New York Student Loan Forgiveness Programs
ALBANY, NY (NEWS10) – Time is running out for federal borrowers who have not had to repay their loans since March 2020. About 12% of all New Yorkers owe $91.9 billion in student loans with debt average of $38,107, according to Education Data Initiative. For those with federal loans, payments will resume on May 1.
There are ways to modify or get a deferral of federal student loans, but there are also programs offered by the New York Higher Education Services Society (HESC) that could eliminate student debt or at least give borrowers more time before they start paying them back. HESC has loan forgiveness programs for social workers, teachers, nurses, farm workers, and a program that allows eligible New Yorkers to have their loans repaid for two years.
Find below the loan forgiveness programs offered by HESC, along with a description of the program. Note that programs may have more qualifications.
|Loan Forgiveness for District Attorneys and Indigent Legal Services Lawyers||For district attorneys, assistant district attorneys, or indigent legal services attorneys working full-time with student loan balances.|
|Loan forgiveness for registered social workers||Annual award for state-licensed social workers who have worked at least one year in a critical social service area. Recipients must have lived in the state for 12 months prior to receiving a scholarship.|
|New York State Young Farmer Loan Forgiveness Incentive Program||Offered to students who have graduated within the last two years from a state college or university and who agree to work full-time on a farm for five years.|
|New York State Loan Forgiveness Program “Get on Your Feet”||Available to students graduating from college or New York University after December 2014. Must have completed a bachelor’s degree, be enrolled in a federal Pay As You Earn (PAYE) program, or an eligible loan-based reimbursement program. income (IBR), earning less than $50,000 a year and working in New York. Candidates must have graduated within two years of applying.|
|Loan Forgiveness Incentive Program for Nursing Teachers||For nurses with a master’s or doctoral degree who have lived in the state for 12 consecutive months prior to applying. Must be licensed to practice in New York with qualified service.|
|NYS Child Protection Worker Loan Relief Program||For social workers who have attended a state college or university. Must have lived in the state for 12 continuous months prior to applying, graduate within two years, and agree to work for a state nonprofit child welfare agency for five years.|
|NYS Teacher Loan Forgiveness Program||The program provides loan forgiveness grants to teachers working in needy school districts or subject areas where there is a shortage of educators. Must have lived in the state for 12 continuous months prior to applying, be certified to teach in the state, and teach full-time in an elementary or secondary school.|
These programs are available only to New York residents and require the borrower to be current with loans. Loans cannot be in default. For more information on federal student loan forgiveness programs, the US Department of Education said borrowers should contact their loan provider directly.