New York State Get on Your Feet Loan Forgiveness Program

The New York State Get on Your Feet Loan Forgiveness Program was enacted in the SFY 2015-16 Enacted State Budget. The program provides up to 24 months of federal student loan debt relief to recent New York State college graduates who are participating in a federal income-driven repayment plan whose payments are generally capped at 10 percent of their discretionary income. Click here for more information.

KEY POINTS

  • Eligible applicants must be New York state residents, have graduted from a New York State high school or received a high school equivalency diploma and earned an undergraduate degree from a college or university located in New York State in or after the 2014-15 academic year.
  • To be eligible, you must have an adjusted gross income of less than $50,000.
  • You must be enrolled in the federal Income Based Repayment plan or Pay as You Earn plan and have a primate work location in New York State.
  • You must apply for this program within two years or receiving an undergraduate degree.

BUDGET

2015-16: $5 million

2016-17: $18.90 million