Bill Text: NY S06646 | 2015-2016 | General Assembly | Introduced

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Bill Title: Establishes the NYS Employee Loan Forgiveness Program; provides that individuals employed by a state employer for 5 years or more with outstanding loan debt are eligible to receive $5,000 per year.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2016-02-03 - REFERRED TO HIGHER EDUCATION [S06646 Detail]

Download: New_York-2015-S06646-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          6646
                    IN SENATE
                                    February 3, 2016
                                       ___________
        Introduced  by  Sen. SANDERS -- 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 establishing  the  New
          York state employee loan forgiveness program
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. The education law is amended by adding a new section  679-h
     2  to read as follows:
     3    §  679-h.  New  York  state  employee  loan  forgiveness  program.  1.
     4  Purpose. The commissioner shall grant student  loan  forgiveness  awards
     5  for the purpose of retaining individuals serving as employees of a state
     6  employer.
     7    2.  Definitions.  (a) "State employer" means: (1) the executive branch
     8  of the state, (2) a cooperative extension  association  ("association"),
     9  (3)  the unified court system, (4) the senate, (5) the assembly, and (6)
    10  joint legislative employers.
    11    (b) "Student  loan  debt"  means  the  total  annual  loan  repayments
    12  required  to be made by the eligible employee on the cumulative total of
    13  the employee's outstanding student loans covering the cost of attendance
    14  at an undergraduate institution and/or graduate school. Interest paid or
    15  due on such loans shall be considered eligible for  reimbursement  under
    16  this  program.  For  purposes  of  this  calculation,  the amount of the
    17  student loan expense shall be reduced by any grants,  loan  forgiveness,
    18  or  similar reductions to the employee's indebtedness that he or she has
    19  received or shall receive.
    20    (c) "Year of qualified service" means the twelve-month period measured
    21  from the anniversary of  the  individual's  employment  with  the  state
    22  employer and adjusted for any interruption in employment.
    23    3.  Eligibility.  (a)  To  be  eligible  for an award pursuant to this
    24  subdivision, applicants shall: (1) be employed by a state employer;  (2)
    25  for five or more years of qualified service; and (3) have an outstanding
    26  student loan debt.
    27    (b)  Individuals  employed  by  a  state employer who are not eligible
    28  include:
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00478-03-5