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.
Works with 275+ not-for-profit community lenders for higher approval chances
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.
Offers unemployment protection and career/coaching/networking
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.
For every loan they fund, they contribute to the education of a child in need
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.
Get a personalized review of your refinancing options with CommonBond today.
Earnest empowers people with the financial captial they need to live better lives.
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.
Click here to apply with Earnest and to see how much you can save.
Operates in all 50 states; 2nd largest student loan refinancing lender
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.
Special offers for medical resident and fellow refinance products
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.
Click here to see more of Splash's offerings and to see how you can save money.