ALBANY, NY — College students seeking to become farmers may be able to avoid paying back up to $50,000 for college loans under the New York State Young Farmers Loan Forgiveness Incentive Program, which is intended to bring more young people into the farming business. Applications for the program must be made by December 15.

The program is available to individuals who obtain an undergraduate degree from an approved New York State college or university and agree to operate a farm in New York State, on a full- time basis, for five years.

Applicants must:

• be legal residents of NYS for at least one year;

• be U.S. citizens or eligible noncitizens;

• an undergraduate degree from an approved NYS college or university;

• have an outstanding balance on an eligible student loan debt(s);

• apply for this program within two years after graduation;

• operate a farm in NYS on a full time basis;

• execute a service contract agreeing to operate a farm in New York State on a full time basis for at least five years;

• not be in default on a student loan made under any NYS or federal education loan program or repayment of any NYS award; and

• be in compliance with the terms of any service condition imposed by a NYS award.

Senator John Bonacic, who was a sponsor of the legislation that authorized the program, said it is intended to keep the agricultural sector strong in Sullivan County and the Hudson Valley, where currently the great majority of farmers are in their 60s and 70s.

Eligible student loan debts include New York State or federal government loans, or loans made by commercial entities subject to governmental examination. It does not, however, include Parent PLUS loans, loans that may be canceled under another program (such as Perkins Loans), private non-commercial loans (such as loans given by family or friends), student loan debts paid by credit card, or any student loan debt that cannot be verified by New York State Higher Education Services Corporation.

Go to www.hesc.ny.gov for more information.