She Strengthens

Breaking News for New York Grads: State Offers Lifeline for Student Loan Debt

Are you a recent graduate struggling to make ends meet in New York City? Do you feel like your student loan payments are suffocating you? Well, there’s hope on the horizon. The state of New York has launched an innovative program to help alleviate the burden of student loan debt.

The Get On Your Feet Program: A Game-Changer for New York Grads

The Get On Your Feet Loan Forgiveness Program is a brand new initiative that provides up to two years of student loan debt relief to eligible graduates living in New York State. To qualify, you must be enrolled in an income-based repayment plan, have graduated after December 2014, and earn less than $50,000 per year. You’ll also need to have lived in New York for at least 12 months, be a U.S. citizen or eligible non-citizen, and have earned an undergraduate degree from a New York State-based college or university.

How the Program Works

If your application is approved, you can receive up to two years of payments from New York State, equal to the amount of your monthly federal repayment plan payment. This is a significant step towards financial freedom, and it’s all part of Governor Cuomo’s 2015 Opportunity Agenda.

A Broader Commitment to Student Debt Relief

Governor Cuomo is committed to helping New York State students get out of debt faster. In addition to the Get On Your Feet Program, he plans to raise the minimum wage for New York State university workers to $15 per hour over the next few years. This is a significant increase from the $8.50 per hour that on-campus employees were earning just a few years ago.

What This Means for You

According to the governor’s office, 7,100 recent grads are expected to take advantage of the program this year, with 24,000 grads enrolled by 2020. If you live in New York State, graduated less than two years ago, and currently make less than $50,000 per year, you can apply for the Get On Your Feet Program now.

A Growing Trend in Student Debt Relief

While the Get On Your Feet Program is a groundbreaking initiative, it’s not the only effort underway to address student debt. Other states, including California, Connecticut, Maine, Minnesota, and North Dakota, are exploring refinancing programs to offer lower interest rates and reduce the total cost of loan repayment.

What’s Next?

While there’s still much work to be done to address the student debt crisis, programs like the Get On Your Feet Loan Forgiveness Program are a step in the right direction. If you’re struggling with student loan debt, take heart – there are people working to make a difference. And who knows? Maybe one day, your state will be offering similar programs to help you get back on your feet.