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.
If you're a New York resident, one of these programs may work for you.
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.
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.
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):
For social workers licensed and practicing in New York state, this program offers relief for people working in the following fields:
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.
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.
The Get on Your Feet Loan Forgiveness Program allows college graduates to have their federal income-based repayment plan commitment covered for two years.
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.
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.
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.
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:
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.
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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