Cover photo for New York Young Farmers Loan Forgiveness Incentive Program

New York Young Farmers Loan Forgiveness Incentive Program

New York Higher Education Services Corporation


The NYS 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.


Eligibility

An applicant must:

  • 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; and

  • be in compliance with the terms of any service condition imposed by a 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.

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.


Terms

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. Any additional payments made to reduce the outstanding balance may cause a reduction in the total amount of the award.

Payments are available for up to five years.

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.


Application Instructions

Contact scholarships@hesc.ny.gov to ask for the application documents and begin the process.

Support

Resources



Details

Financial Instrument

Grant

Maximum Award Amount

$10,000


Updated December 31, 2022

Image Credit: Steven Weeks

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