ALBANY — The problem is well-documented and alarming: College students who graduated in 2015 were the most indebted in U.S. history, and student borrowing for higher education continues to rise.
While earning a four-year college degree is a wise decision in the long term, student loan payments can be daunting, especially for recent graduates who are still searching for a good job and building a financial foundation. New York state’s Get On Your Feet Loan Forgiveness Program, which is now accepting applications, can help ease that early financial stress.
Students who graduated both high school and college in New York state and received an undergraduate degree in or after the 2014-15 academic year and have lived in the state for 12 continuous months may be eligible to have up to two years of federal student loan payments forgiven.
To be considered for the program, applicants also have to be enrolled in either an income-based or pay-as-you-earn repayment program and have an adjusted gross income of less than $50,000.
The Get On Your Feet Loan Forgiveness Program goes hand in hand with our other state efforts to reduce the burden of student debt for young people. For example, the New York State Science, Technology, Engineering and Mathematics (STEM) Incentive Program offers full-tuition scholarships to students who study in certain STEM fields at SUNY or CUNY schools and work in the state after graduation. But while the STEM Incentive Program targets new college students, the Get On Your Feet program provides assistance for recent graduates, regardless of major.
Applications for the Get On Your Feet program are now being accepted; visit hesc.ny.gov or call 1-888-697-4372 to learn more. If you have questions about this or any other issue, please contact my office or send me an email at [email protected].
