Gov. Cuomo announced last week that the state will begin accepting applications tomorrow for the new ‘Get on Your Feet’ Loan Forgiveness Program, which offers up to 24 months of federal student loan debt relief to recent college graduates living in the state.
Qualified applicants must have earned an undergraduate degree from a college or university located in the state in or after December 2014, have an adjusted gross income of less than $50,000, and be enrolled in the federal Income Based Repayment plan or Pay as You Earn plan. Recipients will have a maximum of 24 payments, equal to their monthly student loan repayment amount, paid on their behalf. Applications are accepted year round. Once fully implemented in 2020, more than 24,000 recent graduates are expected to participate.
Gov. Cuomo said:
“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. With this program, we are telling recent graduates: if you invest in New York’s future, we will invest in yours.”
More information on the program is available here.