New York maintains its own student loan forgiveness plan amid legal disputes over Biden's
New York's 'Get On Your Feet' loan forgiveness program, launched in 2015, provides an alternative to the Biden administration’s plans for Federal student loan forgiveness.
Campus Reform has previously reported on the controversies, both legal and moral, that have surrounded the concept of student loan forgiveness.
New York State’s “Get On Your Feet” loan forgiveness program, launched in 2015, provides an alternative to the Biden administration’s currently-stalled plans for Federal student loan forgiveness.
The program allows certain residents to be eligible for federal student loan debt relief on up to 24 months of payments regardless of the outcome of the Supreme Court’s decision later this year on the Biden-Harris administration’s loan forgiveness plan.
[RELATED: Conservatives plan to sue Biden over student loan plan]
Higher education expert Mark Kantrowitz reported to CNBC that there are approximately 2.5 million New Yorkers with federal student debt, owing almost $100 billion as a collective.
Despite the promise of free money, the program is not available to everyone, as there are specific qualifications for debt forgiveness.
First, relief is only available to residents of the state of New York who have lived in the state for 12 consecutive months or more. In addition, one must be employed in the Empire State if you are employed and can apply no later than 2 years after graduation.
Borrowers must also be enrolled in an income-driven repayment plan, where payments are broadly capped at 10% of their discretionary income.
The program additionally excludes those who have an annual adjusted gross income that is greater than $50,000.
[RELATED: Biden’s loan forgiveness program is an ‘unconstitutional exercise,’ federal judge rules]
Campus Reform has previously reported on the controversies, both legal and moral, that have surrounded the concept of student loan forgiveness.
In November of 2022, judge Mark Pittman blocked the enactment of the Biden admin’s loan forgiveness program on the grounds that it “unconstitutionally exercises ‘legislative powers’ vested in Congress.”
Campus Reform Correspondent Emily Fowler has also recently asked in an op-ed, “Why should citizens who are responsible with money be punished by having to pay off someone else’s debt?”
Campus Reform contacted the New York Higher Education Services Corporation for comment but received no response.
