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New York is a state that is known for the glitz and glamour of Broadway, the Catskill Mountains, and is home to numerous different academic institutions that are world renowned in their prowess. But, it is also the home to another great feature as well: loan forgiveness programs. New York student loan forgiveness programs offer an array of different opportunities to earn money back for educational debt relief. The following explains more about some of these programs. For more general information, check out our guide to student loan forgiveness!
Loan Forgiveness Program for Teachers in NYC
If a teacher in the public school system of New York City, you have a great opportunity to earn money back for your educational debt. Known as the New York City Loan Forgiveness Program, this financial award provides a varying amount of money to those that meet all of the criteria.
This criterion includes, but is not limited to, the following:
- Must complete six years in a designated school district
- Must have all applicable state teaching licenses necessary and be able to teach without restrictions
- Must be a permanent resident or US citizen
- Must meet all other criterion found here
Public Interest Loan Program
If earning up to four-thousand dollars a year toward loan debt is something that you are interested in, then, the Steven C. Krane Loan Assistance for the Public Interest Program. The SLAPI began in the early 2000s in order to attract and retain employees in the public service and government sectors, ultimately encouraging public service specifically for those new lawyers in the field. In order to be eligible for this program, applicants must have a Juris Doctorate from a qualifying institution of higher learning. They must also be accepted by the American Bar Association as well. Further, those that are interested in the program must make a five year commitment to work at an approved site for over thirty-four hours a week during this time. If you are interested in knowing all of the criteria or if interested in applying, click here for all of the details.
Albany Law School Loan Program
For those that have graduated from the Albany Law School, there is a loan repayment assistance program that awards up to thirty-thousand dollars to applicants over a three year period of time. The LRAP rewards those that are interested in pursuing a career in the legal profession in the area of public law or public service.
The qualifications include:
- Must have a law school debt that is, at minimum, fifty-thousand dollars
- Must be current on all educational loans and in good standing
- Must have a monthly minimum payment on said loans that is greater than ten percent of the AGI of the individual
- Must have attempted and tried all other assistance means without success
- Must meet all employment requirements, in both field and in hours worked
Law Loan Forgiveness
For those that are in the legal field, specifically as District Attorneys, Assistant District Attorneys or other Legal Services Attorneys within New York State, there is an opportunity for loan forgiveness. This award provides up to nearly twenty-one thousand in loan aid.
The qualifications and criterion include:
- Must be a resident of New York
- Must be a US citizen or non-citizen with eligibility requirements met
- Must be employed in a qualifying profession
- Must have outstanding student loan debt
- Must have worked for at least twelve months in profession
- Must meet all other application and eligibility requirements here
Social Worker Loan Forgiveness
The NYS Licensed Social Worker Loan Forgiveness Program offers individuals in the social work field an opportunity to earn monies toward student loan debt. Specifically, an individual can earn nearly thirty thousand dollars towards their loans. In order to receive the monies, a social worker in the state of New York must be licensed to work in critical areas of the field (all of the program details and eligibility requirements can be found here).
The basic requirements of eligibility include:
- Must be a legal US citizen or non-citizen, and a New York State resident for a minimum of twelve months
- Must be licensed and in good standing to work in the state of New York
- Must have an outstanding student loan
- Must provide proof of loan
- Must have worked in a qualifying field and providing service for at least one-year
- Must not be in default on student loans
Nursing Loan Program
The Nursing Faculty Loan Forgiveness Incentive Program offers up to forty-thousand dollars in aid to those who work in the nursing field. This award is given to faculty members and adjunct faculty members who are teachers in the field of nursing within the state of New York.
Those eligible to apply should hold a master’s or undergraduate degree in nursing and must also:
- Be a US citizen OR
- Be an eligible non-citizen
- Must be a resident of the state of New York for a minimum of twelve months
- Must have all the proper licenses and be in good standing with all boards and organizations that provide them
- Must have one year of eligible service
- Must have debt and student loans in good standing
- Must meet all other criteria found here
Farmers Loan Forgiveness Program
The state of New York has a program known as the Young Farmers Loan Forgiveness Incentive Program. This program is provided to—as the name suggests—young farmers who have obtained an undergraduate degree and are willing to make the commitment to run a farm in the state of New York. All those that agree to the terms must make the commitment for at least five years.
Those interested should meet all requirements including:
- Must be a legal resident of NY
- Must be a legal resident of the US OR
- Must be a legal non-citizen
- Must graduate from an approved college
- Must have student loans
- Must apply within two years of said graduation
- Must agree to work in the state for at least two years
- Must meet all criteria found here
Author: Jeff Gitlen