Eligible Student Loans for the Get on Your Feet Loan Forgiveness Program
Student loans eligible for the federal, Revised Pay As You Earn (REPAYE), Pay as You Earn (PAYE) plan and Income Based Repayment (IBR) plan – required for eligibility for the NYS Get on Your Feet Loan Forgiveness Program – are:
Loan Type | REPAYE Plan | PAYE Plan 1 | IBR Plan 2 |
|---|---|---|---|
| Direct Subsidized Loans | Eligible | Eligible | Eligible |
| Direct Unsubsidized Loans | Eligible | Eligible | Eligible |
| Direct PLUS Loans made to graduate or professional students | Eligible | Eligible | Eligible |
| Direct PLUS Loans made to parents | Not eligible | Not eligible | Not eligible |
| Direct Consolidation Loans that did not repay any PLUS Loans made to parents | Eligible | Eligible | Eligible |
| Direct Consolidation Loans that repaid PLUS Loans made to parents | Not eligible | Not eligible | Not eligible |
| Subsidized Federal Stafford Loans (from the FFEL program) | Eligible if consolidated* | Eligible if consolidated* | Eligible if consolidated* |
| Unsubsidized Federal Stafford Loans (from the FFEL program) | Eligible if consolidated* | Eligible if consolidated* | Eligible if consolidated* |
| FFEL PLUS Loans made to graduate or professional students | Eligible if consolidated* | Eligible if consolidated* | Eligible if consolidated* |
| FFEL PLUS Loans made to parents | Not eligible | Not eligible | Not eligible |
| FFEL Consolidation Loans that did not repay any PLUS Loans made to parents | Eligible if consolidated* | Eligible if consolidated* | Eligible if consolidated* |
| FFEL Consolidation Loans that repaid PLUS Loans made to parents | Not eligible | Not eligible | Not eligible |
| Federal Perkins Loans | Eligible if consolidated* | Eligible if consolidated* | Eligible if consolidated* |
| Health Education Assistance Loan (HEAL) Program Loans or other health education loans | Not eligible | Not eligible | Not eligible |
| Private Loans | Not eligible | Not eligible | Not eligible |
1 Must be considered a “new borrower” for the PAYE plan. You are a new borrower for the PAYE plan if you:
- have no outstanding balance on a Direct Loan or FFEL Program loan as of October 1, 2007 or have no outstanding balance on a Direct Loan or FFEL Program loan when you obtain a new loan on or after October 1, 2007, and
- receive a disbursement of a Direct Subsidized Loan, Direct Unsubsidized Loan, or a Direct PLUS Loan made to a student borrower on or after October 1, 2011, or you receive a Direct Consolidation Loan based on an application received on or after October 1, 2011.
2 Must be considered a “new borrower” for the IBR plan, monthly payments that are generally equal to 10% of your discretionary income. You are a new borrower for the IBR plan if you have:
- no outstanding balance on a Direct Loan or FFEL Program loan as of July 1, 2014 or
- no outstanding balance on a Direct Loan or FFEL Program loan when you obtain a new loan on or after July 1, 2014.
*If a loan type is listed as “Eligible if consolidated,” this means that if you consolidate that loan type into a Direct Consolidation Loan, you can then repay the consolidation loan under the income-driven plan.
Loans in default are not eligible.
Learn more about student loans eligible for the REPAYE, PAYE and IBR plans.