Bill Text: NY S04027 | 2023-2024 | General Assembly | Introduced

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Bill Title: Creates the New York state public sector employee loan forgiveness program for graduates of SUNY or CUNY schools employed in a state or local public sector position.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced) 2024-01-03 - REFERRED TO HIGHER EDUCATION [S04027 Detail]

Download: New_York-2023-S04027-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________

                                          4027

                               2023-2024 Regular Sessions

                    IN SENATE

                                    February 2, 2023
                                       ___________

        Introduced  by Sen. SCARCELLA-SPANTON -- 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 creating the New  York
          state public sector 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-k
     2  to read as follows:
     3    §  679-k.  New  York  state  public  sector  employee loan forgiveness
     4  program. 1. Purpose.  The president shall grant student loan forgiveness
     5  awards for the purpose of attracting  workers  to  be  employed  in  the
     6  public  sector.  Such  awards  shall  be made on a competitive basis, in
     7  accordance with rules and regulations promulgated by the corporation for
     8  such purposes, to applicants who meet the eligibility criteria.
     9    2. Eligibility. To be eligible for an award pursuant to this  section,
    10  applicants  shall:  (a)  have graduated and obtained an undergraduate or
    11  graduate degree from the state university of New York or city university
    12  of New York; (b) be employed full-time in this state in a state or local
    13  public sector position  that  requires  the  undergraduate  or  graduate
    14  degree  the  applicant obtained from the state university of New York or
    15  city university of New York; (c) have an outstanding student  loan  debt
    16  from  an  undergraduate  or graduate degree from the state university of
    17  New York or city university of New York required  for  such  applicant's
    18  public sector employment; and (d) be a resident of this state.
    19    3.  Awards.  The corporation shall grant awards pursuant to the amount
    20  appropriated for such purpose and based on availability of funds  in  an
    21  amount  up  to  five  thousand  dollars  per year, per applicant, not to
    22  exceed a duration of ten years, and not to exceed  the  total  remaining
    23  balance of the applicant's student loan debt.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD03886-01-3
        S. 4027                             2

     1    4.  Rules and regulations. The corporation is authorized to promulgate
     2  rules and regulations and may promulgate emergency regulations necessary
     3  for the implementation of the provisions of this section.
     4    § 2. This act shall take effect immediately.