Hochul announces initiative to give back to public servants and grants student loan forgiveness

WATERTOWN, New York (WWNY) — New York City officials now have expanded access to student loan forgiveness.

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

It is a federal program that rewards public servants by canceling part of their student loans.

To qualify, you must be active or have previously been employed for at least 30 hours per week by a government organization at any level, including the military, and any 501 tax-exempt nonprofit organization( c)(3 ).

Hochul says an average New Yorker can get $61,000 off the hook and this update only makes this 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 the government run smoothly, if you’re a healthcare worker who spent time in the depths of hell during this pandemic – that $61,000 is real money you can spend on that mortgage you’ve been dreaming of having. Or the monthly payments on a car, just basic necessities,” Hochul said.

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

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

About Veronica Richards

Check Also

Britain on the brink of car crisis as cost of new and used engines and interest on loans soar

Soaring prices for new and used engines, factory delays and rising interest rates on loans …