Hochul announces initiative to give back to public servants, provides student loan forgiveness

Student loan forgiveness for public servants
Published: Sep. 18, 2022 at 3:39 PM EDT
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WATERTOWN, New York (WWNY) - Public servants in New York now have expanded access to student loan forgiveness.

Governor Kathy Hochul signed new legislation last week that now simplifies the Public Service Loan Forgiveness initiative statewide.

It’s a federal program that rewards public service workers by canceling a portion of their student loans.

To qualify, you would need to be active or previously employed for at least 30 hours a week by a government organization at any level, including the military, and any not-for-profit that is a tax-exempt 501(c)(3).

Hochul says an average New Yorker can have $61 thousand forgiven and this update only makes that life changing opportunity even more possible.

“So, if you’re teaching the next generations of our doers and thinkers, if you’re out there keeping our streets safe, if you’re serving in our military, you’re helping government run smoothly, if you’re a health care worker who spent time in the depths of hell during this pandemic - that $61,000, it is real money you can spend on the mortgage that you only dreamed about having. Or the monthly payments on a car, just basic necessities,” said Hochul.

New Yorkers working in public service with outstanding student loans may be eligible for forgiveness under this waiver even if they were previously denied.

Borrowers only have until October 31, 2022 to take advantage of this opportunity.