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
  • 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.

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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
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  • Specialty product for doctors in training with low monthly payment

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

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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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Click here to apply with Earnest and to see how much you can save.

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

  • APR: 1.99% - 6.20%
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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.

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  • National reach - Online lender that is available in all 50 US states, the District of Columbia and Puerto Rico.
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#4 View More Details

Credible is an online marketplace that provides borrowers with competitive, personalized loan offers from multiple, vetted lenders in real time.

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Visit Credible View Loan Disclosure

Credible is a multi-lender marketplace that empowers consumers to discover student loan refinancing options that are the best fit for their unique circumstances. Our integrations with leading lenders and credit bureaus allow consumers to quickly compare accurate, personalized loan options ― without putting their personal information at risk or affecting their credit score. The Credible marketplace provides an unrivaled customer experience, as reflected by over 2,000 positive Trustpilot reviews and a TrustScore of 9.5/10. Credible is headquartered in San Francisco, California.

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

  • APR: 1.99% - 5.79%
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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.

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  • Unemployment protections - If you lose your job or decide to go back to school, you can delay your payments for up to 24 months.
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  • 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

Works with 300+ community lenders for higher approval chances

  • APR: 1.99% - 8.77%
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Visit LendKey View Loan Disclosure

Connecting student borrowers to a network of over 300 community lenders with low interest rates. 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

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#7 View More Details

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

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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.

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

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Attractive Bonus and Referral Programs:

  • Education Loan Finance Referral Program**: Earn $400 for each new Education Loan Finance Client referred by you!

I reduced my student loan payment by $152 per month, by refinancing thru Nitro

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