Cuomo announces student loan forgiveness program for New York state

New York state began accepting applications on Dec. 31 for a new loan forgiveness program that will relieve student debt for recent college graduates living in the state, according to a press release from New York state Gov. Andrew Cuomo.

The “Get On Your Feet,” program announced by Cuomo will offer up to 24 months of relief from student loans, according to the release.

“Ensuring students are able (to) pay for college and not saddled with debt is critical for both their individual success and the continued economic growth of New York State,” Cuomo said in the release.

The release also stated that the program will allow eligible graduates to pay nothing on their student loans for those first two years. It will supplement the “Pay As You Earn,” program, a federal loan repayment program that allows graduates to limit their monthly payments to 10 percent of their disposable income. The program also forgives remaining debt after 20 years.

To qualify for the “Get On Your Feet” program, applicants must have graduated from a college or university in New York state in or after December 2014 in addition to having an adjusted gross income of less than $50,000 and being enrolled in the Pay as You Earn Plan or the Income Based Repayment Plan — another federal program — according to the release.