System Maintenance: Our online payment and loan application systems may intermittently be unavailable due to system maintenance on March 26, 2023 from 1 a.m. to 5 a.m. CST. We apologize for any inconvenience this may cause.
We are excited to announce that we have a new low-interest loan option for Texas students. The FORWARD Loan Program is designed for students who are at least halfway to completing specific degree or certification programs within the fields of Energy, Nursing/Patient Care, Teaching, Technology, and Transportation/Logistics. To see if your program is eligible, refer to the full list here. To qualify, you must be able to complete your program within two years or less.
Did you know there are a number of state and federal loan repayment programs available? Depending on your profession, you may qualify for one. Check out the various programs and determine eligibility here.
If you take a taxable loan, NYSLRS will mail you a 1099-R tax form to file with your federal income tax return for the year you took the taxable loan.* If you take a taxable loan before you turn 59, the IRS will charge an additional 10 percent tax penalty, unless an exception applies.
When applying for a NYSLRS loan, you must report any existing loans with a deferred compensation plan or tax-sheltered annuity through your employer. The IRS requires us to include balances from these loans when determining the taxable amount of your loan, if any. Section 2 of the loan application covers existing loans. You must complete it, or we will reject your application.
NYSLRS will tell your employer when to stop payroll deductions. Generally, if you pay your loan through regular payroll deductions, your employer will be notified before your loan is paid off. If you pay off your loan in a lump-sum payment, either through Retirement Online or by check or money order, be aware that it can take several pay periods for your employer to stop payroll deductions. Retirement Online is the fastest and easiest way to check your loan payoff amount and pay off your loan.
If you have only one outstanding NYSLRS loan, and you overpay on that loan, you will be refunded the amount overpaid. Generally, the refund will come from your employer, either as a separate check or as part of your regular paycheck. If you have multiple loans, and you overpay on some but not all of the loans, we will apply the amount overpaid to the balance of your existing outstanding loans.
If you retire with an outstanding loan, your pension will be reduced. The pension reduction amounts are provided when you apply using Retirement Online, and they are listed on the loan applications on our Forms webpage. In most cases, you will also need to report at least some portion of the loan balance as ordinary income (subject to federal income tax) to the Internal Revenue Service (IRS). If you retire before age 59, the IRS will charge an additional 10 percent penalty, unless an exception applies. You will receive a 1099-R to file with your taxes.* You must include the loan on your federal income tax return for the year the tax form is issued.
If you are nearing retirement, be sure to check your loan balance. If you are not on track to repay your loan before you retire, you can increase your loan payments, make additional lump sum payments or both (see Change Your Payroll Deductions or Make Lump Sum Payments.)
ERS members may repay their loan after retiring. If you choose to pay back your loan after you retire, you must pay back the full amount of the outstanding balance that was due when you retired in one lump-sum payment. Following your full repayment, your pension benefit will be increased from that point going forward, but it will not be adjusted retroactively back to your date of retirement. For details, including tax information, visit Repaying Your NYSLRS Loan after Retirement.
Loan payments are made by payroll deductions, but if you go off payroll (for example, furlough, leave of absence or termination), to avoid your loan going into default, you must make minimum payments at least quarterly and repay the loan within five years. To avoid a default, contact us as soon as you leave public employment, so we can tell you the exact amount you need to pay. If you are in danger of defaulting on your loan, we will notify you. Retirement Online is the easiest way to make loan payments if you are off payroll (see Make Lump Sum Payments information above).
If you are on an authorized leave of absence with your employer, the IRS allows for the suspension of loan payments for up to one year from the date your leave began or until you return to the payroll, whichever occurs first. In order to receive this deferment, you must have your employer send a fax to us (518-486-9877), on their letterhead, indicating the date your leave began and when they predict it will end.
Please be aware, however, that if you defer your loan payments while on an authorized leave of absence, your minimum payment will need to be recalculated and your payment will likely increase when the period of deferment ends in order to ensure your loan is still paid off within five years.
The State Revolving Fund (SRF) loan program offers affordable financing options to cities, towns, and public water utilities to improve water supply infrastructure and drinking water safety. The program helps with federal and state water quality requirements of wastewater treatment plants and collection systems; issues related to watershed management priorities, stormwater management, and green infrastructure; and, financial assistance to communities to make available loans to homeowners with septic system problems.
There are a variety of funding opportunities for clinicians working in rural and underserved areas in Idaho, as well as federal support for critical access hospitals and state funds to increase access to primary care services for non-profit and governmental entities.
SLRP is a multi-discipline, state-based loan repayment program for nurses, clinicians, and physicians working in federally-designated Health Professional Shortage Areas. Loan repayment is provided through a federal grant. Participating sites must implement a sliding fee scale for low-income and uninsured patients and accept Medicare and Medicaid. Recipients may receive loan repayment awards up to $25,000 per year. A service obligation is required; full-time practitioners are required to fulfill a two-year service obligation. Sites must submit annual reports during the funding period. Participants currently receiving loan repayment and fulfilling a service obligation are not eligible.
RPIP provides loan repayment for qualifying physicians serving Health Professional Shortage Areas in Idaho. The program is focused on physicians providing primary care medicine, family medicine, internal medicine, and pediatrics. RPIP is funded by fees assessed to physicians attending the University of Washington and University of Utah medical schools in state-supported seats. Physicians may receive a maximum of $100,000 over a four-year period toward their academic debt. Preference is given to eligible physicians who paid into the RPIP fund, however, funding is not limited to these candidates. RPIP award decisions are made by the Health Care Access and Physician Incentive Grant Review Board. The application cycle begins on July 1 of each year and ends on August 30 of that same year.
The Bureau of Rural Health & Primary Care develops, evaluates, and administers this federal program that provides states the opportunity to strengthen rural health care through a holistic approach.The Idaho Flex Program offers annual subgrant opportunities up to $20,000 to critical access hospitals in Idaho and rural EMS in the flex grant year (September - August).
The CWSRF program is a federal-state partnership that provides low-cost financing to communities for a wide range of water quality infrastructure projects, including municipal wastewater facilities, nonpoint source pollution control, decentralized wastewater treatment systems, stormwater runoff mitigation, green infrastructure, estuary protection, and water reuse.
Based on the amount of relevant educational loans, hours worked per week, and working at an integrated care site, SLRP offers educational loan repayment awards up to $50,000.00. The awards are granted in exchange for a three-year service commitment in a team-based setting that provides access to comprehensive behavioral health services to rural communities with a Health Professional Shortage Area score of 15 or above; i.e., an integrated primary/behavioral health care setting.
Through SSBCI, jurisdictions provide funding to small businesses through equity/venture capital programs, loan participation programs, loan guarantee programs, collateral support programs, and capital access programs tailored to local market conditions. In addition, Treasury, recipient jurisdictions, and the Minority Business Development Agency at the U.S. Department of Commerce will support technical assistance to improve access to capital, including for traditionally underserved entrepreneurs.
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