New York Student Loan Forgiveness

New York has several student loan forgiveness programs to help its residents. Two of the most popular are TAP and NYS GOYF.

New York Student Loan Forgiveness

New York Student Loan Forgiveness

  • What is student loan forgiveness?

Student loan forgiveness is an option for borrowers who have federal student loans that were borrowed for educational purposes. Student loan forgiveness programs allow you to make payments on your outstanding balance for a certain amount of time before the remainder of your loan is forgiven. This means that after meeting the requirements and being approved, you will not have to pay back any portion of your debt. You may also receive a tax break as well if you have non-federal loans as well.

  • What’s the difference between student loan consolidation and student loan forgiveness?

Student Loan Consolidation: With this option, all of your eligible federal student loans are combined into one new loan that has a lower interest rate than what you were paying before. This allows graduates with high amounts of debt from multiple sources to save money on monthly payments while still making progress towards their degree completion or career goals.. Student Loan Forgiveness: With this option, all remaining balances within certain qualifying parameters are forgiven after fulfilling them (see eligibility requirements).

Tuition Assistance Program (TAP)

If you’re a New York State resident, the Tuition Assistance Program (TAP) may be able to help you pay for your education. The TAP program is a grant program that provides tuition assistance to eligible students. This means that you don’t need to take out student loans or use any other financial aid programs in order receive funding from TAP.

Eligibility requirements depend on whether you’re an undergraduate or graduate student and/or if you are attending part-time, full-time or summer school classes. If you meet these requirements, then all eligible New York State residents can receive TAP grants regardless of their family income levels or assets.

New York State Get on Your Feet Loan Forgiveness Program (NYS GOYF)

New York residents who have been unemployed for at least three months may be able to have their federal student loans forgiven under the New York State Get on Your Feet Loan Forgiveness Program (NYS GOYF). This program forgives up to $10,000 in federal student loans and up to $5,000 in state student loans.

Higher Education Services Corporation (HESC) Loan Forgiveness Programs

The Higher Education Services Corporation (HESC) offers several different student loan forgiveness programs. These include the following:

  • Student Loan Repayment Assistance Programs (LRAPs) provide payment relief to borrowers who are experiencing financial hardship. Under these programs, HESC will pay off a portion of your student loans in exchange for your commitment to teach in New York State public schools or work for nonprofits that serve low-income communities.
  • Student loan cancellation programs offer relief to borrowers who have made payments on their loans for 20 years or more and have consistently maintained a good credit score during that time period. However, not all borrowers are eligible under these programs; they must be working full-time in certain fields as well as residing within specific geographic areas and fulfilling other criteria before receiving any benefits from them

New York student loan forgiveness for teachers

Teachers can receive up to $5,000 in federal loan forgiveness for teaching at a low-income school for five consecutive years. The New York State Department of Education has similar requirements and offers up to $5,000 in state student loan forgiveness for teachers who teach at a public school or charter school located in New York State.

New York student loan forgiveness for public service employees

If you’re a public service employee, the government may be willing to forgive your student loans. For federal loans, this means that up to $10,000 can be forgiven (or discharged) if you work full time for at least 10 years in an eligible job. You must have made regular payments on these loans while working at least 30 hours per week and making less than a certain amount of money each year.

Federal loan forgiveness programs are based on income levels:

  • If your total family income is below 150% of the U.S. poverty level for three consecutive years (150% = about $34k), then 100% of your remaining balance will be forgiven after 10 years as long as you’re employed full-time and earning less than 200% of what’s expected for someone in that field (200% = about $54k).
  • If your total family income is between 150%-180% of what’s expected for someone in your profession ($33-$45k), then 50% will be forgiven after 10 years as long as you’re employed full-time and earning less than 200%.

You could receive up to $26,000 in federal and state loan forgiveness.

If you qualify, NYS will forgive up to $26,000 in student loans. You’ll receive your forgiveness after making 120 monthly payments on your NYS-Awarded Student Loan (NYSAL).

To qualify for NYSAL forgiveness:

  • You must have earned an undergraduate degree from a New York State college or university and be enrolled in an approved bachelor’s or master’s program at a state institution.
  • Your eligible loans must be with NY State Higher Education Services Corporation (HESC) or another federal provider approved by NYS. Those loans are eligible if they were taken out before Aug. 14, 2017, or if they were taken out after that date but the lender wasn’t notified about the NYSAL program until after Aug. 14, 2017.


Congratulations on completing your education! We hope our article has helped you find the best way to pay off your student loans. If you have any questions, please don’t hesitate to reach out.

Add a Comment

Your email address will not be published. Required fields are marked *