S T A T E   O F   N E W   Y O R K
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    S. 6848                                                  A. 9368

                      S E N A T E - A S S E M B L Y

                            February 29, 2016
                               ___________

IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
  ed, and when printed to be committed to the Committee on Higher Educa-
  tion

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

AN ACT to amend the education law, in relation to expanding  the  eligi-
  bility  and  increasing  the  number  of awards for the New York state
  young farmers loan forgiveness incentive program

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

  Section  1.  Section 679-f of the education law, as added by section 1
of part Y of chapter 56 of the laws of  2014,  is  amended  to  read  as
follows:
  S  679-f.  New  York  state  young  farmers loan forgiveness incentive
program. 1. Purpose. The president shall grant student loan  forgiveness
awards  for  the  purpose of alleviating the burden of student loan debt
for young farmers. Such awards shall be made on a competitive basis,  in
accordance with rules and regulations promulgated by the corporation for
such  purposes,  to  applicants  who meet the eligibility criteria. Such
rules and regulations shall include provisions for the consideration  of
applicants who are economically disadvantaged.
  2.  Eligibility. To be eligible for an award pursuant to this section,
applicants shall: (a) have graduated and obtained [a]  AN  UNDERGRADUATE
OR  GRADUATE degree from an approved New York state college or universi-
ty; (b) have an  outstanding  student  loan  debt  from  obtaining  such
degree;  (c)  operate a farm in New York state on a full-time basis; (d)
agree to operate such farm for the duration of no less than five  years;
(e)  apply  for this program within two years of college graduation; and
(f) comply with subdivisions three  and  five  of  section  six  hundred
sixty-one of this part.
  3.  Awards.  No  greater  than [ten] TWENTY awards shall be granted to
qualified applicants in the amount of up to  ten  thousand  dollars  per
year,  per  applicant,  not to exceed a duration of [five] SIX years and

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

                                                           LBD14105-01-6

S. 6848                             2                            A. 9368

not to exceed the total amount of such applicant's  student  loan  debt.
The  corporation shall grant such awards within amounts appropriated for
such purposes and based on the availability of funds. No  one  applicant
shall  receive  more than a total of [fifty] SIXTY thousand dollars upon
the end of a [five] SIX year period.
  4. Priority. First priority shall  be  given  to  applicants  who  are
completing  the  second,  third,  fourth or fifth year of full-time farm
operation and are re-applying to receive an award  under  this  program.
Second  priority  shall  be  given  to  an applicant who can demonstrate
economic need but did not receive an award during the first year of this
program's operation. If larger numbers of applicants are eligible pursu-
ant to this subdivision than funds available, applicants shall be chosen
pursuant to  rules  and  regulations  promulgated  by  the  corporation.
Provided,  however, that each applicant chosen shall receive an award of
up to ten thousand dollars in each year such applicant is accepted  into
the program.
  S 2. This act shall take effect immediately.