Governor Cuomo Proposes Loan Forgiveness Plan For College Students

January 18, 2015

Governor Andrew Cuomo introduced what he’s calling the “The Get on Your Feet Loan Forgiveness Program,” a proposal the governor says is designed to help eligible New York State residents who graduate from college and continue to live in the state to pay nothing on their student loans for the first two years out of school.

The governor noted that this will supplement the federal Pay As You Earn (PAYE) income-based loan repayment program, in New York State.

To be eligible for the Governor’s proposal, a student must:

1. Attend college in New York and continue to live in the state following graduation;
2. Participate in the federal PAYE program; and
3. Earn less than $50,000 annually.