New York State has a few programs that can make repaying your student loans easier. The New York State Loan Forgiveness Program, the Higher Education Services Corporation (HESC), and other NYS student loan refinance options are all available to help you pay back your debt if you live in New York.
Student Loan Forgiveness New York State
The New York State Loan Forgiveness Program
If you graduated from a New York state college or university, and if you took out loans to pay for school, and if you have a degree in a subject that is in demand in New York State, then there may be some loan forgiveness coming your way.
The New York State Loan Forgiveness Program is designed to help graduates who borrowed money while attending an eligible two-year or four-year college or university in the state of New York. The program can forgive up to $5,000 of student loans per year over five years (for a total of $25,000).
Student Loan Forgiveness Program Requirements
To qualify for the New York State student loan forgiveness program, you must:
- Be a resident of New York State.
- Be a full-time student.
- Have a high school diploma or equivalent.
- Be enrolled in a degree program at a New York State school (or online through an eligible institution). This means any public or private college in New York that has been accredited by one of the five regional accrediting associations recognized by the Department of Education: Middle States Association of Colleges and Schools (MSACS), Higher Learning Commission (HLC), North Central Association Commission on Accreditation and School Improvement (NCA CASI), Northwest Accreditation Commission International University Review Committee (NWAC ICURC), Southern Association of Colleges and Schools Council on Accreditation and School Improvement (SACS CASI).
NYS Teacher Loan Forgiveness Program Eligibility
To be eligible for this program, you must:
- Be a full-time teacher in a low-income school.
- Teach in a low-income school for five consecutive years.
- Teach in high-need subject area (math, science and special education).
- Be a New York State resident when you apply to the program and live in NYS when you start teaching at your low income school.
NYS Teacher Loan Forgiveness Application Process
If you meet the eligibility requirements, your loans are forgiven after five consecutive years of full-time teaching employment in a public school. If you do not meet these requirements, it is possible that your student loan may still be eligible for forgiveness through other programs such as Public Service Loan Forgiveness (PSLF).
NYS Higher Education Services Corporation (HESC)
The NYS Higher Education Services Corporation (HESC) is a state agency that provides financial aid and other educational services to students.
The HESC offers a variety of repayment options, including income-driven plans that limit the amount of money you have to pay each month based on your income. These plans include Pay As You Earn (PAYE), Revised Pay As You Earn (REPAYE), Income-Based Repayment (IBR) and Income-Contingent Repayment (ICR).
In addition to these repayment options, the HESC also offers student loan forgiveness programs or forgiveness for certain types of student loans. These programs include Public Service Loan Forgiveness and Teacher Student Loan Forgiveness in New York State. In addition to these programs, if your employer has a Student Loan Repayment Assistance Program through their company’s benefits package you may be eligible for employer sponsored loan repayment assistance as well!
Other NYS Student Loan Forgiveness Programs
There are other NYS student loan forgiveness programs that may be available to you if you meet the eligibility requirements.
- NYS Medical Student Loan Forgiveness Program
- NYS Law Student Loan Forgiveness Program
- NYS Dental Student Loan Forgiveness Program
- NYS Pharmacy Student Loan Forgiveness Program
- Veterinary Student Loans
NYS Student Loan Refinance Options
For those who are looking to refinance student loans, there are a few options. You can do so with bad credit, if you have a cosigner and if you have federal or private student loans. Refinancing may be beneficial for those who have undergone forbearance and/or consolidation with their current lender since these options may reduce the interest rate on your loan and help make paying off your debt more manageable. If you want to refinance your New York State student loans, contact us today!
There are a few programs that can make repaying your student loans easier.
If you are a New York State resident and have student loans, there are a few programs that can make repaying your student loans easier. The following are some of the programs offered by New York State:
- NYS Teacher Loan Forgiveness Program – If you’re a full-time teacher in an approved teaching position for at least four consecutive years, you may be able to get up to $17,500 of your qualifying federal education loans forgiven. Loan forgiveness is awarded after 10 years of service as long as you meet all other requirements (i.e., no outstanding debt on other federal educational loans). You must teach in an eligible school district or charter school located in New York State or serve as a full-time faculty member at an eligible institution while teaching part-time during the academic year at an eligible public or private nonprofit elementary school or secondary school located in New York State.
If you’re a New York resident with student loans, then you may be eligible for the NYS Student Loan Forgiveness Program. The program is designed to help individuals who have made a good-faith effort to repay their loans but are still unable to do so because of financial hardship. The last thing we want is for you to end up in default because you don’t know where else to turn!