senate Bill S4848

Protects "grace period" for borrowers of student loans called to active duty who resume education program

download pdf

Sponsor

Bill Status


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor
view actions

actions

  • 26 / Apr / 2013
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 30 / May / 2013
    • 1ST REPORT CAL.933
  • 03 / Jun / 2013
    • 2ND REPORT CAL.
  • 04 / Jun / 2013
    • ADVANCED TO THIRD READING
  • 20 / Jun / 2013
    • PASSED SENATE
  • 20 / Jun / 2013
    • DELIVERED TO ASSEMBLY
  • 21 / Jun / 2013
    • REFERRED TO HIGHER EDUCATION
  • 08 / Jan / 2014
    • DIED IN ASSEMBLY
  • 08 / Jan / 2014
    • RETURNED TO SENATE
  • 08 / Jan / 2014
    • REFERRED TO VETERANS, HOMELAND SECURITY AND MILITARY AFFAIRS
  • 10 / Jun / 2014
    • COMMITTEE DISCHARGED AND COMMITTED TO RULES
  • 10 / Jun / 2014
    • ORDERED TO THIRD READING CAL.1248
  • 11 / Jun / 2014
    • PASSED SENATE
  • 11 / Jun / 2014
    • DELIVERED TO ASSEMBLY
  • 11 / Jun / 2014
    • REFERRED TO HIGHER EDUCATION

Summary

Protects six month "grace period" for borrowers of student loans called to active duty who resume education program.

do you support this bill?

Bill Details

See Assembly Version of this Bill:
A5798
Versions:
S4848
Legislative Cycle:
2013-2014
Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Amd ยง693, Ed L
Versions Introduced in Previous Legislative Cycles:
2011-2012: A5578, A5578
2009-2010: A7346, A7346

Sponsor Memo

BILL NUMBER:S4848

TITLE OF BILL: An act to amend the education law, in relation to
student loans for persons in military service

PURPOSE OR GENERAL IDEA OF THE BILL: To ensure members of the military
reserves called to active service are the same six month "grace
period" for student loans as all other students.

SUMMARY OF PROVISIONS: Members of the National Guard or other reserve
components of the armed forces called to active duty and forced to
with draw from school will receive the full six month "grace period"
upon return from service and the completion of their college or
vocational program.

JUSTIFICATION: Presently, when a member of New York's military reserve
components are called to active duty, they are normally forced to
withdraw from their college or vocational program. This withdrawal
starts the "grace period" clock for their student loan lending
institutions. These brave men and women who are sacrificing so much
already, lose the six month "grace period" granted to them by law, as
a result. Once these troops return from their military obligation and
finish their education they discover that they must immediately begin
to repay their student loans because their "grace period" was
exhausted while they answered the nation's call. This bill corrects an
oversight by the legislature and guarantees that the men and women who
give up their time to protect us all and are forced to delay their
graduation, entry into the workforce and future earnings, are treated
equally to their classmates who remain in school and finish on time.
The current law actually punishes troops for seeking an education and
serving their country in time of need.

LEGISLATIVE HISTORY: 2009-10 A7346 referred to higher education

FISCAL IMPLICATIONS: None.

EFFECTIVE DATE: This act shall take effect immediately.

view bill text
                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  4848

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                             April 26, 2013
                               ___________

Introduced  by  Sen. LATIMER -- read twice and ordered printed, and when
  printed to be committed to the Committee on Veterans, Homeland Securi-
  ty and Military Affairs

AN ACT to amend the education law, in  relation  to  student  loans  for
  persons in military service

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. Section 693 of the education law is amended by adding a new
subdivision 17 to read as follows:
  17. THE "GRACE PERIOD" FOR REPAYMENT OF A LOAN ESTABLISHED PURSUANT TO
SUBDIVISION TWO OF THIS SECTION SHALL NOT APPLY TO A  BORROWER  WHO  IS:
(A)  A  MEMBER  OF  THE NATIONAL GUARD OR OTHER RESERVE COMPONENT OF THE
ARMED FORCES OF THE UNITED STATES AND IS CALLED  OR  ORDERED  TO  ACTIVE
DUTY,  AS  DEFINED  IN  10 USC S 101(D)(1), OR (B) A MEMBER OF THE STATE
ORGANIZED MILITIA, AND IS CALLED OR  ORDERED  TO  ACTIVE  DUTY  FOR  THE
STATE, AS DEFINED IN SUBDIVISION ONE OF SECTION SIX OF THE MILITARY LAW,
AND  AS  A  RESULT  IS  COMPELLED TO TERMINATE HIS COLLEGE OR VOCATIONAL
INSTITUTION PROGRAM. SHOULD THE BORROWER RETURN TO A  COLLEGE  OR  VOCA-
TIONAL  INSTITUTION UPON TERMINATION OF HIS MILITARY SERVICE, THE "GRACE
PERIOD" ESTABLISHED PURSUANT TO SUBDIVISION TWO OF  THIS  SECTION  SHALL
THEN  BE  AVAILABLE  TO  THE  BORROWER UPON COMPLETION OF HIS COLLEGE OR
VOCATIONAL INSTITUTION PROGRAM.
  S 2. This act shall take effect immediately.



 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD09479-01-3

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.