Borrowers in New York eligible for student loan forgiveness up to 24 months; must meet requirements.
The Get On Your Feet Loan Forgiveness Program, rolled out in 2015, is meant to provide relief for student loan borrowers in New York state. The program is available to legal residents of New York who have lived in the state for 12 consecutive months or more and graduated from a New York high school or have received a New York state high school equivalency diploma. They must have also attended a college or university in the state and earned their undergraduate degree in or after December 2014. To qualify, borrowers must be enrolled in an income-driven repayment plan, such as the Pay as You Earn (PAYE) plan, the Revised Pay As You Earn (REPAYE) plan or the Income Based Repayment (IBR) plan. The program excludes those who have an adjusted gross income of more than $50,000 a year.
The Get On Your Feet Loan Forgiveness Program may cover up to 24 months of student loan payments. The state makes the payments directly to the student loan servicer. It is important to note that the loan forgiveness could have tax implications. Recipients will get a 1099 form from the state and should contact a tax professional, the IRS or the New York State Department of Taxation and Finance for more information.
If you believe you qualify for the program, it is a good idea to request the relief now because of the requirement that you apply within two years of graduation. Applications will be reviewed for eligibility once federal student payments restart, or by the end of August, whichever comes sooner. New York has a list of other state and federal student loan forgiveness programs for those who do not qualify for this program.
The Get On Your Feet Loan Forgiveness Program is an important option for student loan borrowers in New York state to consider for relief. It is available to legal residents of New York who have lived in the state for 12 consecutive months or more, attended a college or university in the state and earned their undergraduate degree in or after December 2014, and are enrolled in an income-driven repayment plan. The program may cover up to 24 months of student loan payments, with the state making the payments directly to the student loan servicer. It is important to note that the loan forgiveness could have tax implications, and recipients should contact a tax professional for more information. If you believe you qualify, it is a good idea to request the relief now.
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