New York Student Loan Forgiveness Programs
New York has multiple student loan forgiveness programs that are specific to just the State of New York.
However, residents of the State of New York can also potentially qualify for various Federal student loan forgiveness programs.
You can find a great list of Federal student loan forgiveness programs here: Top Student Loan Forgiveness Programs.
If you have private student loans, it might make more sense to refinance your loans and see if you can get a lower interest rate and payment. We recommend Credible for student loan refinancing because you can find out in 2 minutes or less if it's worth it. Try out Credible here. You can get a $200 bonus if you refinance with Credible.
If you're not quite sure where to start or what to do, consider hiring a CFA to help you with your student loans. We recommend The Student Loan Planner to help you put together a solid financial plan for your student loan debt. Check out The Student Loan Planner here.
New York Loan Forgiveness Programs
Program: District Attorney and Indigent Legal Services Attorney Loan Forgiveness Program
§ Must be legal residents of New York State;
§ Must be a U.S. citizen or an eligible non-citizen;
§ Must be employed as a District Attorney, Assistant District Attorney, or Indigent Legal Services Attorney in New York State for at least four years, but no more than nine years ("eligible attorney");
§ Must have an outstanding balance on an eligible student loan debt;
§ Must have a year of qualified service.
§ Must not be in default on a student loan made under any NYS or federal education loan program or repayment of any NYS award; and
§ Must be in compliance with the terms of any service condition imposed by a NYS award.
Program: NYS Licensed Social Worker Loan Forgiveness Program
- Amount: Up to $26,000
- Description: The NYS Licensed Social Worker Loan Forgiveness Program is being offered to increase the number of licensed social workers working in critical human service areas including but not limited to the following fields; home care, health, mental health, substance abuse, aging, HIV/AIDS and child welfare or communities with multilingual needs.
- Requirements:
§ Must be legal residents of New York State for at least one year;
§ Must be U.S. citizens or eligible noncitizens;
§ Must be social workers professionally licensed to practice in New York State;
§ have an outstanding balance on an eligible student loan debt;
§ Must have a year of qualified service.
§ Must not be in default on a student loan made under any NYS or federal education loan program or repayment of any NYS award; and
§ Must be in compliance with the terms of any service condition imposed by a NYS award.
- Program Information: http://www.hesc.ny.gov/repay-your-loans/repayment-options-assistance/loan-forgiveness-cancellation-and-discharge/nys-licensed-social-worker-loan-forgiveness-program.html
Program: Nursing Faculty Loan Forgiveness Incentive Program
- Amount: Up to $40,000
- Description: The Nursing Faculty Loan Forgiveness Incentive Program is offered to increase the number of nursing faculty members and adjunct clinical faculty teaching in the field of nursing in New York State. Awards are made annually to licensed registered nurses holding graduate degrees and who have taught in the field of nursing.
- Requirements:
§ Must be legal residents of New York State for at least one year;
§ Must be U.S. citizens or eligible noncitizens;
§ Must be registered nurses professionally licensed to practice in New York State;
§ Must possess a master’s degree in nursing or a doctoral degree qualifying them as nursing faculty or as adjunct clinical faculty;
§ Must have prior clinical experience as a licensed registered nurse;
§ have an outstanding balance on an eligible student loan debt;
§ Must have a year of qualified service.
§ Must not be in default on a student loan made under any NYS or federal education loan program or repayment of any NYS award; and
§ Must be in compliance with the terms of any service condition imposed by a NYS award.
- Program Information: http://www.hesc.ny.gov/repay-your-loans/repayment-options-assistance/loan-forgiveness-cancellation-and-discharge/nursing-faculty-loan-forgiveness-incentive-program.html
Program: New York State Young Farmers Loan Forgiveness Incentive Program
- Amount: Up to $50,000
- Description: The New York State Young Farmers Loan Forgiveness Incentive Program is offered to encourage recent college graduates to pursue careers in farming in New York State. This program provides loan forgiveness awards to individuals who obtain an undergraduate degree from an approved New York State college or university and agree to operate a farm in New York State, on a full-time basis, for five years.
- Requirements:
§ be legal residents of New York State;
§ be U.S. citizens or eligible noncitizens;
§ obtain an undergraduate degree from an approved NYS college or university;
§ have an outstanding balance on an eligible student loan debt(s);
§ apply for this Program within two years after graduation;
§ operate a farm in NYS on a full time basis;
§ execute a service contract agreeing to operate a farm in New York State on a full time basis for at least five years;
§ not be in default on a student loan made under any NYS or federal education loan program or repayment of any NYS award;
§ and be in compliance with the terms of any service condition imposed by a NYS award.
- Program Information: http://www.hesc.ny.gov/pay-for-college/financial-aid/types-of-financial-aid/nys-grants-scholarships-awards/new-york-state-young-farmers-loan-forgiveness-incentive-program.html
Program: Regents Physician Loan Forgiveness Award Program
- Amount: Up to $10,000 per year, for 2 years
- Description: The purpose of the Regents Physician Loan Forgiveness Award Program is to increase the number of physicians practicing in areas of New York State designated by the New York State Board of Regents as having a shortage of physicians. Emphasis is placed on primary care.
- Requirements:
§ Applicants must be licensed to practice medicine in New York State.
§ Applicants must have completed a professional residency program within the five years immediately preceding the period for which the first award would be granted or will complete training in 2013 in an accredited residency program in family practice, pediatrics, internal medicine, emergency medicine or obstetrics. Psychiatry is also considered primary care in certain State facilities.
§ Applicants must be residents of New York State.
§ Applicants must also be US citizens, legal residents, or legal refugees
- Program Information: http://www.highered.nysed.gov/kiap/scholarships/rplfap.htm
Program: Albany Law School Loan Repayment Assistance Program
- Amount: Up to $10,000 per year, for 3 years
- Description: The LRAP is a forgivable loan program designed to help alleviate the financial burden of student loans on graduates who wish to pursue careers in public interest law.
- Requirements:
§ have graduated from Albany Law School on or after May 2012
§ have secured full-time employment (at least 35 hours per week) in a qualified
§ public interest law-related position (as defined below)
§ must have countable assets which are both less than the unpaid balance of the
§ applicant’s law school educational loans and less than $10,000 after the allowable
§ asset deduction (set forth below)
§ must have total projected annual adjusted gross income as defined below
§ must have a principal law school loan balance of at least $50,000
§ In addition, only graduates whose yearly loan repayments exceed 10% of their adjusted annual gross income minus deductions shall qualify.
§ Must have exhausted other means of assistance
§ Must not be in default on any educational loans
Program: Physician Loan Repayment - Qualified Educational Loan Repayment
- Amount: Up to $150,000
- Description: Physician Loan Repayment provides up to $150,000 in funding over a five-year period for physicians who commit to a five-year service obligation in an underserved region.
- Requirements:
§ A U.S. citizen or permanent resident alien holding an I-155 or I-551 card;
§ Licensed to practice in New York State by the time the service obligation begins;
§ Not currently working in, or serving, an underserved area in New York State where the current service to the underserved area began prior to July 1, 2010;
§ Not fulfilling an obligation under any state or federal loan repayment program where the obligation periods of the state or federal loan repayment program would overlap or coincide with the DANY obligation period, including any current DANY obligation;
§ Not a past recipient of DANY Physician Practice Support or Physician Loan Repayment funding
§ In good standing with the Department's Office of Professional Medical Conduct
§ Not in the employ of a federally-operated facility.
- Program Information: http://www.health.ny.gov/professionals/doctors/graduate_medical_education/doctors_across_ny/
Program: New York City Loan Forgiveness Program
- Amount: Varies
- Description: The Loan Forgiveness Program offers New York State certified classroom teachers and school-based pedagogic clinicians working in specified shortage areas and bilingual education the opportunity to have student loans repaid. Applicants must complete 6 years of service in a NYC public school within an assigned area of shortage.
- Requirements:
§ Possession of an appropriate New York State initial or provisional certificate corresponding to one of the above shortage areas.
§ Bilingual areas require possession of a bilingual extension to the certificate. If the applicant has not yet received the actual certificate or extension, an official letter from the college/university indicating that they have satisfactorily completed a state approved education program.
§ Proof of U.S. Citizenship or Permanent Residency.
- Program Information: http://www.teachnycprograms.net/getpage.php?page_id=79
Program: Steven C. Krane Loan Assistance for the Public Interest Program
- Amount: Up to $4,000 yearly
- Description: SLAPI was created in the summer of 2001 to review the impact of law school indebtedness on the ability of government and public service employers to attract qualified attorneys to undertake careers in public service, and to develop a plan to assist new attorneys in pursuing public service careers by reducing indebtedness. SLAPI has a two-fold focus: to continue to provide financial assistance to mid-level government and public interest attorneys burdened with large educational debt (who are less likely to qualify for federal loan repayment assistance), and to help educate attorneys and employers on the developments in the loan repayment assistance landscape.
- Requirements:
§ An applicant must have earned a J.D. from an ABA-accredited law school, be admitted to the New York State bar, practicing public interest or government law for at least five (5) years and be a member in good standing.
§ Must be employed at least 35 hours per week at a qualified work site
§ Must have qualifying loans
§ Must meet income guidelines
- Program Information: http://www.nysba.org/slapi/
Return to Student Loan Forgiveness Programs by State.