NY State Senate Bill 2017-S4133

Archive: Last Bill Status - In Senate Committee Higher Education Committee

Introduced
- In Committee Assembly
- In Committee Senate
- On Floor Calendar Assembly
- On Floor Calendar Senate
- Passed Assembly
- Passed Senate
Delivered to Governor
Signed By Governor

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	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Jan 03, 2018	referred to higher education
Feb 03, 2017	referred to higher education

2017-S4133 (ACTIVE) - Details

Current Committee:: Senate Higher Education
Law Section:: Education
Versions Introduced in Other Legislative Sessions:: 2013-2014: S6420
2015-2016: S1873

2017-S4133 (ACTIVE) - Summary

Enacts the "pay it forward, pay it back" program; directs the board of trustees of the state university to identify two four-year institutions of the state university and two community colleges to participate in such program; offers free tuition for such institutions.

2017-S4133 (ACTIVE) - Sponsor Memo

                                 BILL NUMBER:  S4133

 TITLE OF BILL :

An act in relation to enacting the "pay it forward, pay it back
program"

 PURPOSE :

To allow the board of trustees of the State University of New York to
identify two 4-year institutions of the State University and two
community colleges where a "Pay it Forward, Pay it Back Program" shall
be implemented.

 SUMMARY OF PROVISIONS :

Section 1. This act shall be known and may be cited as the "Pay it
Forward, Pay it Back Program".

Section 2. Requires the Board of Trustees of the State University of
New York to identify two 4-year institutions of the State University
and two community colleges where the "Pay it forward, Pay it Back
Program' shall be implemented. The program will permit any student who
has been admitted to certain state-operated institutions of the State
University to attend without the payment of tuition if such student
fulfills the requirements set forth in this act: (A) New York State

resident for a period of one year prior to application; (b) Student
must sign a contract to pay the institution of certain percentage of
the student's annual adjusted gross income for a set amount of years;
(c) Student must complete their degree program within a minimum period
of time to be set by the trustees which shall be no less than two
years and no more than four years; (d) failure to fulfill any
requirement set forth in this act will result in the conversion from
the "Pay it Forward, Pay it Back Program" to a student loan for the
full amount of the tuition which would have otherwise been paid; (c)
Students electing to participate in this program shall be required to
apply for federal Pell grant funding and tuition assistance funding.
Funds awarded these financial aid programs will not be included in the
payback amount under the "Pay it Forward, Pay it Back Program"; (1)
Students are responsible for all other costs including, housing, fees
and other non-tuition related charges.

Section 3. The Board of Trustees of the State University of New York
shall establish an immediate funding source for the "Pay it Forward,
Pay it Back Program' and also a revolving fund to deposit made under
the "pay it Forward, Pay it Back Program".

Section 4. Effective Date.

 JUSTIFICATION :

Higher education is the key to success in an increasingly competitive
global economy, yet it is becoming more and more unaffordable for the
middle class. The only type of household debt that grew during the
recession is student loan debt. Student loan debt in America exceeds
$1 trillion. Americans owe more on student loans than credit cards.
That $1 trillion debt amounts to an aggregate wealth loss of about $4
trillion over the lifetime of the borrowers. The average student loan
debt for a family headed by two people with 4-year degrees is $53,000.
Young Americans are starting adult life deeper in debt. The number of
students in default continues to increase. This legislation can help
create an alternative model for funding higher education where
students can get their education, contribute to the economy, not be
saddled with crushing debt and help the next generation of students to
get their education.

 LEGISLATIVE HISTORY :

2015-16 S.1873/A.2022;
2014 S.6420/A.8562.

 FISCAL IMPLICATIONS :

To be determined.

 EFFECTIVE DATE :
This act shall take effect on the first day of July next succeeding
the date on which it shall have become law; provided, however, that
effective immediately, the addition, amendment and/or repeal of any
rule or regulation necessary for the implementation of this act on its
effective date are authorized and directed to be made and competed on
or before such effective date.

2017-S4133 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4133
 
                        2017-2018 Regular Sessions
 
                             I N  S E N A T E
 
                             February 3, 2017
                                ___________
 
 Introduced  by  Sen. LAVALLE -- read twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 AN ACT in relation to enacting the "pay it forward, pay it back program"
 
   THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
 BLY, DO ENACT AS FOLLOWS:

   Section  1.  This  act  shall be known and may be cited as the "pay it
 forward, pay it back program".
   § 2. 1. The board of trustees of the state university shall  implement
 a  program to permit any student who has been admitted to certain state-
 operated institutions of the state  university  to  attend  without  the
 payment  of  tuition  if  such student fulfills the requirements of such
 program pursuant to the provisions of  this  act.  Such  trustees  shall
 identify  two  four-year  institutions  of  the state university and two
 community colleges to participate in the "pay it forward,  pay  it  back
 program".
   2.  Such  trustees shall provide an application process and administer
 the program according to the following criteria:
   (a) A student shall have been a resident of New York state for a peri-
 od of one year prior to application.
   (b) A student shall be required to sign a contract to pay the institu-
 tion a certain percentage of the student's annual adjusted gross  income
 for  a  specified  number  of  years.  The trustees shall determine such
 percentage and number of years based on the institution.
   (c) Students shall be required to complete their degree program within
 a minimum period of time to be set by the trustees  which  shall  be  no
 less than two years and no more than four years.
   (d)  If  a  student  or  former  student  fails  to fulfill any of the
 requirements set forth in this subdivision, the trustees  shall  convert
 to  a  student loan the full amount of the tuition which would have been
 paid by such student, as determined  by  the  trustees,  plus  interest,
 according  to  a schedule to be determined by the trustees.  Such repay-

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

                                                            LBD09654-01-7

 S. 4133                             2
 
 ment may also be required if a recipient fails to  respond  to  requests
 for  information  necessary  to  determine  continued eligibility or for
 administration of the program.
   (e)  Any  student  who elects to participate in the program under this
 act shall be required to  apply  for  federal  Pell  grant  funding  and
 tuition  assistance  program funding. Funds awarded under either or both
 such programs shall be applied towards the cost of tuition prior  to  an
 award under this subparagraph.
   (f)  Students shall be responsible for all other costs including hous-
 ing, fees and other non-tuition related charges.
   § 3. The board of trustees of the state university shall establish  an
 immediate  funding  source for the "pay it forward, pay it back program"
 and include the establishment of a revolving fund  to  deposit  payments
 made under such program.
   §  4.  This act shall take effect on the first of July next succeeding
 the date on which it shall have become a law;  provided,  however,  that
 effective immediately, the addition, amendment and/or repeal of any rule
 or regulation necessary for the implementation of this act on its effec-
 tive  date  are  authorized  and directed to be made and completed on or
 before such effective date.

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Senate Bill S4133

Sponsored By

Archive: Last Bill Status - In Senate Committee Higher Education Committee

2017-S4133 (ACTIVE) - Details

2017-S4133 (ACTIVE) - Summary

2017-S4133 (ACTIVE) - Sponsor Memo

2017-S4133 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4133

Share this bill

Sponsored By

Kenneth P. LaValle

Archive: Last Bill Status - In Senate Committee Higher Education Committee

2017-S4133 (ACTIVE) - Details

2017-S4133 (ACTIVE) - Summary

2017-S4133 (ACTIVE) - Sponsor Memo

2017-S4133 (ACTIVE) - Bill Text download pdf

Comments