Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Mar 24, 2014 |
print number 4575a |
Mar 24, 2014 |
amend and recommit to higher education |
Jan 08, 2014 |
referred to higher education |
Apr 11, 2013 |
referred to higher education |
Senate Bill S4575A
2013-2014 Legislative Session
Sponsored By
(R) Senate District
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
Actions
Bill Amendments
2013-S4575 - Details
- Current Committee:
- Senate Higher Education
- Law Section:
- Education Law
- Laws Affected:
- Amd §680, Ed L; amd §98-a, add Art 15-A §§225 - 234-c, St Fin L
2013-S4575 - Sponsor Memo
BILL NUMBER:S4575 TITLE OF BILL: An act to amend the education law and the state finance law, in relation to the student loan linked deposit act PURPOSE: This bill would create the student loan linked deposit program to provide low-cost student loans by means of authorizing the comptroller to place state deposits with participating lenders at a decreased interest rate, in order to offer students reduced rate student loans at up to 3 points below market rates. SUMMARY OF PROVISIONS: Section 1. Provides the Legislative findings and intent. Section 2. Amends paragraph c of subdivision 1 of section 680 of the education law to add a new paragraph d to authorize the Higher Education Services Corporation to administer the student loan linked deposit program pursuant to article fifteen-A of the state finance law. Section 3. Amends subdivision 2 of section 98-a of the state finance law to allow the comptroller to invest funds in the student loan linked deposit program pursuant to article fifteen-A of the state finance law.
2013-S4575 - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4575 2013-2014 Regular Sessions I N S E N A T E April 11, 2013 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education AN ACT to amend the education law and the state finance law, in relation to the student loan linked deposit act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings and declaration of purpose. The legis- lature hereby finds that the costs of completing higher education for residents of the state of New York are increasing at a rate significant- ly faster than the rate of inflation. Paying out of pocket has become increasingly difficult for families and students seeking to improve their educational and economic prospects. An affordable college educa- tion has become increasingly inaccessible to large numbers of middle class families in the state, for whom financial resources, including state grants and scholarships, are either limited or unavailable. Many families and students have no choice but to turn to the private lending market in order to finance their higher education. Compounding the problem is the fact that typical interest rates for student loans offered through the private lending market are relatively high when compared to interest rates for other purposes, such as a mort- gage or automobile. Additionally, the average student loan debt upon graduation is more than $26,000 per student in the state. Reducing the debt burden that students endure upon graduating college has become a critical public policy goal. As increasing the share of the state's population that undertakes and completes higher education is also a desirable public policy goal, and an individual's decision to complete a program of postsecondary educa- tion typically reaps economic and social rewards to the individual, the legislature hereby declares that it is in the best interest of the state to create a student loan linked deposit program whereby the state will subsidize private lenders to provide reduced-rate loans to students. EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09566-01-3
2013-S4575A (ACTIVE) - Details
- Current Committee:
- Senate Higher Education
- Law Section:
- Education Law
- Laws Affected:
- Amd §680, Ed L; amd §98-a, add Art 15-A §§225 - 234-c, St Fin L
2013-S4575A (ACTIVE) - Sponsor Memo
BILL NUMBER:S4575A TITLE OF BILL: An act to amend the education law and the state finance law, in relation to the student loan linked deposit act PURPOSE: This bill would create the student loan linked deposit program to provide low-cost student loans by means of authorizing the comptroller to place state deposits with participating lenders at a decreased interest rate, in order to offer students reduced rate student loans at up to 3 points below market rates. SUMMARY OF PROVISIONS: Section 1: Provides the Legislative findings and intent Section 2: Amends paragraph c of subdivision 1 of section 680 of the education law to add a new paragraph d to authorize the Higher Education Services Corporation to administer the student loan linked deposit program pursuant to article fifteen-A of the state finance law. Section 3. Amends subdivision 2 of section 98-a of the state finance law to allow the comptroller to invest funds in the student loan linked deposit program pursuant to article fifteen-A of the state finance law.
2013-S4575A (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 4575--A 2013-2014 Regular Sessions I N S E N A T E April 11, 2013 ___________ Introduced by Sen. LAVALLE -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education -- recom- mitted to the Committee on Higher Education in accordance with Senate Rule 6, sec. 8 -- committee discharged, bill amended, ordered reprinted as amended and recommitted to said committee AN ACT to amend the education law and the state finance law, in relation to the student loan linked deposit act THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. Legislative findings and declaration of purpose. The legis- lature hereby finds that the costs of completing higher education for residents of the state of New York are increasing at a rate significant- ly faster than the rate of inflation. Paying out of pocket has become increasingly difficult for families and students seeking to improve their educational and economic prospects. An affordable college educa- tion has become increasingly inaccessible to large numbers of middle class families in the state, for whom financial resources, including state grants and scholarships, are either limited or unavailable. Many families and students have no choice but to turn to the private lending market in order to finance their higher education. Compounding the problem is the fact that typical interest rates for student loans offered through the private lending market are relatively high when compared to interest rates for other purposes, such as a mort- gage or automobile. Additionally, the average student loan debt upon graduation is more than $26,000 per student in the state. Reducing the debt burden that students endure upon graduating college has become a critical public policy goal. As increasing the share of the state's population that undertakes and completes higher education is also a desirable public policy goal, and an individual's decision to complete a program of postsecondary educa- tion typically reaps economic and social rewards to the individual, the EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09566-02-4
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