senate Bill S522A

2015-2016 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 (10)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jun 15, 2016 referred to higher education
delivered to assembly
passed senate
Jun 01, 2016 ordered to third reading cal.1203
committee discharged and committed to rules
May 17, 2016 reported and committed to finance
Feb 05, 2016 print number 522a
Feb 05, 2016 amend and recommit to higher education
Jan 06, 2016 referred to higher education
Jan 07, 2015 referred to higher education

Votes

view votes

Jun 1, 2016 - Rules committee Vote

S522A
25
0
committee
25
Aye
0
Nay
0
Aye with Reservations
0
Absent
0
Excused
0
Abstained
show Rules committee vote details

May 17, 2016 - Higher Education committee Vote

S522A
15
1
committee
15
Aye
1
Nay
1
Aye with Reservations
0
Absent
2
Excused
0
Abstained
show Higher Education committee vote details

Higher Education Committee Vote: May 17, 2016

nay (1)
aye wr (1)
excused (2)

S522 - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add Art 14 Part VI §§694-c - 694-g, Ed L; add §99-y, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7791
2017-2018: S2554

S522 - Summary

Establishes the New York student affordable refinancing for tomorrow program (New START) for the purpose of relieving student debt by directly paying an eligible participant's loan debt to the lending institution or lender and providing a repayment plan whereby payments will be deposited in the fund.

S522 - Sponsor Memo

S522 - Bill Text download pdf

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

                                   522

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

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

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

S522A (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Add Art 14 Part VI §§694-c - 694-g, Ed L; add §99-y, St Fin L
Versions Introduced in Other Legislative Sessions:
2013-2014: S7791
2017-2018: S2554

S522A (ACTIVE) - Summary

Establishes the New York student affordable refinancing for tomorrow program (New START) for the purpose of relieving student debt by directly paying an eligible participant's loan debt to the lending institution or lender and providing a repayment plan whereby payments will be deposited in the fund.

S522A (ACTIVE) - Sponsor Memo

S522A (ACTIVE) - Bill Text download pdf

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

                                 522--A

                       2015-2016 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 7, 2015
                               ___________

Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
  printed to be committed to the Committee on Higher Education -- recom-
  mitted to the Committee on Higher Education in accordance with  Senate
  Rule  6,  sec.  8  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

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.

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

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