Assembly Bill A5578

2011-2012 Legislative Session

Protects "grace period" for borrowers of student loans called to active duty who resume education program

download bill text pdf

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Archive: Last Bill Status - In Assembly 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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2011-A5578 (ACTIVE) - Details

Current Committee:
Assembly Higher Education
Law Section:
Education Law
Laws Affected:
Amd ยง693, Ed L
Versions Introduced in Other Legislative Sessions:
2009-2010: A7346
2013-2014: A5798
2015-2016: A6435

2011-A5578 (ACTIVE) - Summary

Protects six month "grace period" for borrowers of student loans called to active duty who resume education program.

2011-A5578 (ACTIVE) - Bill Text download pdf 

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

                                  5578

                       2011-2012 Regular Sessions

                          I N  A S S E M B L Y

                            February 23, 2011
                               ___________

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

AN ACT to amend the education law, in  relation  to  student  loans  for
  persons in military service

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

  Section 1. Section 693 of the education law is amended by adding a new
subdivision 17 to read as follows:
  17. THE "GRACE PERIOD" FOR REPAYMENT OF A LOAN ESTABLISHED PURSUANT TO
SUBDIVISION TWO OF THIS SECTION SHALL NOT APPLY TO A  BORROWER  WHO  IS:
(A)  A  MEMBER  OF  THE NATIONAL GUARD OR OTHER RESERVE COMPONENT OF THE
ARMED FORCES OF THE UNITED STATES AND IS CALLED  OR  ORDERED  TO  ACTIVE
DUTY,  AS  DEFINED  IN  10 USC S 101(D)(1), OR (B) A MEMBER OF THE STATE
ORGANIZED MILITIA, AND IS CALLED OR  ORDERED  TO  ACTIVE  DUTY  FOR  THE
STATE, AS DEFINED IN SUBDIVISION ONE OF SECTION SIX OF THE MILITARY LAW,
AND  AS  A  RESULT  IS  COMPELLED TO TERMINATE HIS COLLEGE OR VOCATIONAL
INSTITUTION PROGRAM. SHOULD THE BORROWER RETURN TO A  COLLEGE  OR  VOCA-
TIONAL  INSTITUTION UPON TERMINATION OF HIS MILITARY SERVICE, THE "GRACE
PERIOD" ESTABLISHED PURSUANT TO SUBDIVISION TWO OF  THIS  SECTION  SHALL
THEN  BE  AVAILABLE  TO  THE  BORROWER UPON COMPLETION OF HIS COLLEGE OR
VOCATIONAL INSTITUTION PROGRAM.
  S 2. This act shall take effect immediately.




 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08902-01-1

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