11 New York Student Loan Forgiveness Options


Julissa Treviño Updated: April 30, 2019

It's every college graduate's dream — that one day, their student debt can be cancelled.

For some borrowers, this dream can become a reality through programs like Public Service Loan Forgiveness and other career-specific loan forgiveness programs. But the requirements for these programs aren't always the easiest to meet. Thankfully, New York state has many options that may just cancel out your debt. 

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If you're a New York resident, one of these programs may work for you. 

1. New York State Young Farmers Loan Forgiveness Incentive Program

If you're a recent graduate who wants to pursue farming in New York state, this one's for you.

This program offers a maximum of $50,000 in loan forgiveness if you  commit to operating or working at a farm full-time for five years (up to $10,000 per year). To be eligible, applicants must have obtained an undergrad degree from an approved New York state school. 

Apply here.

2. NYS Child Welfare Worker Loan Forgiveness Program

This program awards student loan forgiveness in order to attract workers to the state's child welfare agencies.

The award is for up to $10,000 per year, and can be renewed as many as five years. This program covers both undergraduate and graduate school loans, but applicants must apply within two years of graduation.

Apply here. 

3. Loan Forgiveness for District Attorneys and Indigent Legal Services Attorneys

Loan forgiveness is available if you work in legal services in the state.

The forgiveness award is $20,400 or eligible student loan debt, whichever is less. Awards are paid through annual amounts of $3,400.

Applicants must have worked full-time in one of these positions for at least four years, but for no more than nine years (including the year prior to application):

  • District Attorney
  • Assistant District Attorney 
  • Indigent Legal Services Attorney

Apply here.

4. Loan Forgiveness for Licensed Social Workers

For social workers licensed and practicing in New York state, this program offers relief for people working in the following fields: 

  • Home care
  • Health
  • Mental health
  • Substance abuse
  • Aging
  • HIV/AIDS
  • Child welfare, and
  • Communities with multilingual needs.

Applicants must have at least one year of prior employment in the field. The award amount is for up to $26,000 or the applicant's eligible student loan indebtedness. This amount is distributed annually. 

Apply here.

5. Nursing Faculty Loan Forgiveness Incentive Program

This program gives New Yorkers an incentive to work as nursing faculty members and adjunct clinical faculty teaching in the field of nursing.

If you qualify, you could receive up to $40,000, paid in the amount of $8,000. Only those who are licensed registered nurses holding graduate degrees are eligible. 

Apply here.

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6. New York State 'Get on Your Feet' Loan Forgiveness Program

The Get on Your Feet Loan Forgiveness Program allows college graduates to have their federal income-based repayment plan commitment covered for two years. 

Candidates must:

Apply here. 

7. Albany Law School Loan Repayment Assistance Program

This program is for people who graduated from Albany Law School in 2015 or later.

It is designed to help alleviate the financial burden of pursuing careers in public interest law. Applicants must work in a public interest law-related position and have a law school loan balance of at least $50,000. The award is for up to $10,000 per year for three years. 

Apply here.

8. Doctors Across New York Physician Loan Repayment

This state-funded initiative aims to train and place physicians in underserved areas.

Physician Loan Repayment offers up to $120,000 for loan repayment over the course of a three-year period for physicians who agree to work in an underserved area for five years.

Physicians working in general internal medicine, family practice, general pediatrics, geriatrics, OB/GYN or adult/child psychiatry are eligible to apply.

Apply here. Application cycles typically begin in the spring.

9. Teach NYC Loan Forgiveness Program

This program is for newly hired, state-certified classroom teachers and school-based pedagogic clinicians who work in specified shortage areas and bilingual education. To receive the award, applicants must commit to working in the shortage area for six consecutive school years. The total financial award, up to $24,000, varies by applicant and is divided over the six years.

Apply here. Applications are available June 30th through November 15th for the upcoming school year.  

10. Steven C. Krane Loan Assistance for the Public Interest Program

For government and public interest attorneys who are burdened by law school debt, up to $4,000 a year is available through this program. 

To be eligible, you must:

  • Have earned a J.D. from an American Bar Association-accredited law school
  • Be admitted to the New York State Bar
  • Practice public interest or government law for at least five five years, and
  • Be a member in good standing.

Apply here.

11. New York Army National Guard Student Loan Repayment Program 

If you’re a member of the New York National Guard, you qualify for up to $50,000 of loan repayment assistance. This will be disbursed at an annual amount of $7,500 maximum. There is a six-year enlistment or re-enlistment requirement. 

Apply here.

Other ways to handle your debt

If you don't qualify for these programs but are trying to lower your student loan payments or your interest rate in order to get out of debt, you might be a good candidate for refinancing. Check out our Student Loan Refinancing Calculator to find out how much you could save.

Refinance & Save Today With These Leading Lenders

#1 - Comet Recommended View More Details

Earnest empowers people with the financial captial they need to live better lives.

  • APR: 2.41% - 7.82%
  • Minimum credit score: 650
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Visit Earnest View Loan Disclosure

Using technology, data, and design to build affordable products, Earnest's lending products are built for a new generation seeking to reach life's milestones. The company understands every applicant's unique financial story to offer the lowest possible rates and radically flexible loan options for living life.

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  • Skip a payment and make it up later
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Click here to apply with Earnest and to see how much you can save.

#2 View More Details

Many ELFI customers save hundreds per month month and thousands over the length of the loan term.

  • APR: 2.80% - 6.69%
  • Minimum credit score: 680
  • No refinancing maximum amount
View More Details
Visit ElFi View Loan Disclosure

Education Loan Finance is designed to assist borrowers through consolidating outstanding education loans into one single loan that effectively lowers your costs of education and/or makes repayment very simple. Education Loan Finance - backed by the strength of SouthEast Bank - combines the benefits of traditional education loan refinancing with the superior products, service, and support found in the private market.

Education Loan Finance (ElFi) review

Check out their low rates today to see how much you can save.

  • Get Your Rate. With Education Loan Finance's Find My Rate tool, you can complete a short application to receive a preliminary quote on your eligible rates and terms, all without affecting your credit score.
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  • Outstanding Personalized Service. Our Personalized Loan Advisors specialize in student loan refinancing and help busy professionals find the option that's right for them.
  • Student Lending Experience: Education Loan Finance isn't a start-up company - we have a longstanding history and expertise in serving student loan borrowers.

Attractive Bonus and Referral Programs:

  • Education Loan Finance Fast Track Bonus**: Education Loan Finance's application process is streamlined and simple, and you can earn a $200 bonus just for closing your loan within 30 days of your initial application.
  • Education Loan Finance Referral Program**: Earn $400 for each new Education Loan Finance Client referred by you!
#3 View More Details

Works with 275+ not-for-profit community lenders for higher approval chances

  • APR: 2.38% - 7.50%
  • Minimum credit score: 660
  • Refinance up to $300K
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Visit LendKey View Loan Disclosure

LendKey operates student loan programs for over 275 not-for-profit and community lenders across the country. By partnering with these lenders, LendKey is able to give consumers direct access to the best rates available from the most borrower friendly institutions. As the servicer of all loans obtained through its platform, you can rest easy knowing your personal information will be safe and that the best customer service team will be ready to answer your questions from application until your final payment.

LendKey Student Loan Refinance review

  • Lightning fast rate check - 2-minute rate check with no impact on your credit score
  • More lenders, more options - see the best offers from over 275 not-for-profit and community lenders for higher approval chances
  • Life of loan relationship - With LendKey, your personal information will never be sent or passed on to third parties. Their customer service team is with you from the moment you land on their website until you've completely repaid your loan.
  • Unmatched benefits- Community lenders put people over profits and offer unique benefits like cosigner release after 12 on-time payments, interest only repayment options to keep monthly payments low, the largest unemployment protection period in the market, and more.

Get a personalized quote from LendKey now.

#4 View More Details

Operates in all 50 states; 2nd largest student loan refinancing lender

  • APR: 2.43% - 7.02%
  • Minimum credit score: 660
  • No refinancing amount maximum
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Visit Laurel Road View Loan Disclosure

Laurel Road is a national online lender with customers in all 50 states, the District of Columbia, and Puerto Rico. Many of our non-bank competitors are not able to lend in all 50 states.Laurel Road has grown to be the second largest player in the student loan refinancing space in large part because of our reputation as the go-to low rate provider.

Laurel Road Student Loan Refinance Review

  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
  • No fees & the lowest rates in the space - Laurel Road is the most transparent about the rates they provide customers, and offer the lowest rates where it counts. Our customers will save more than $20,000 over the life of their loans on average. 
  • Customer service reputation - Laurel Road's customer service representatives are no rookies. With 19 years of experience on average, Laurel Road’s Customer Service team delivers an experience that is best in the industry. They work to build meaningful, life-long relationships with our valued customers to improve their overall financial wellness.
  • The stability & security of a bank - They are a division of Darien Rowayton Bank, a stable and secure FDIC-insured bank, regulated by the FDIC and the Connecticut Department of Banking.

Get your personalized, pre-approved rates in less than 5 minutes.

#5 View More Details

For every loan they fund, they contribute to the education of a child in need

  • APR: 2.48% - 6.25%
  • Minimum credit score: 660
  • Refinance up to $500K
View More Details
Visit CommonBond View Loan Disclosure

CommonBond was founded in 2011 by three MBA graduates from the University of Pennsylvania’s Wharton School who wanted to help their peers escape from high-interest student loan debt. Its original focus was on grad students, but it has since expanded to cover undergrads as well.

Of all the companies we reviewed, CommonBond has some of the best customer service. The company prides itself on being easy to reach by email, phone, or live chat. It offers networking events, expert panels, insider newsletters, and even has a program help borrowers who lose their jobs to find new ones. CommonBond also makes you feel good about choosing to refinance with them by donating money to an education nonprofit for each loan they write.

CommonBond Student Loan Refinance review

  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
  • Social promise - For every loan they fund, they also contribute to the education of a child in need.
  • Hybrid loan option - Offerings include a 10-year hybrid loan with fixed interest for the first five years, and variable interest for the final five.
  • Referral bonus - For every friend you refer who refinances their loans with CommonBond, you’ll earn a $200 cash bonus.
  • Qualification - Borrowers must have graduated at least 2 years prior if they want to apply without a co-signer. And borrowers in 6 states – Idaho, Louisiana, Mississippi, Nevada, South Dakota, and Vermont – cannot currently refinance through CommonBond.

Get a personalized review of your refinancing options with CommonBond today.

#6 View More Details

Offers unemployment protection and career/coaching/networking

  • APR: 2.430% - 8.074%
  • Minimum credit score: 650
  • Refinance up to 100% of student debt
View More Details
Visit SoFi View Loan Disclosure

SoFi, which stands for “Social Finance,” was created by a group of Stanford business students who found themselves with a mountain of debt after graduation. They set out to change the student loan industry and help borrowers like themselves to get lower interest rates. SoFi has some of the lowest interest rates and, unlike the other lenders we reviewed, it has no maximum amount you can finance. However, Nevada residents can’t currently refinance with SoFi. Minimum loan balances are higher in Arizona, Massachusetts and Pennsylvania due to state laws. Additional state restrictions may apply.

SoFi Student Loan Refinancing Review

  • Low interest rates - For well-qualified borrowers, SoFi offers some of the lowest rates we have found.
  • Strong customer service - It has more than 350 customer service reps available to help applicants through process.
  • Career coaching and networking - Perks include career services representatives who can help you find a job or negotiate a higher salary. SoFi also hosts networking events, happy hours and educational lectures on topics like buying a home in major cities around the country.
  • Unemployment protection - Borrowers who lose their jobs through no fault of their own may apply for Unemployment Protection. If approved, SoFi will suspend their monthly SoFi loan payments and provide job placement assistance during the forbearance period. These benefits are offered in three month increments, and are capped at 12 months, in aggregate, over the life of the loan. Note that interest will still accrue while loans are in forbearance.

Find out what interest rate SoFi can offer you here.

#7 View More Details

Special offers for medical resident and fellow refinance products

  • APR: 3.02% - 7.76%
  • Minimum credit score: 670 w/cosigner
  • Refinance up to $350K
View More Details
Visit Splash View Loan Disclosure

Splash Financial is a leader in student loan refinancing with new rates as low as 3.25% fixed APR which can save you tens of thousands of dollars over the life of your loans. No application or origination fees and no prepayment penalties. Splash Financial is in all 50 states and is intensely focused on customer service. Splash Financial is also one of the few companies that offers a great medical resident and fellow refinance product. You can check your rate with Splash in just minutes.

  • Low interest rates – especially for graduate students
  • No application or origination fees. No prepayment penalties.
  • Co-signer release program - you can apply for a cosigner release form your loan after 12 months of on-time payments
  • Specialty product for doctors in training with low monthly payment

Click here to see more of Splash's offerings and to see how you can save money.

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