NY students may apply for Get On Your Feet program from December 31Staff writer ▼ | December 30, 2015
New York State will begin accepting applications for the new "Get On Your Feet" Loan Forgiveness Program on December 31.
Students Recipients will have a maximum of 24 payments
Studies have shown time and time again that helping students pay for college is critical to ensuring their success after graduation. Students who graduate with debt are less likely to start a small business or to purchase a home, and the consequences of defaulting on student loans can prevent a person from ever realizing their goals.
This program offers that help by supplementing the federal Pay As You Earn loan repayment program and allowing eligible college graduates living in New York State to pay nothing on their student loans for the first two years out of school.
To qualify, applicants must have earned an undergraduate degree from a college or university located in New York 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.
Already, more than 2,500 graduates from the class of 2015 have registered to apply for the program through the New York State Higher Education Services Corporation. Once fully implemented in 2020, more than 24,000 recent graduates are expected to participate. ■