Get on Your Feet Loan Forgiveness Program

Recent NYS college graduates who are participating in a federal income-driven repayment plan

  • Be enrolled in the federal Income Based Repayment plan at 10% of discretionary income, the Pay as You Earn plan, or the Revised Pay as You Earn plan.

  • Have an adjusted gross income of less than $50,000.

  • Graduated from a High School located in New York State or received an equivalency diploma from an approved program.

  • Have earned no higher than a bachelor’s degree from a college or university headquartered in new York State at the time of application.

  • Apply for this program within two years of receiving an undergraduate degree.

  • Have a primary work location in NYS, if employed.

Deadline

Amount

100% of the monthly federal income-driven repayment plan payments for twenty-four months of repayment under the federal program.

FREQUENCY

Annual

Award is granted on an annual basis.

DURATION

Up to 24 months.

Any loan forgiveness award payments received may have tax implications. A 1099 form will be issued by the NYS Office of the State Comptroller reflecting the total loan forgiveness payment assistance received by the recipient for the year. Any questions regarding potential tax implications should be directed to a tax professional, the Internal Revenue Service, or the NYS Department of Taxation and Finance.

Undocumented and other immigrant students: before submitting your application material, apply for eligibility under the NYS DREAM Act.

You can receive loan if you meet the following residency requirements: 

  • You must be a U.S. citizen or eligible noncitizen.
  • You must be a legal resident of New York State who has resided in New York State for 12 continuous months.
  • Graduated from High School located in New York or received GED.
  • Graduated from a college or university located in New York.

Not a citizen or eligible noncitizen? Learn more about NYS DREAM Act application

Eligible Student Loans

Eligible student loans include federal loans in the federal Income Based Repayment plan at 10% of discretionary income, the Pay as You Earn plan, and the Revised Pay as You Earn plan.

If you have multiple federal loans, you may have multiple loan servicers.  If you are unsure about your loan information, visit the U.S. Department of Education’s National Student Loan Data Systems (NSLDS) for details about your federal student loans and servicers.

Loan payment duration requirements include:

A recipient receives a maximum of 24 payments equal to the amount of the monthly federal repayment plan payment, provided the recipient continues to meet the Program’s eligibility requirements.

Note: Any loan forgiveness award payment made on your behalf may have tax implications. Recipients will receive a 1099 form, issued by the NYS Office of the State Comptroller, reflecting the total loan forgiveness payments made for the tax year. Any questions regarding potential tax implications should be directed to a tax professional, the Internal Revenue Service, or the NYS Department of Taxation and Finance.

Income & Financial Requirements

  • Have an adjusted gross income of less than $50,000.

Financial Status

To receive the loan forgiveness, you must:

  • Be enrolled in the federal Income Based Repayment plan at 10% discretionary income, the Pay as You Earn plan, or the Revised Pay as You Earn plan.
  • Be in good standing (a non-default status) on a student loan made under any NYS or federal education loan program or on the repayment of any NYS award.
  • Be in compliance with the terms of the service condition(s) imposed by any NYS award that you have previously received.

  • Enrolled in the federal Income Based Repayment plan at 10% of discretionary income, the Pay as You Earn plan, or the Revised Pay as You Earn plan.
  • Have an outstanding balance on an eligible student loan debt.

  • Have graduated from a NYS high school or received a NYS high school equivalency diploma.
  • Have earned an undergraduate degree from a college or university located in NYS in or after December 2014.

Have a primary work location in NYS, if employed.

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