In an effort to help ease the burden of student loan debt on its residents, New York has started accepting student loan forgiveness applications from borrowers who attended college in the state this past year.
Governor Andrew Cuomo announced the state’s “Get On Your Feet” loan forgiveness program, which allows for up to 24 months of student loan debt relief to recent college graduates. The Get On Your Feet program supplements the federal Pay As You Earn repayment program, and allows college graduates living in New York to pay nothing on their student loans the first two years out of school. The program even goes a step further by paying its residents’ student loans for a maximum of 24 payments, equal to their monthly student loan payment amount.
“With this program, we are telling recent graduates: if you invest in New York’s future, we will invest in yours,” Cuomo stated. Helping students pay for college is critical to ensuring their future success. Students struggling with student loan debt are less likely to start a small business or buy a home, and the consequences of defaulting on these loans can be devastating.
To qualify, applicants must have earned their degree from a college or university in New York no earlier than December 2014, have an adjusted gross income of less than $50,000 a year, and be enrolled in the Federal Income Based Repayment plan, Pay As You Earn.
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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade & Garcia, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.