Senate Bill S4027

2023-2024 Legislative Session

Creates the New York state public sector employee loan forgiveness program

download bill text pdf

Sponsored By

Current 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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2023-S4027 (ACTIVE) - Details

See Assembly Version of this Bill:
A4468
Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §679-k, Ed L
Versions Introduced in 2021-2022 Legislative Session:
S6559, A4618

2023-S4027 (ACTIVE) - Summary

Creates the New York state public sector employee loan forgiveness program for graduates of SUNY or CUNY schools employed in a state or local public sector position.

2023-S4027 (ACTIVE) - Sponsor Memo

2023-S4027 (ACTIVE) - Bill Text download pdf 

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   4027
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             February 2, 2023
                                ___________
 
 Introduced  by Sen. SCARCELLA-SPANTON -- 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 creating the New  York
   state public sector employee 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  PUBLIC  SECTOR  EMPLOYEE LOAN FORGIVENESS
 PROGRAM. 1. PURPOSE.  THE PRESIDENT SHALL GRANT STUDENT LOAN FORGIVENESS
 AWARDS FOR THE PURPOSE OF ATTRACTING  WORKERS  TO  BE  EMPLOYED  IN  THE
 PUBLIC  SECTOR.  SUCH  AWARDS  SHALL  BE MADE ON A COMPETITIVE BASIS, IN
 ACCORDANCE WITH RULES AND REGULATIONS PROMULGATED BY THE CORPORATION FOR
 SUCH PURPOSES, TO APPLICANTS WHO MEET THE ELIGIBILITY CRITERIA.
   2. ELIGIBILITY. TO BE ELIGIBLE FOR AN AWARD PURSUANT TO THIS  SECTION,
 APPLICANTS  SHALL:  (A)  HAVE GRADUATED AND OBTAINED AN UNDERGRADUATE OR
 GRADUATE DEGREE FROM THE STATE UNIVERSITY OF NEW YORK OR CITY UNIVERSITY
 OF NEW YORK; (B) BE EMPLOYED FULL-TIME IN THIS STATE IN A STATE OR LOCAL
 PUBLIC SECTOR POSITION  THAT  REQUIRES  THE  UNDERGRADUATE  OR  GRADUATE
 DEGREE  THE  APPLICANT OBTAINED FROM THE STATE UNIVERSITY OF NEW YORK OR
 CITY UNIVERSITY OF NEW YORK; (C) HAVE AN OUTSTANDING STUDENT  LOAN  DEBT
 FROM  AN  UNDERGRADUATE  OR GRADUATE DEGREE FROM THE STATE UNIVERSITY OF
 NEW YORK OR CITY UNIVERSITY OF NEW YORK REQUIRED  FOR  SUCH  APPLICANT'S
 PUBLIC SECTOR EMPLOYMENT; AND (D) BE A RESIDENT OF THIS STATE.
   3.  AWARDS.  THE CORPORATION SHALL GRANT AWARDS PURSUANT TO THE AMOUNT
 APPROPRIATED FOR SUCH PURPOSE AND BASED ON AVAILABILITY OF FUNDS  IN  AN
 AMOUNT  UP  TO  FIVE  THOUSAND  DOLLARS  PER YEAR, PER APPLICANT, NOT TO
 EXCEED A DURATION OF TEN YEARS, AND NOT TO EXCEED  THE  TOTAL  REMAINING
 BALANCE OF THE APPLICANT'S STUDENT LOAN DEBT.
 
  EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                       [ ] is old law to be omitted.
                                                            LBD03886-01-3
 S. 4027                             2

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