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Student Loans New York: What You Need To Know

If you’re a student in New York, chances are you’re all too familiar with the student loan crisis. In fact, according to a recent study, New Yorkers have the second highest average student loan debt in the country. With the cost of tuition continuing to rise and the job market remaining competitive, many students are struggling to keep up with their loans. If you’re one of them, you’re not alone. Here’s what you need to know about student loans in New York.

Types of Student Loans in New York

There are two types of student loans available in New York: federal and private.

Federal student loans are offered by the government and can be used for any type of education-related expenses, including tuition, room and board, books, and other necessary supplies. These loans are typically need-based, meaning that your financial aid package will take into account your family’s income and assets when determining how much you’re eligible to receive. There are four main types of federal student loans:

Stafford Loans: Offered to both undergraduate and graduate students, Stafford Loans have a fixed interest rate and can be either subsidized (meaning the government pays the interest while you’re in school) or unsubsidized (meaning you’re responsible for the interest from the time the loan is disbursed).

PLUS Loans: PLUS Loans are available to graduate students and parents of dependent undergraduate students. They have a fixed interest rate and require borrowers to undergo a credit check; if approved, they can borrow up to the total cost of attendance minus any other financial aid received.

Perkins Loans: Perkins Loans are need-based loans available to undergraduate and graduate students with exceptional financial need. They have a fixed interest rate and offer generous repayment terms, making them an attractive option for borrowers who may have trouble qualifying for other types of loans.

Consolidation Loans: Consolidation Loans allow borrowers to combine all of their outstanding federal student loans into a single loan with one monthly payment. This

Interest Rates and Fees

Interest rates for student loans in New York are set by the state legislature and can change annually. For the 2019-2020 academic year, the interest rates for undergraduate students is 6.80%, while graduate students will pay 7.35%. In addition to interest, all borrowers will also be responsible for paying a loan origination fee of 1.00% of the total loan amount. This fee is deducted from the loan before it is disbursed to the borrower.

The above interest rates and fees are for loans that are not subsidized or backed by any government program. If you do qualify for a subsidized or government-backed loan, your interest rate may be lower. For example, federal Direct Subsidized Loans for undergraduate students have an interest rate of 4.53% for the 2019-2020 academic year.

Loan Forgiveness Programs

There are many different loan forgiveness programs available for students in New York. The most common program is the federal government’s Public Service Loan Forgiveness (PSLF) program. This program forgives the remaining balance on your Direct Loans after you have made 120 qualifying monthly payments while working full-time for a qualifying employer.

Other loan forgiveness programs include:

-The Teacher Loan Forgiveness Program which forgives up to $17,500 of your Direct or Stafford Loans if you teach full-time for five complete and consecutive academic years in a low-income elementary or secondary school or educational service agency.

-The Perkins Loan Cancellation and Discharge program which cancels a Perkins Loan after you have served in certain public service jobs or teaching positions, or if you become totally and permanently disabled.

-The Income-Based Repayment (IBR) Plan which caps your monthly student loan payment at an affordable percentage of your income and forgives any remaining balance on your Direct Loans after 25 years of qualifying payments. To qualify, your loans must have been disbursed on or after October 1, 2007.

If you are having trouble making your student loan payments, there are many resources available to help you. You can contact your loan servicer to discuss your options, including deferment or forbearance, which allow you to temporarily stop making payments on your loans. You can also explore consolidation of your loans, which may lower

How to Apply for a Student Loan in New York

There are a few things that you will need to do in order to apply for a student loan in New York. The first step is to complete the Free Application for Federal Student Aid (FAFSA). This form can be found on the website of the US Department of Education.

The second step is to select a lender. You can choose from federal or private lenders. Once you have selected a lender, you will need to fill out an application. The lender will then determine if you qualify for the loan and what the interest rate will be.

The third step is to sign the promissory note. This document states that you agree to repay the loan according to the terms agreed upon.

The fourth step is to begin making payments on your loan. You will typically have up to 10 years to repay your loan in full. Be sure to make your payments on time in order to avoid defaulting on your loan.


Student Loans New York is a great program that can help you pay for your education. If you are a resident of New York, you should definitely consider this program. It can help you save money on your tuition and make it easier to pay back your loans. Make sure to do your research and apply early so that you can get the most out of this great opportunity.


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