Almost nothing is more nerve-racking to recent post-secondary graduates with hefty student loans than the arrival of the dreaded letter from borrower agencies demanding payment. However, lucky graduates in New York will soon be able to acquire some financial relief with the arrival of a brand new student loan forgiveness program.
The program, called the “Get on Your Feet” initiative, offers up to two years of payment for those struggling with student loan debt. You are only legible for the program though if you are a resident of New York state that attended a college or university in state in December 2014 or later. Applicants must also have an adjusted gross income of less than $50,000 and be currently enrolled in an income-based repayment plan with the federal government.
The program does not apply to graduates with accumulated loans from private lenders; New York state will only cover the cost of monthly bills on federal bills. With statistics provided by the Institute for College Access and Success stating that 61 percent of New York graduates left school with tremendous student debt averaging $27,822, the program is certainly nothing to sneeze at!
“Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State,” said Governor Andrew Cuomo whose administration is responsible for the creation of the program.
The state has confirmed that 2,500 individuals from the graduating class of 2015 have already signed up to apply for the program. The governor’s office estimates that about 7,100 recent New York graduates will take advantage of the program this year alone.
The “Get on Your Feet” initiative went live on December 31, 2015 and interested candidates can apply online.