States are stepping up to help some of the most needed professionals get rid of that load because federal student loan forgiveness is hardly progressing.
This is particularly crucial in high-cost states that require certain individuals, such as teachers or medical professionals, but are being turned off by the relatively low pay and high costs.
New York is one of these states, and the New York State Higher Education Services Corporation (HESC) claims that it is providing assistance to certain of its employees in repaying their student debts.
You must reside in the state of New York and be a citizen of the United States in order to be eligible for these repayments. The deal might not be as good as some may believe because this reimbursement might be subject to taxes because it could be deemed income in some circumstances.
New York Student Loan Forgiveness
The program is now limited to the following fields:
Social workers with licenses
This program, which will assist licensed social workers working in crucial human care areas around the state, will begin accepting applications in July 2025. Among the prerequisites are:
- Have at least 35 hours per week of full-time experience working as a licensed social worker in a critical human services area during the calendar year before your application, and be a social worker professionally licensed to practice in New York state.
- Possess an unpaid balance on a student loan that qualifies
Only the loan will be refunded if the remaining loan amount is less than the $26,000 maximum award, which means that not all of the debt will be paid back under this program.
The payment will be made in four installments of $6,500 for each year of qualified service until the loan is paid off or the maximum amount is reached, rather than all at once.
Faculty members in nursing
Beginning in November 2024, applications will be available for this program. Some requirements are as follows:
- Being a registered nurse with a New York state license to practice, or being a member of the nursing faculty, adjunct clinical faculty, or staff at a New York-based nursing school
- Living in the state for 12 months straight before applying
The state will refund up to $40,000 in payments of $8,000 per year for a maximum of five years or until the qualified student loan is paid off.
District lawyers and lawyers for indigent legal services
Beginning in July 2025, individuals who have served as full-time district attorneys, assistant district attorneys, or indigent legal services attorneys in New York state for four to nine years are eligible to apply for this program.
Until the loan is paid back or the maximum amount is achieved, the maximum award of $20,400 will be paid out yearly in $3,400 increments for a maximum of six years.
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Workers in child welfare
Those who agree to work directly with a New York state-licensed child welfare agency for at least five years and who have resided in the state for at least 12 months before applying will be eligible to apply for this program starting in November 2024.
Those who qualify must have graduated no more than two years ago from a public institution or university. The maximum reward is $50,000, which can be paid over five years in $10,000 payments or until the debt is settled.
Teachers
Teachers who teach in districts that are difficult to staff or in subject areas where there is a shortage of teachers in the state may apply for this program starting in January 2025.
They must be a New York state certified teacher, work full-time in an elementary or secondary school in the state, and have lived in the state for 12 months straight before applying in order to be eligible.
The maximum award of $20,000 will be paid out over four years at a rate of $5,000 annually until the debt is settled or the maximum amount is reached.
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Farmers
New college graduates who want to work as farmers in New York state can apply for this program starting in November 2024. Applicants must be within the first ten years of running a full-time farm in New York State that produces an agricultural product and have earned an undergraduate degree from an authorized state institution or university.
Additionally, they have to commit to running a farm in New York state full-time for a minimum of five years. The maximum reward is $50,000, which can be paid over five years in $10,000 payments or until the debt is settled.
