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 NYS Young Farmers Loan Forgiveness Incentive Program Application will be used to establish an applicant’s eligibility as well as to process the first award payment.
In subsequent years, a recipient must submit a Payment Application and verification of farm operation for which payment is sought under this Program by the deadlines set by HESC. Payment Applications are provided annually to recipients in October.
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.
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..