determine if your workplace is an eligible service area, visit Eligibility by County .
Parent plus loans or non-educational student loan are not eligible. Under this program, you could receive up to $26,000 in forgiveness and the amount is paid $6,500 for each annual period of qualified service completed or the remaining loan indebtedness.
You can apply Here.
4. New York State Young Farmers Loan Forgiveness Incentive Program
This program helps recent college graduates to pursue careers in farming in NYS. The program provides loan forgiveness for undergrads that agree to operate a farm in NYS, on a full-time basis, for five years.
To qualify you must execute a Service Contract agreeing to operate a farm in NYS on a full-time basis for at least five years. And have obtained an undergraduate degree from an approved NYS college or university.
In this program you could receive up to is $50,000, paid in annual disbursements up to $10,000.
You can apply for this program within two years after college graduation. Apply here .
5. New York Loan Forgiveness For Child Welfare Worker.
The New York State Child Welfare Worker Loan Forgiveness motivates workers yo seek employment in any New York State-licensed child welfare agency.
To qualify you must have a service contract agreeing to work full-time as a child welfare worker providing direct care services in an OCFS-licensed voluntary not-for-profit child welfare agency in NYS for five years.
Under this program, you could receive up to $10,000 per year for up to 5 years accumulating a total of $50,000.
You can apply for this program within two years after college graduation. There is a deadline for applying to this program you can follow up here.
6. New York Loan Forgiveness Program For Nurses.
Due to the high demand for nurses in New York, this program is intended to increase the number of nursing faculty members and adjunct clinical faculty teaching in the field of nursing in NY.
To qualify to this program you must have prior clinical experience as a licensed registered nurse and have qualified service employment as a nursing faculty member or as adjunct clinical faculty providing classroom or clinical instruction at a nursing school located in NYS for the equivalent of at least 12 credit hours during an annual period commencing July 1 and ending June 30.
Parent PLUS loans and Perkins Loans are not eligible.
Under this program, you could receive up to $8,000 per year of qualified service completed accumulating a total amount of $40,000.
There is a deadline for applying to this program you can follow up here.
7. New Yor Teacher Loan Forgiveness Program.
Keeping teachers is hard, this program was designed to help attract and retain teachers.
To qualify for this program you must be certified as a teacher and be employed full-time in an elementary or secondary school in New York.Teachers can receive $5,000 per year for up to four years. To apply for this program you must follow up with the deadlines as it’s currently closed now. Follow up here .
Know Your Options For Student Loans in New York.
Living in New York with student loans can be a struggle, but that doesn’t mean you should give up. Know your options and focus on taking advantage of these programs to help you conquer your student loan battle.
