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Assembly Bill A7346

2009-2010 Legislative Session

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

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Archive: Last Bill Status - In Assembly Committee

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2009-A7346 (ACTIVE) - Details

See Senate Version of this Bill:
S2128
Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Amd ยง683, Ed L
Versions Introduced in Other Legislative Sessions:
2011-2012: A5578
2013-2014: A5798
2015-2016: A6435

2009-A7346 (ACTIVE) - Summary

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

2009-A7346 (ACTIVE) - Bill Text download pdf 

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

                                  7346

                       2009-2010 Regular Sessions

                          I N  A S S E M B L Y

                             March 31, 2009
                               ___________

Introduced  by  M.  of  A.  ENGLEBRIGHT -- read once and referred to the
  Committee on Higher Education

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 683 of the education law is amended by adding a new
subdivision 7 to read as follows:
  7. THE SIX MONTH "GRACE PERIOD" FOR REPAYMENT OF A LOAN SET  FORTH  IN
SUBDIVISION  ONE  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  SIX
MONTH  "GRACE PERIOD" SET FORTH IN SUBDIVISION ONE 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.
                                                           LBD08269-01-9

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