Nursing Faculty Loan Forgiveness Incentive Program (New York)
An applicant must:
- be a legal resident of NYS and have resided in NYS for 12 continuous months prior to applying for this program;
- be a U.S. citizen or eligible non-citizen;
- be a registered nurse professionally licensed to practice in NYS;
- possess a master’s degree in nursing or a doctoral degree for qualification as nursing faculty or as adjunct clinical faculty;
- have prior clinical experience as a licensed registered nurse;
- have an outstanding balance on eligible student loan debt;
- have qualified service;
- employment as a nursing faculty member or as adjunct clinical faculty providing classroom or clinical instruction at a nursing school located in NYS for the equivalent of at least 12 credit hours during an annual period commencing July 1 and ending June 30
- 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 a nursing degree, disbursed on or after January 1, 2001.
Eligible student loans include NYS or federal government loans, or private student loans made by commercial entities subject to governmental examination. This does not, however, include Parent PLUS loans and Perkins Loans.
The maximum lifetime award under this Program is $40,000, paid in the amount of $8,000 for each annual period of qualified service completed, or the applicant’s actual eligible student loan indebtedness at the time eligibility is established, whichever is less.
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
- Grad PLUS loans
- Consolidation loans
- NY student loans
- Private student loans