Are you a college graduate that is looking for a way to pay off your student loan debt? Do you live in NY? The Cuomo Administration is helping recent college grads pay off their debt for up to two years with its “Get on Your Feet” loan forgiveness program. For eligibility, you have to meet certain qualifications pertaining to residency, income, graduation year etc. The program is offered to those who graduated after December 2014 from a college or university in New York. You must be enrolled in an income-based repayment program with the federal government. If you are accepted, you have to be a New York State resident for 12 months and earn an income less than $50,000. New York will only cover the cost of monthly bills for federal loans. Private loans will not be paid for.
New York is the first state to offer this type of loan forgiveness based on income. 35 other states have similar programs that are based on residency and the type of industry you work in. The program was launched on December 31, 2015 with an estimate of 7,100 grads to take advantage of this offer by its first year. 24,000 grads are expected to enroll by 2020. To apply online or learn more information, visit https://www.hesc.ny.gov/repay-