New York State Student Loan Forgiveness, Explored
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What Is Student Loan Forgiveness?
Which Loans Qualify for Student Loan Forgiveness?
Federal Student Loan Forgiveness Programs
10 New York Student Loan Forgiveness Options
1. NYS Social Worker Loan Forgiveness
2. NYS Get On Your Feet
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 New York State in or after December 2014 Apply for this program within two years of receiving an undergraduate degree Have a primary work location in New York State, if employed Have an adjusted gross income of less than $50,000 Are enrolled in the federal Income-Based Repayment (IBR) Plan at 10% of discretionary income, the Pay as You Earn (PAYE) Plan, or the Revised Pay as You Earn (REPAYE) Plan
3. NYS Young Farmers
Have an undergraduate degree from an approved NYS college or university Have eligible federal or private student loan debt Apply for this program within two years after college graduation
4. Nursing Faculty Loan Forgiveness Incentive Program
New York State resident Have resided in the state for at least 12 continuous months prior to applying for this program U.S. citizen or eligible noncitizen Registered nurse licensed to practice in New York State Possess a master’s degree in nursing or a doctoral degree for qualification as nursing faculty or as adjunct clinical faculty Have an outstanding balance on eligible federal or private student loans Employed as a nursing faculty member or as adjunct clinical faculty providing classroom or clinical instruction at a nursing school in New York State
5. Regents Physician Loan Forgiveness
6. NYS Child Welfare Worker
7. Physician Loan Repayment
8. New York City Loan Forgiveness Program
9. NYS Teacher Loan Forgiveness Program
10. NYS DA and Indigent Legal Services Attorney
3 Student Loan Tips
Once the pandemic-related pause on federal student loan payments ends, going back to making payments may be hard on budgets. One solution is to refinance to a lower interest rate, longer loan term, or both, depending on your situation. (The tradeoff is that you’ll be forfeiting federal benefits such as repayment programs.) Find and compare your student loan refinance options. Paying extra each month on your student loan can reduce the interest you pay and so lower your total loan cost over time. (The law prohibits prepayment penalties on federal or private student loans.) If you teach full-time for five complete and consecutive academic years in a low-income school, you may be eligible for federal student loan forgiveness.
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