Senate Bill S4415

2021-2022 Legislative Session

Establishes a New York state senior citizens loan forgiveness program

download bill text pdf

Sponsored By

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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2021-S4415 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §679-k, Ed L
Versions Introduced in 2019-2020 Legislative Session:
S5601

2021-S4415 (ACTIVE) - Summary

Establishes a New York state senior citizens loan forgiveness program.

2021-S4415 (ACTIVE) - Sponsor Memo

2021-S4415 (ACTIVE) - Bill Text download pdf

                            
 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4415
 
                        2021-2022 Regular Sessions
 
                             I N  S E N A T E
 
                             February 4, 2021
                                ___________
 
 Introduced  by  Sen.  MAY  --  read  twice and ordered printed, and when
   printed to be committed to the Committee on Higher Education
 
 AN ACT to amend the education law, in relation  to  establishing  a  New
   York state senior citizens loan forgiveness program
 
   THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
 BLY, DO ENACT AS FOLLOWS:
 
   Section 1. The education law is amended by adding a new section  679-k
 to read as follows:
   §  679-K.  NEW YORK STATE SENIOR CITIZENS LOAN FORGIVENESS PROGRAM. 1.
 PURPOSE. THE  PRESIDENT  SHALL  ESTABLISH  A  STUDENT  LOAN  FORGIVENESS
 PROGRAM  FOR  THE PURPOSE OF ALLEVIATING THE BURDEN OF STUDENT LOAN DEBT
 FOR SENIOR CITIZENS OF THIS STATE.
   2. ELIGIBILITY. TO BE ELIGIBLE FOR LOAN PAYMENT ASSISTANCE PURSUANT TO
 THIS SECTION, AN APPLICANT SHALL: (A) BE  SIXTY-FIVE  YEARS  OF  AGE  OR
 OLDER;  (B)  HAVE  BEEN EMPLOYED WITHIN THE STATE FOR TEN OR MORE YEARS;
 (C) HAVE AN ADJUSTED GROSS INCOME  OF  NOT  MORE  THAN  THIRTY  THOUSAND
 DOLLARS;  AND (D) MEET ANY OTHER REQUIREMENTS THE PRESIDENT DEEMS APPRO-
 PRIATE.
   3. PAYMENTS. ELIGIBLE APPLICANTS SHALL RECEIVE STUDENT LOAN  REPAYMENT
 ASSISTANCE FROM THE STATE IN THE FORM OF MONTHLY PAYMENTS. SUCH PAYMENTS
 SHALL  BE  PROVIDED  TO SUCH APPLICANTS FOR A PERIOD OF NOT GREATER THAN
 EIGHTEEN MONTHS. THE MAXIMUM TOTAL AMOUNT OF ALL PAYMENTS  MADE  TO  THE
 APPLICANT SHALL NOT EXCEED THREE THOUSAND ONE HUNDRED FIFTY DOLLARS.
   4.  RULES AND REGULATIONS. THE CORPORATION IS AUTHORIZED TO PROMULGATE
 RULES AND REGULATIONS NECESSARY FOR THE IMPLEMENTATION OF THE PROVISIONS
 OF THIS SECTION.
   § 2. This act shall take effect on the one hundred twentieth day after
 it shall have become a law. Effective immediately, the addition,  amend-
 ment and/or repeal of any rule or regulation necessary for the implemen-
 tation  of  this act on its effective date are authorized to be made and
 completed on or before such date.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
              

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