NY State Senate Bill 2021-S4415

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 05, 2022	referred to higher education
Feb 04, 2021	referred to higher education

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

                                
 
BILL NUMBER: S4415

SPONSOR: MAY
 
TITLE OF BILL:

An act to amend the education law, in relation to establishing a New
York state senior citizens loan forgiveness program

 
PURPOSE OR GENERAL IDEA OF BILL:

This bill establishes a student loan forgiveness program for New York
residents over the age of 65 who meet certain eligibility requirements.
This program would provide necessary relief for seniors burdened by
student loan debt.

 
SUMMARY OF SPECIFIC PROVISIONS:

Section 1: Adds a new section 679-k to the education law. This new
section establishes a loan forgiveness program.

Section 1.1: Describes the purpose of the program, to provide student

loan relief for New York seniors.

Section 1.2: Establishes eligibility for the program, including that
those seniors must be 65 or above, must have worked in NYS for 10 or
more years, have an income of less than $30,000, and other requirements
as necessary.

Section 1.3: Loan repayments may be made under this program for a period
of up to 18 months and to a maximum of $3,150 (up to $175 a month).

Section 1.4: The president of the Higher Education Services Corporation
may develop rules and regulations necessary to implement this program.

Section 2: Effective date.

 
JUSTIFICATION:

It is an unfortunate side effect of the rising cost of higher education
that some people will continue to owe student loan debt later in life.
Unable to discharge student loan debt through bankruptcy, older adults
living on limited incomes can find it very difficult to maintain regular
payments for student loan debt. Social Security payments that have
successfully kept generations of older Americans free of the worst
poverty can be held back to pay off student debt, leaving seniors even
more exposed and vulnerable.  Recent reporting by the Wall Street Jour-
nal and other outlets describes the unique paradox by the 3 million
seniors who have some level of student loan debt. By establishing a new
senior citizen loan forgiveness program for the most vulnerable New York
elders, the state will be able to provide a small degree of security and
comfort for seniors and their families struggling to make payments on
time while also balancing other demands.

 
PRIOR LEGISLATIVE HISTORY:

2019-2020 - S.5601 (May) Referred to Higher Education

 
FISCAL IMPLICATIONS:

Cost to the state for the program, subject to appropriation.

 
EFFECTIVE DATE:
120 days after becoming law.

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.

                                                            LBD04494-01-1

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Senate Bill S4415

Sponsored By

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

2021-S4415 (ACTIVE) - Details

2021-S4415 (ACTIVE) - Summary

2021-S4415 (ACTIVE) - Sponsor Memo

2021-S4415 (ACTIVE) - Bill Text download pdf

Comments

Senate Bill S4415

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Sponsored By

Rachel May

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

2021-S4415 (ACTIVE) - Details

2021-S4415 (ACTIVE) - Summary

2021-S4415 (ACTIVE) - Sponsor Memo

2021-S4415 (ACTIVE) - Bill Text download pdf

Comments