NEW YORK (PIX11) – With student loan collections set to restart on May 5 and more than half New York college graduates in debt, New York State offers some loan forgiveness options for residents.
According to the Institute for College Access and Success , about 54 percent of New York graduates have student loan debt, with an average load of $30,951 in 2019-20.
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The state currently offers seven loan forgiveness programs, three of which are currently accepting applications and others with application windows opening soon.
Get on Your Feet Loan Forgiveness Program
You might be eligible for this loan forgiveness program if you graduated from a college or university headquartered in New York State within the last two years and have enrolled in a federal Income Based Repayment plan.
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Potential applicants for this plan should be paying 10% of their discretionary income and have an adjusted gross income of less than $50,000. Additionally applicants should have graduated from a high school located in New York State or received an equivalent diploma from an approved program.
Those interested in this program should apply within two years of receiving an undergraduate degree and should have a primary work location in New York State, if employed…