Young Farmers Loan Forgiveness Incentive Program

Recent college graduates who pursue career in farming in New York State

  • Obtain an undergraduate degree from an approved NYS college or university

  • Be within the first ten years of operating a farm, on a full-time basis in New York State, that produces an agricultural product

  • Outstanding balance on an eligible student loan debt(s) from obtaining such degree

  • Obtain an undergraduate degree from an approved NYS college or university

  • Agreeing to operate a farm in NYS on a full time basis for at least five years.

The deadline for the Young Farmers Loan Forgiveness Incentive Program has passed.

AMOUNT

$10,000

The maximum lifetime award under this Program is $50,000, or the applicant’s actual eligible student loan indebtedness at the time eligibility is established, whichever is less. 

Awards will be paid in annual disbursements up to $10,000, or the remaining loan indebtedness.

Any additional payments made to reduce the outstanding balance may cause a reduction in the total amount of the award.

Amount determined by
  • The number of awards paid under this Program is limited to available funding.
  • Priority is given to prior recipients seeking payment. 
    • Second priority is given to applicants who are economically disadvantaged with a priority given to those applicants completing the second, third, fourth or fifth year of full-time farm operation.
Frequency

Annual

Duration

Up to five years.

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..

To receive the Scholarship, you must meet the following residency requirements: 

  • You are a U.S. citizen or eligible noncitizen.
  • You are a legal resident of New York State and have resided in New York State for 12 continuous months.

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

Eligible Student Loans

A successful applicant must have an outstanding balance on eligible student loan debt used to fund an undergraduate degree from an approved NYS college or university.

Eligible student loans include NYS or federal government loans, or private student loans made by commercial entities subject to governmental examination.

Parent PLUS loans and private loans given by family or personal acquaintances; student loan debt paid by credit card are not eligible loans.  

Ineligible loans also include non-educational student loan consolidations and home equity loans used to pay off student loans.

 

  • Operate a farm in NYS on a full time basis .
  • Within the first ten years of operating a farm, on a full-time basis in New York State, that produces an agricultural product.
  • Agreeing to operate a farm in NYS on a full time basis for at least five years.

There is no income requirement or limit.

Financial Status

To receive the loan forgiveness, you must:

  • 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, and;
  • Be in compliance with the terms of the service condition(s) imposed by any NYS award that you have previously received.

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