Governor Kathy Hochul signed legislation this week making it easier to access student loan forgiveness for those who are public servants.
The new bill eliminates substantial barriers to applying for, and accessing, the Public Services Loan Forgiveness program.
That’s the program that allows full-time public servants to certify employment, and access loan forgiveness.
“If you spend your days working for the people of New York, you shouldn’t spend your nights worrying about how to pay us back,” said Gov. Hochul. “This legislation acknowledges the significant contributions of our public servants, first responders, educators, and more, by helping unlock federal loan forgiveness for countless members of New York’s workforce. “From the workers who ushered us through the pandemic to the everyday heroes who keep New York moving, public-sector and not-for-profit workers deserve to make the most of this benefit – but without headaches, delays, or confusion.”
The program requires borrowers to be a full-time employee of an eligible public service employer and make 120 payments toward their student loan.
After that the federal student loan is forgiven.
Currently, around 2.7 million people in New York work in public or nonprofit sectors.