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Information for Graduating Students

SUNY Canton students on average have approximately $18,500 in student loan debt.

We advise graduating students to review and complete the worksheets in the guidebook listed below during their final semester at SUNY Canton. We also recommend you create your online account for your Federal Direct Loan Servicer if you have not already done so. If you have any confusion on this information please try to attend one of our presentations or contact the One Hop Shop for assistance. If needed we can schedule an appointment for you to come in and meet one-on-one with a Financial Aid Advisor to review your loan history.

After graduation you will need to complete your required exit counseling. Student loans have a grace period (typically 6 months) before you are required to make payments. Be sure your loan servicer has your correct contact information. You are still required to repay your loan even if you do not receive a bill in the mail.

Complete the Following

• Exit Counseling - Federal Direct Loans
  Any student who borrowed a Federal Direct Loan while in attendance at SUNY Canton is required to complete an Exit Counseling session at studentaid.gov. | Step-by-Step Tutorial
  
  
• Exit Counseling - Federal Perkins Loans
  Any student who borrowed a Federal Perkins Loan at SUNY Canton will be mailed a paper packet after graduation. This will be sent to you by the SUNY Student Loan Service Center (SLSC).

Student Loan Repayment

• Student Loan Repayment Guide
  This guide is designed to help you understand the various issues you may encounter during the repayment of your loan. It breaks down the various repayment options including sample charts on how much you will pay each month. It includes worksheets to help you get organized and contact information for the different loan servicers.
  
  
• Presentation: The Basics of Student Loan Repayment
  This is a copy of the powerpoint presentation for the information session held for graduating students on the basics of the student loan repayment process.

Student Loan Forgiveness

Be sure to review our Student Loan Repayment Guide which gives more details on the various types of loan forgiveness, cancellation and discharge options for your federal student loans. In many cases selecting the correct repayment plan is key to receiving loan forgiveness. Don’t forget to check with your employer for any incentives they may offer. You can view more general information at Federal Student Aid including frequently asked questions about many of these options.

• Public Service Loan Forgiveness Program You must be working in a public service qualifying job while making 120 payments in a certain repayment plan. Annual certification is needed to confirm your employment eligibility. After the 120 payments you can apply to have the remainder of your qualifying federal loans forgiven tax-free.
• New York State Get On Your Feet Loan Forgiveness Program for NYS Residents
  You can apply for this program within two years of receiving your degree. You must be enrolled in the Federal Income Based Repayment Plan at 10% discretionary income, the Pay as You Earn Plan, or the SAVE plan. If you meet all other qualifications, New York State will make the payments on your student loan for up to 24 months. Part of the conditions include remaining in New York State for five years.
• Degree Specific – Loan Forgiveness and Cancellation
  There are many programs designed for certain careers including nursing, teaching, legal services, social workers, farmers, etc. Be sure to investigate all of your options.
  • Teacher Loan Forgiveness – Federal Loans
  • NYS Teacher Loan Forgiveness – Additional option for New York State Residents only
  • NYS Child Welfare Worker Loan Forgiveness Incentive Program
  • NYS District Attorney & Indigent Legal Services Attorney Loan Forgiveness (DALF) Program
  • NYS Licensed Social Worker Loan Forgiveness (LSWLF)Program
  • NYS Nursing Faculty Loan Forgiveness (NFLF) Incentive Program for NYS Residents
  • NYS Young Farmers Loan Forgiveness Incentive Program
• Total and Permanent Disability Discharge
  If you become disabled and meet the criteria to qualify for permanent disability, then the full amount of your federal loan debt could be discharged. This process is similar to qualifying for Social Security Disability benefits.
• Federal Perkins Loan Recipients – Loan Cancellation Programs
  There are a variety of options for students who borrowed a Federal Perkins Loan who perform certain types of public service or are employed in certain occupations. A percentage of the loan debt may be cancelled for each year of service.  SUNY Canton students should contact the SUNY Student Loan Service Center for a list of cancellation benefits.
• Income Driven Repayment Plans - Certain repayment plans will allow for forgiveness of your remaining loan balance after 20 to 25 years of payments (taxable). This would be a last resort for any student whose income is not high enough to be able to make a standard payment on their student loan each month (10-20% of discretionary income each month).