New student loan forgiveness program unveiled in New York State

NEW YORK (WABC) -- New York Governor Andrew Cuomo announced that the state will begin accepting applications for its new student loan forgiveness program.

The "Get On Your Feet" program offers up to two years of federal student loan debt relief to recent college graduates living in the state.

Applications will begin being accepted on December 31.

"Ensuring students are able pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State," Governor Cuomo said. "With this program, we are telling recent graduates: if you invest in New York's future, we will invest in yours."

Cuomo pointed to studies that show 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.

The 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.

To learn more or apply, visit hesc.ny.gov/GetOnYourFeet