If you have student loans, New York governor Andrew Cuomo would like to help make your life a little easier. He has announced a new student debt relief initiative “Get on Your Feet Loan Forgiveness Program” which provides up to 24 months of federal student loan debt relief to recent NYS college graduates who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income.
A recipient receives a maximum of 24 payments equal to the amount of the monthly federal repayment plan payment, provided the recipient continues to meet the Program’s eligibility requirements.
An applicant must:
- be a legal resident of NYS and have resided in NYS for 12 continuous months;
- be a U.S. citizen or eligible non-citizen;
- have graduated from a NYS high school or received a NYS high school equivalency diploma;
- have earned an undergraduate degree from a college or university located in NYS in or after the 2014-15 academic year;
- have earned no higher than a bachelor’s degree at the time of application; and
- apply for this program within two years of receiving an undergraduate degree.
- be enrolled in the federal Income Based Repayment plan or Pay as You Earn plan;
- have a primary work location in NYS, if employed;
- have an adjusted gross income of less than $50,000;
- be current on all federal or NYS student loans;
- be current on the repayment of any NYS award;
- be in compliance with the terms of any service condition imposed by a NYS award.
The Get on Your Feet Loan Forgiveness Program application is now available.