BUFFALO, N.Y. (WKBW) — Gov. Hochul signed legislation Thursday that expands access to the federal Public Service Loan Forgiveness program statewide.
The new legislation will establish uniformity on what qualifies as full-time employment for purposes of accessing the program. It also allows public service employers the opportunity to certify employment for workers, which eliminates barriers when applying for and accessing the forgiveness program.
The PSLF is a program that rewards and incentivizes public service work by canceling a portion of borrowers' student loans. The program requires borrowers to be a full-time public service employee and make 120 qualifying payments towards their student loans. When this is completed, the remainder of the student loan debt is forgiven.
"If you spend your days working for the people of New York, you shouldn't spend your nights worrying abouthow to pay us back," Hochul said. "This legislation acknowledges the significant contributions of our public servants, first responders, educators, and more, by helping unlock federal loan forgiveness for countless members of New York's workforce."
New Yorkers who work in public service have until Oct. 31, 2022, to take advantage of the PSLF waiver.
