New York State Young Farmers Loan Forgiveness Incentive Program
An applicant must:
- be an NYS resident and have resided in NYS for 12 continuous months prior to applying for this Program;
- be a U.S. citizen or eligible non-citizen;
- obtain an undergraduate degree from an approved NYS college or university;
- have an outstanding balance on an eligible student loan debt(s) from obtaining such degree;
- apply for this Program within two years after college graduation;
- operate a farm in NYS on a full-time basis;
- execute a Service Contract agreeing to operate a farm in NYS on a full-time basis for at least five years;
- be in a non-default status on a student loan made under any NYS or federal education loan program or repayment of any NYS award; and
- be in compliance with the terms of any service condition imposed by an NYS award.
Eligible Student Loans
A successful applicant must have an outstanding balance on eligible student loan debt used to fund an undergraduate degree from an approved NYS college or university.
Eligible student loans include NYS or federal government loans, or private student loans made by commercial entities subject to governmental examination. This does not include Parent PLUS loans.
The maximum lifetime award under this Program is $50,000, or the applicant’s actual eligible student loan indebtedness at the time eligibility is established, whichever is less. Awards will be paid in annual disbursements up to $10,000, or the remaining loan indebtedness.
Note: Any loan forgiveness award payment received may have tax implications. A 1099 form will be issued by the NYS Office of the State Comptroller reflecting the total loan forgiveness payments received by the recipient for the year. Any questions regarding potential tax implications should be directed to a tax professional, the Internal Revenue Service, or the NYS Department of Taxation and Finance.
Loans That Qualify
- Stafford loans
- Graduate PLUS loans
- Consolidation loans
- New York state loans
- Private loans