Hochul signs student loan forgiveness legislation for New York public servants
ALBANY — New York is making it easier for public servants to get relief from student loans.
Gov. Hochul signed a bill into law Thursday that expands student debt relief to include more teachers and school faculty and will simplify eligibility rules for a soon-to-expire federal loan forgiveness program.
The new law expands access to the Public Service Loan Forgiveness, a federal program that rewards and incentivizes public service work by allowing non-profit and government employees to have their federal student loans canceled after 10 years, or 120 payments.
The measure will streamline certain parts of the application process and clarifies what qualifies as full-time employment to include teachers and faculty who work 30 hours a week.
“We’ve removed bureaucratic barriers, making it easier for those who selflessly chose careers in public service to apply for relief before the limited PSLF Waiver Program ends in October,” sponsor Sen. Kevin Thomas (D-Nassau) said.
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