10 Ways to Get Student Loan Forgiveness and Repayment in New York

In New York, students and recent graduates can access various loan forgiveness and repayment programs to ease student debt. This guide will outline these opportunities, from free tuition to targeted loan relief. Let’s delve into New York’s student loan solutions!

1. Excelsior Scholarship

In New York, the Excelsior Scholarship program offers eligible students free tuition at public colleges, reducing financial barriers to higher education. Introduced by Governor Andrew Cuomo, this initiative allows students to focus on studies without the stress of accumulating debt.

Who Qualifies for This Program?

To qualify for New York’s Excelsior Scholarship, students must be state residents, attend a SUNY or CUNY institution, and have a family income under $125,000. Recipients must live and work in New York post-graduation for the duration they used the scholarship, promoting state growth. The scholarship eases tuition burdens, enabling diverse educational pursuits.

2. New York State’s ‘Get on Your Feet’ Loan Forgiveness Program

Caught in the trap of high student loan payments right after graduation? The ‘Get on Your Feet’ Loan Forgiveness Program is here to save the day! This program aims to help recent New York college graduates by providing up to 24 months of federal student loan debt relief. This means you can focus on building your career without worrying about drowning in loans.

Who Qualifies for This Program?

To qualify, you must be a recent New York college graduate struggling with high federal student loan payments. This program provides up to 24 months of debt relief.

3. New York State District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program

If you’re considering a career in law, you’ll be pleased to know that New York offers loan forgiveness programs specifically tailored for district attorneys and indigent legal services attorneys. By committing to a career as a prosecutor or public defender, you can qualify for loan forgiveness of up to $20,000 per year for five years. It’s a win-win situation – you get to pursue your passion for justice while getting some financial relief!

Who Qualifies for This Program?

Candidates considering careers as district attorneys or indigent legal services attorneys in New York can receive up to $20,000/year in loan forgiveness for five years.

4. New York State Licensed Social Worker Loan Forgiveness Program

Helping others is not only rewarding but can also help you pay off your student loans. If you’re a licensed social worker in New York, you may be eligible for the Licensed Social Worker Loan Forgiveness Program. By working in select underserved areas, you can receive up to $26,000 in loan forgiveness over a period of two to six years.

Who Qualifies for This Program?

Licensed social workers in New York working in designated underserved areas can get up to $26,000 in loan forgiveness over two to six years.

5. New York State Nursing Faculty Loan Forgiveness Incentive Program

Nurses play a crucial role in our healthcare system, and New York recognizes their invaluable contribution by offering the Nursing Faculty Loan Forgiveness Incentive Program. By working full-time as a nurse faculty member at a registered New York nursing school, you can receive up to $40,000 in loan forgiveness over four years. It’s an opportunity not only to shape the future of nursing but also to help alleviate your student loan burden.

Who Qualifies for This Program?

Full-time nurse faculty members at registered New York nursing schools are eligible for up to $40,000 in loan forgiveness spread over four years.

6. New York State Young Farmers Loan Forgiveness Incentive Program

If farming is your passion, you’ll be thrilled to know that New York supports its young farmers through the Young Farmers Loan Forgiveness Incentive Program. By committing to full-time farming for five consecutive years, you can receive up to $50,000 in loan forgiveness. It’s a fantastic opportunity to cultivate your dreams while reaping the rewards of loan forgiveness.

Who Qualifies for This Program?

Committed young farmers in New York can receive up to $50,000 in loan forgiveness if they farm full-time for five consecutive years.

7. Teach NYC Loan Forgiveness Program

The Teach NYC Loan Forgiveness Program is a great opportunity for aspiring teachers in the Big Apple. By teaching in specific shortage areas or hard-to-staff schools, you can receive up to $24,000 in loan forgiveness over six years.

Who Qualifies for This Program?

Teachers working in New York City’s shortage areas or hard-to-staff schools can get up to $24,000 in loan forgiveness over six years.

8. The Regents Physician Loan Forgiveness Award Program

For those pursuing a career in medicine, the Regents Physician Loan Forgiveness Award Program may be a good option. By agreeing to practice medicine in designated underserved areas of New York for a certain period, you can receive loan forgiveness of up to $150,000.

Who Qualifies for This Program?

Doctors agreeing to practice in underserved New York areas can secure loan forgiveness of up to $150,000.

9. New York National Guard

Do you have a desire to serve your country and receive student loan forgiveness at the same time? The New York National Guard offers a student loan repayment program that can help you achieve both goals. By enlisting in the New York Army National Guard or Air National Guard and meeting certain requirements, you may be eligible for up to 100% loan forgiveness. It’s a noble path that not only serves your country but also helps you conquer your student loan challenges!

Who Qualifies for This Program?

Members of the New York Army National Guard or Air National Guard meeting specific criteria can be eligible for up to 100% loan forgiveness.

10. Loan Repayment Assistance Programs (LRAPs) From Your College or University

Many colleges and universities in New York offer their own Loan Repayment Assistance Programs (LRAPs) to help graduates in specific fields manage their student loan debt. These programs vary by institution and profession, so it’s worth exploring what options are available to you. Remember, knowledge is power – and in this case, it can also mean smaller monthly loan payments!

Who Qualifies for This Program?

Graduates should check with their respective New York institutions for Loan Repayment Assistance Programs specific to their field and profession.

Statute of Limitations on New York State Student Loans

We’ve covered various loan forgiveness and repayment options, but it’s important to note that New York state student loans are subject to a statute of limitations. In general, the statute of limitations on student loans in New York is six years. This means that if your loan has been in default for longer than six years, the lender may not be able to sue you to collect the debt. Keep this in mind as you navigate your repayment journey!

Read More

• Student Loan Forgiveness for Professors
• Student Loan Forgiveness for Disability: How to Discharge Debt
• 19 Grants To Pay Off Student Loans and End Your Debt
• How to Use Perkins Loan Forgiveness to Wipe Away of Your Debt
• How to Fill Out a Teacher Loan Forgiveness Application

Final Thoughts

Whether you’re a future educator, lawyer, nurse, farmer, or healthcare professional, there’s a loan forgiveness program tailored just for you. So take charge of your student loan debt, explore your options, and pave the way to a bright and financially secure future!

If you need more ideas, check out our guide to grants that can be used for paying off student debt! And if you’d like to learn more about the the tax implications of student loan forgiveness, check out our guide.

Frank Gogol

I’m a firm believer that information is the key to financial freedom. On the Stilt Blog, I write about the complex topics — like finance, immigration, and technology — to help immigrants make the most of their lives in the U.S. Our content and brand have been featured in Forbes, TechCrunch, VentureBeat, and more.

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