Student loan forgiveness programs
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The state of New York will make two years of income-based repayments on federal loans for recent graduates who went to high school, college and started their careers in New York state (NYS).
You must be on a specific income-based repayment plan, live in New York and make no more than $50,000 a year to qualify — in addition to meeting other requirements.
You need to meet the following criteria to qualify for the Get On Your Feet program:
The purpose of this forgiveness program is to provide an incentive for school teachers to work at understaffed New York schools. Certified New York teachers can qualify for four yearly installments of $5,000 in forgiveness as long as they teach in a subject or school district that has a teacher shortage.
You need to meet the following criteria to qualify for the NYS Teacher Loan Forgiveness Program:
Recent New York graduates that plan on making a career of working for child welfare services might want to consider this program. The state will forgive up to $50,000 of almost all student loans, as long as you pledge to work in child welfare during that time.
You need to meet the following criteria to qualify for the NYS Child Welfare Worker Loan Forgiveness Program:
The goal of LSWLF is to bring social workers to underserved areas. Anyone who’s worked as a social worker in an eligible county for at least a year can apply to this program. You must continue working in a qualified area to remain eligible for additional forgiveness.
To qualify for LSWLF, you need to meet the following criteria:
Experienced district attorneys, assistant district attorneys or indigent legal services attorneys throughout New York State can qualify for this program. In addition to forgiveness on your current balance, lawyers can also apply to get reimbursed for past interest payments.
However, you might not want to use this program in combination with other types of forgiveness or repayment assistance. That’s because NYS deducts any other forgiveness amounts from the amount you’re eligible to receive.
To qualify for this program, you must meet the following criteria:
The aim of NFLF is to provide a financial incentive for nurses to go into teaching in New York. It isn’t just for anyone — you need to have at least a master’s degree as well as experience teaching and working as a nurse.
To qualify for this type of forgiveness, you must meet the following criteria:
Recent college graduates thinking of going into farming might want to consider this incentive program. You don’t need to have a degree in agriculture to qualify, but you have to sign a contract agreeing to work as a farmer for the next five years.
It’s a competitive program — only 10 farmers qualify each year.
To qualify for this type of forgiveness, you need to meet the following criteria:
NYS forgiveness is only one way to reduce your student debt. If you can’t qualify for any of those programs, you might want to consider one of the following options:
The New York debt collection statute of limitations is six years after the day your loan was considered to go into default. This means a lender can’t sue you for debt collection after six years, though you’ll still technically owe the money.
However, this only applies to private student loans — there’s no statute of limitations for government-issued student debt.
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Only a handful of career paths can make you eligible for an NYS student loan forgiveness program — unless you graduated from college in the past two years. But if you can qualify, some of these programs might offer enough to pay off your entire student loan balance.
Learn more about how it all works by checking out our guide to student loans.
How does NYS forgiveness affect my taxes?
You might have to pay income tax on any forgiven portion of your loan. Anyone who receives NYS forgiveness will receive an IRS 1099 Form, which you’re required to file along with your return.
How does NYS issue forgiveness?
It depends on your program. With some, NYS issues forgiveness directly to your loan servicer. With others, NYS gives you the funds, which you can then use to pay off your student loans.
Can I apply for NYS forgiveness if my federal loans are in default?
No — and you also can’t qualify if you’re late on a loan payment. You must be up to date with all federal and state-issued student loans to qualify for NYS forgiveness.
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Most federal student loan borrowers now have eight more months of the interest-free payment freeze.
President-elect Joe Biden plans to extend the pause on federal student loan payments and interest past January 31st — and may cancel some debt.
Biden doesn’t have an official plan to eliminate student debt. But his platform could make forgiveness more attainable for low-income borrowers.
There are no government debt relief programs — but there are other ways Uncle Sam can help.
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