Assembly Bill A8372

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   8372
 
                        2025-2026 Regular Sessions
 
                           I N  A S S E M B L Y
 
                               May 13, 2025
                                ___________
 
 Introduced by M. of A. KASSAY -- read once and referred to the Committee
   on Higher Education
 
 AN  ACT  to amend the education law, in relation to establishing the New
   York state veteran student 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 VETERAN STUDENT LOAN FORGIVENESS  PROGRAM.  1.
 DEFINITION.  FOR  THE  PURPOSES  OF  THIS  SECTION, "VETERAN" SHALL BE A
 MEMBER OF THE ARMED FORCES OF THE  UNITED  STATES  WHO  SERVED  AND  WAS
 HONORABLY  DISCHARGED  OR RELEASED UNDER CONDITIONS OTHER THAN DISHONOR-
 ABLE FROM SUCH SERVICE, AND PRESENTS AN AUTHORIZED  VETERAN  IDENTIFICA-
 TION CARD, AND WHO IS A RESIDENT OF THE STATE OF NEW YORK.
   2.  PURPOSE. THE PRESIDENT SHALL GRANT STUDENT LOAN FORGIVENESS AWARDS
 FOR THE PURPOSE OF ALLEVIATING THE  BURDEN  OF  STUDENT  LOAN  DEBT  FOR
 VETERANS.   SUCH AWARDS SHALL BE MADE ON A COMPETITIVE BASIS, IN ACCORD-
 ANCE WITH RULES  AND  REGULATIONS  PROMULGATED  BY  THE  CORPORATION  IN
 CONSULTATION  WITH  THE DIVISION OF MILITARY AND NAVAL AFFAIRS, FOR SUCH
 PURPOSES, TO APPLICANTS WHO MEET THE ELIGIBILITY  CRITERIA.  SUCH  RULES
 AND REGULATIONS SHALL INCLUDE PROVISIONS FOR THE CONSIDERATION OF APPLI-
 CANTS WHO ARE ECONOMICALLY DISADVANTAGED.
   3.  ELIGIBILITY. TO BE ELIGIBLE FOR AN AWARD PURSUANT TO THIS SECTION,
 APPLICANTS SHALL: (A) HAVE GRADUATED  AND  OBTAINED  A  DEGREE  FROM  AN
 APPROVED  NEW  YORK STATE COLLEGE OR UNIVERSITY; (B) HAVE AN OUTSTANDING
 STUDENT LOAN DEBT FROM OBTAINING SUCH DEGREE; (C) BE EMPLOYED  FULL-TIME
 IN NEW YORK STATE AT THE TIME OF APPLICATION; (D) AGREE TO RESIDE IN NEW
 YORK STATE FOR NO LESS THAN FIVE YEARS; (E) NOT RECEIVE OR HAVE RECEIVED
 STUDENT  LOAN  FORGIVENESS OR DISCHARGE FROM THE FEDERAL GOVERNMENT; AND
 (F) COMPLY WITH SUBDIVISION FIVE OF SECTION  SIX  HUNDRED  SIXTY-ONE  OF
 THIS PART.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD08332-01-5
              

 A. 8372                             2
 
   4.  AWARDS.  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 YEARS AND 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 THOUSAND DOLLARS UPON THE END OF A FIVE-YEAR PERIOD.
   5.  PRIORITY.  FIRST  PRIORITY  SHALL  BE GIVEN TO APPLICANTS WHO HAVE
 RECEIVED PAYMENT OF AN AWARD PURSUANT TO THIS SECTION IN  A  PRIOR  YEAR
 AND  REMAIN ELIGIBLE. SECOND PRIORITY SHALL BE GIVEN TO AN APPLICANT WHO
 CAN DEMONSTRATE ECONOMIC NEED AND APPLICANTS HAVING BEEN AWARDED A DISA-
 BILITY RATING OF FORTY PERCENT OR HIGHER FROM THE FEDERAL DEPARTMENT  OF
 VETERAN'S AFFAIRS OR FROM THE UNITED STATES DEPARTMENT OF DEFENSE, WHERE
 THAT DISABILITY WAS INCURRED IN THE LINE OF DUTY IN THE ACTIVE MILITARY,
 NAVAL  OR  AIR  SERVICE,  AS  DOCUMENTED  BY  THE CORPORATION. IF LARGER
 NUMBERS OF APPLICANTS ARE ELIGIBLE PURSUANT  TO  THIS  SUBDIVISION  THAN
 FUNDS  AVAILABLE, APPLICANTS SHALL BE CHOSEN PURSUANT TO RULES AND REGU-
 LATIONS 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.
   6.  RULES AND REGULATIONS. THE CORPORATION IS AUTHORIZED TO PROMULGATE
 RULES AND REGULATIONS, AND MAY PROMULGATE EMERGENCY REGULATIONS,  NECES-
 SARY FOR THE IMPLEMENTATION OF THE PROVISIONS OF THIS SECTION.
   §  2.  This  act shall take effect on the ninetieth day after it shall
 have become a law.