Bill Text: NY S05601 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a New York state senior citizens loan forgiveness program.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2020-01-08 - REFERRED TO HIGHER EDUCATION [S05601 Detail]

Download: New_York-2019-S05601-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          5601
                               2019-2020 Regular Sessions
                    IN SENATE
                                       May 8, 2019
                                       ___________
        Introduced  by  Sen.  MAY  --  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  a  New
          York state senior citizens 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 senior citizens loan forgiveness program. 1.
     4  Purpose. The  president  shall  establish  a  student  loan  forgiveness
     5  program  for  the purpose of alleviating the burden of student loan debt
     6  for senior citizens of this state.
     7    2. Eligibility. To be eligible for loan payment assistance pursuant to
     8  this section, an applicant shall: (a) be  sixty-five  years  of  age  or
     9  older;  (b)  have  been employed within the state for ten or more years;
    10  (c) have an adjusted gross income  of  not  more  than  thirty  thousand
    11  dollars;  and (d) meet any other requirements the president deems appro-
    12  priate.
    13    3. Payments. Eligible applicants shall receive student loan  repayment
    14  assistance from the state in the form of monthly payments. Such payments
    15  shall  be  provided  to such applicants for a period of not greater than
    16  eighteen months. The maximum total amount of all payments  made  to  the
    17  applicant shall not exceed three thousand one hundred fifty dollars.
    18    4.  Rules and regulations. The corporation is authorized to promulgate
    19  rules and regulations necessary for the implementation of the provisions
    20  of this section.
    21    § 2. This act shall take effect on the one hundred twentieth day after
    22  it shall have become a law. Effective immediately, the addition,  amend-
    23  ment and/or repeal of any rule or regulation necessary for the implemen-
    24  tation  of  this act on its effective date are authorized to be made and
    25  completed on or before such date.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD11536-01-9