Written By Melanie Lockert
New York is one of the most populated states in the country. Depending on where you live (we're looking at you NYC), your cost of living can be quite high and a huge financial burden. If you’re a student loan borrower, you have various student loan forgiveness options available to help.
Here are eight options for student loan forgiveness in NY you should know about to make managing student loan debt a bit easier.
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1. Regents Physician Loan Forgiveness Award Program
Total award available: $20,000
Are you a physician in New York wanting to pay down your education loan? The Regents Physician Loan Forgiveness Award Program offers physicians up to $10,000 in student loan repayment assistance each year in exchange for serving in an underserved community for two years.
In order to qualify, you must be a resident of New York state, licensed in New York and have completed your residency within the last five years.
2. The NYS Get on Your Feet Loan Forgiveness Program
Total award available: Varies. Equivalent to 24 monthly payments on your repayment plan.
Are you making less than $50,000 and on an Income-Driven Repayment Plan (IDR), such as the Pay As You Earn Plan (PAYE) or Revised Pay As You Earn Plan (REPAYE)? Eligible borrowers could qualify for the NYS Get on Your Feet Loan Forgiveness Program, which matches your monthly student loan payments for up to two years.
The Get on Your Feet Loan Forgiveness program is available to residents of New York who completed high school and college in New York State. New Yorkers need to apply within two years of completing an undergraduate degree.
If currently employed, your work must be in New York State, and you must be in good standing with all of your loans.
3. The NYS Teacher Loan Forgiveness Program
Total award available: $20,000
Teachers willing to teach in shortage areas could receive up to $5,000 per year for up to four years under the NYS Teacher Loan Forgiveness Program. You must be certified in New York and be a current resident of the state.
To qualify for teacher loan forgiveness in NY, you need to be employed full-time at an elementary or secondary public school, and you must teach in specific subject areas. You must be in good standing with your student loan debt repayment. In other words, you're making qualifying payments and not in default.
4. The NYS Nursing Faculty Loan Forgiveness (NFLF) Incentive Program
Total award available: $40,000
Nurse faculty members in New York could get up to $8,000 per year in student loan repayment assistance through The NYS Nursing Faculty Loan Forgiveness (NFLF) Incentive Program. You can earn a maximum of $40,000 with five years of qualifying service.
To qualify, you must be a resident of New York for the last year and be licensed to practice nursing in New York. You must have clinical experience and also have obtained a master’s or doctoral degree relevant to nursing.
Additionally, you must have at least 12 credit hours as an adjunct clinical faculty or nursing faculty when you apply and be in good standing with your loans.
You must have eligible higher education student loan debt to qualify — your student loans must have been disbursed on or after January 1, 2001, and can be federal or private, so long as they were used for a nursing degree. Federal student loans like Parent PLUS loans and Perkins Loans, however, are ineligible for this program.
5. The NYS Young Farmers Loan Forgiveness Incentive Program
Total award available: $50,000
Even farmers can qualify for student loan forgiveness in NY. Through The New York State Young Farmers Loan Forgiveness Incentive Program, farmers can receive $10,000 per year, for a maximum of $50,000, in student loan repayment assistance.
To qualify, you must be a resident of New York for the past year. You must also have an undergraduate degree from a New York state college and agree to operate a farm on a full-time basis for a total of five years.
Eligible candidates must have graduated within the last two years and will need to sign a Service Contract that states they’ll commit to operating a farm for five years. You'll need to be in good standing on your student loan repayment to qualify for the loan forgiveness awards.
6. NYS District Attorney and Indigent Legal Services Attorney Loan Forgiveness (DALF) Program
Total award available:$20,400
District Attorneys, Assistant District Attorneys and Indigent Legal Services Attorneys may qualify for student loan forgiveness in NY through the NYS District Attorney and Indigent Legal Services Attorney Loan Forgiveness (DALF) Program.
To qualify, you must be a resident of New York and have worked as a District Attorney, Assistant District Attorney or Indigent Legal Services Attorney for a total of four years (not to exceed nine).
You can receive $3,400 per year, for up to six years, with a maximum of $20,400 in student loan repayment assistance. You must be in good standing on your student loans to qualify for the loan forgiveness awards.
7. The NYS Licensed Social Worker Loan Forgiveness (LSWLF) Program
Total award available: $26,000
If you’re a social worker in New York, you could qualify for The NYS Licensed Social Worker Loan Forgiveness (LSWLF) Program, depending on the areas you work in for a qualifying employer. According to its website, licensed social workers in the following fields may be eligible:
- Home care
- Health
- Mental health
- Substance abuse
- Aging
- HIV/AIDS
- Child welfare
- Communities with multilingual needs
You can receive up to $6,500 per year, for up to four years, with a maximum loan forgiveness award of $26,000. You must be a licensed social worker in New York and be a resident for the past year. On top of that, you must have worked in a critical human service area on a full-time basis for one year. Also, you must be in good standing on your student loans.
8. The NYS Child Welfare Worker Loan Forgiveness Incentive Program
Total award available: $50,000
If you provide direct care at a child welfare agency, you could get up to $10,000 per year, for five years (a total of $50,000), with The NYS Child Welfare Worker Loan Forgiveness Incentive Program.
You must have obtained your degree from a college in New York and have been a resident for the past year. To qualify, you must apply within two years of college graduation.
You’ll need to sign a Service Contract, which states you’ll work at an approved site full-time for five years. You must be in good standing with your student loans.
Apply for student loan forgiveness in NY
As you can see, there are numerous opportunities for debt forgiveness in NY to help you ditch your student loan debt. This is especially true if you’re a teacher or work in a health-related field or provide direct services to communities in need. Whether you live in New York City or somewhere else in New York State, there are various forgiveness programs to consider.
If one of the above doesn’t fit, you may still qualify for federal loan forgiveness. There are federal programs such as the Public Service Loan Forgiveness Program (PSLF) or student loan forgiveness under income-driven repayment (IDR). This can help clear away federal student loan debt that comes from the U.S. Department of Education.
There may be debt relief from the federal government based on President Biden's cancellation announcement, however it's currently in limbo. Regardless, you have many loan repayment program and forgiveness options!
Hi in 2007 I tried obtaining a nursing degree. I was unfairly thrown out of the program by a faculty member thus sending me into debt with my student loan. I filed for bankruptcy in 2010 because my spouse did as well. We were separated at the time. The student loan I had was not accepted in the bankruptcy case. My loan has remained unpaid. I am still interested in nursing but cannot seem to move forward because of this debt. Do I have any options. It’s accrued to an 11000 dollar debt
In NY I believe if you havent made payments in 7 years and they havent brought a case then it can be discharged. I’d contact Jay Fleischman jay@moneywiselaw.com
That probably applies only to credit card debt. Student loans are special.