Who It’s For: New York residents who recently graduated from a New York State school , have enrolled in an appropriate income-driven repayment plan, and have an adjusted gross income of less than $50,000. You will not qualify if you have earned higher than a bachelor’s degree.
How to Apply: If the application period is open, there should be an “Apply now” link at the top of the program website.
What Loans Qualify: Any federal loan that can qualify for one of the income-driven payment plans that base payments on 10% of your discretionary income. This is includes the Pay As You Earn plan, the Revised Pay As You Earn plan, and the newer version of the income-based repayment plan.
How Much?: Monthly awards equal to the full amount of your monthly payment on the relevant income-driven plan. This can continue for up to 24 months.
Anything Else I Should Know?: If you aren’t sure whether your loan will qualify for one of the payment plans mentioned above, contact your servicer and speak with them directly. They can not only tell you which plans are available to you, they should also be able to help you determine what your payments would be if you switched to that plan.