Bill Text: NY S05927 | 2019-2020 | General Assembly | Introduced

NOTE: There are more recent revisions of this legislation. Read Latest Draft

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Bill Title: Establishes the PRODi-G EOP to PhD loan forgiveness program.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Engrossed - Dead) 2020-01-14 - REPORTED AND COMMITTED TO FINANCE [S05927 Detail]

Download: New_York-2019-S05927-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          5927

                               2019-2020 Regular Sessions

                    IN SENATE

                                      May 16, 2019
                                       ___________

        Introduced  by Sen. STAVISKY -- read twice and ordered printed, and when
          printed to be committed to the Committee on Higher Education

        AN ACT to amend the education law, in relation to the  establishment  of
          the PRODi-G EOP to PhD loan forgiveness program

          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:

     1    Section 1. Section 355 of the education law is amended by adding a new
     2  subdivision 20 to read as follows:
     3    20. PRODi-G EOP to PhD loan forgiveness program. a. Program.  Notwith-
     4  standing any provision of law, rule or regulation to the  contrary,  the
     5  state  university trustees are authorized to grant student loan forgive-
     6  ness awards pursuant to this subdivision in order to recruit and  retain
     7  faculty  members  from  diverse  and underrepresented backgrounds at the
     8  state university of New York.
     9    b. Eligibility. First priority for awards pursuant to this subdivision
    10  shall go to applicants who were previously enrolled in  the  educational
    11  opportunity  program  as defined in section sixty-four hundred fifty-two
    12  of this chapter. To be eligible for an award pursuant to  this  subdivi-
    13  sion,  an applicant shall: (i) have graduated from a high school located
    14  in New York state or attended an approved New York state program  for  a
    15  state  high  school  equivalency  diploma  and received such high school
    16  equivalency diploma; (ii) have graduated and obtained a graduate  degree
    17  from a college or university from the state university of New York in or
    18  after  the  two thousand nineteen--twenty academic year; (iii) apply for
    19  this program within two years of obtaining  such  degree;  and  (iv)  be
    20  employed  as  an eligible faculty member, at the state university of New
    21  York. The state university of New York may establish  additional  eligi-
    22  bility criteria as it deems necessary and appropriate.
    23    c. Selection process. The state university of New York shall establish
    24  a  process  for selecting award recipients, including but not limited to
    25  setting application submission requirements and a  method  of  selecting

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11819-01-9
        S. 5927                             2

     1  recipients  if  there  are  insufficient funds to cover the needs of all
     2  applicants.
     3    d.  Awards.  Loan  forgiveness  awards  may be granted to reimburse an
     4  award recipient's student loan expenses up to a maximum of ten  thousand
     5  dollars per qualifying year of academic service, as defined by the state
     6  university  of  New York, up to a maximum of five years. Awards shall be
     7  granted within the amounts appropriated for such purpose  and  based  on
     8  the  availability  of  funds.  For  the  purposes  of  this subdivision,
     9  "student loan expense" shall mean the total loan balance required to  be
    10  paid by the award recipient on the cumulative total of the award recipi-
    11  ent's  outstanding  student loans covering his or her cost of attendance
    12  at an undergraduate institution and/or graduate school, at the  time  of
    13  the  award  recipient's  first application for reimbursement.   Interest
    14  paid or due on such loans shall be considered eligible for reimbursement
    15  under this program. For purposes of this calculation, the amount of  the
    16  student  loan expenses shall be reduced by any grants, loan forgiveness,
    17  or similar reductions to the  faculty  member's  indebtedness  that  the
    18  faculty member has received or shall receive, including, but not limited
    19  to,  graduate  school  loan forgiveness and public service scholarships.
    20  The state university  of  New  York  is  authorized  to  impose  service
    21  requirements  or  other  similar  conditions upon acceptance of an award
    22  pursuant to this subdivision.
    23    e. Rules and regulations. The state university of New York is  author-
    24  ized  to  promulgate rules and regulations, and may promulgate emergency
    25  regulations necessary for the implementation of the provisions  of  this
    26  subdivision.
    27    § 2. This act shall take effect immediately.