senate Bill S7791

2013-2014 Legislative Session

Establishes the New York student affordable refinancing for tomorrow program (New START)

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Archive: Last Bill Status - Passed Senate


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

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 12, 2014 referred to higher education
delivered to assembly
passed senate
Jun 11, 2014 ordered to third reading cal.1360
committee discharged and committed to rules
Jun 09, 2014 referred to higher education

Votes

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S7791 - Details

Current Committee:
Law Section:
Education Law
Laws Affected:
Add Art 14 Part VI §§694-c - 694-g, Ed L; add §99-w, St Fin L

S7791 - Summary

Establishes the New York student affordable refinancing for tomorrow program (New START).

S7791 - Sponsor Memo

S7791 - Bill Text download pdf

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

                                  7791

                            I N  S E N A T E

                              June 9, 2014
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education

AN ACT to amend the education law and the state finance law, in relation
  to establishing the New York student affordable refinancing for tomor-
  row program (New START)

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

  Section  1. Article 14 of the education law is amended by adding a new
part VI to read as follows:
                                  PART VI
                 NEW YORK STUDENT AFFORDABLE REFINANCING
                    FOR TOMORROW PROGRAM (NEW START)
SECTION 694-C. DEFINITIONS.
        694-D. NEW YORK  STUDENT  AFFORDABLE  REFINANCING  FOR  TOMORROW
                 PROGRAM (NEW START)
        694-E. PROGRAM ELIGIBILITY.
        694-F. PROGRAM.
        694-G. REPAYMENT.
  S  694-C.  DEFINITIONS. FOR PURPOSES OF THIS PART, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:  1. "EDUCATION LOAN" SHALL  MEAN  ANY
STUDENT  LOAN  THAT  THE  STATE  REFINANCES  UNDER  THE PROGRAM THAT WAS
OBTAINED BY A BORROWER FOR THE PURPOSES  OF  ATTENDING  COLLEGE  AT  THE
STATE  UNIVERSITY  OF  NEW  YORK  OR  THE  CITY  UNIVERSITY OF NEW YORK,
PROVIDED, HOWEVER, THAT LOANS PROVIDED BY  THE  FEDERAL  GOVERNMENT,  OR
LOANS  PROVIDED AT AN INTEREST RATE AT OR LOWER THAN THE CURRENT FEDERAL
LOAN INTEREST RATE SHALL NOT  BE  ELIGIBLE  FOR  REFINANCING  UNDER  THE
PROGRAM.
  2.  "PARTICIPANT"  SHALL  MEAN  AN INDIVIDUAL WHO HAS INCURRED STUDENT
LOAN DEBT FROM A LENDING INSTITUTION OR LENDER  TO  COVER  THE  COST  OF
TUITION  AT  THE  STATE UNIVERSITY OF NEW YORK OR THE CITY UNIVERSITY OF
NEW YORK AND HAS APPLIED TO PARTICIPATE AND BEEN ACCEPTED TO PARTICIPATE
IN THE PROGRAM.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD14210-01-4

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