Through the New York State Young Farmers Loan Forgiveness Incentive Program is offered to encourage recent college graduates to pursue careers in farming in NYS. This Program provides loan forgiveness awards to individuals who obtain an undergraduate degree from an approved NYS college or university and agree to operate a farm in NYS, on a full-time basis, for five years. Read on to see eligibility requirements, award amounts, and the application process for the New York State Young Farmers Loan Forgiveness Incentive Program.
In order to be eligible for the New York State Nursing Faculty Loan Forgiveness Incentive Program, you will need to meet all of the following:
- Be a 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
- Be in compliance with the terms of any service condition imposed by an NYS award
For a further breakdown, head over to the following program page.
What is the award amount?
Through the New York State Young Farmers Loan Forgiveness Incentive Program, applicants may be able to receive up to $50,000 towards their student loans. Awards will be paid in annual disbursements up to $10,000, or the remaining loan indebtedness. Any additional payments made to reduce the outstanding balance may cause a reduction in the total amount of the award.
What loans are eligible?
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.
Parent PLUS loans are not eligible.
Ineligible loans also include non-educational student loan consolidations and home equity loans used to pay off student loans.
How to and when to apply?
The deadline for filing an application for the NYS Young Farmers Loan Forgiveness Incentive Program has passed.
The application for 2019 will be available in Fall 2019.
Please contact the HESC Scholarship Unit at [email protected] or 888-697-4372 with questions regarding this Program.
For a full program breakdown or any additional program questions, please go to the official program page.