§ 669-f. New York state masters-in-education teacher incentive
scholarship program. 1. Eligibility. Students who are matriculated in an
approved master's degree in education program at a New York state public
institution of higher education leading to a career as a teacher in
public elementary or secondary education shall be eligible for an award
under this section, provided the applicant: (a) earned an undergraduate
degree from a college located in New York state; (b) was a New York
state resident while earning such undergraduate degree; (c) achieved
academic excellence as an undergraduate student, as defined by the
corporation in regulation; (d) enrolls in full-time study in an approved
master's degree in education program at a New York state public
institution of higher education leading to a career as a teacher in
public elementary or secondary education; (e) signs a contract with the
corporation agreeing to teach in a classroom setting on a full-time
basis for five years in a school located within New York state providing
public elementary or secondary education recognized by the board of
regents or the university of the state of New York, including charter
schools authorized pursuant to article fifty-six of this chapter; and
(f) complies with the applicable provisions of this article and all
requirements promulgated by the corporation for the administration of
the program.

2. Within amounts appropriated therefor, awards shall be granted to
applicants that the corporation has certified are eligible to receive
such awards. Up to five hundred awards may be granted to new recipients
annually. Such awards shall be granted upon successful completion of
each term, as defined by the corporation.

3. An award shall entitle the recipient to annual payments for not
more than two academic years of full-time graduate study leading to
certification as an elementary or secondary classroom teacher.

4. The corporation shall grant such awards in an amount equal to the
annual tuition charged to state resident students attending a graduate
program full-time at the state university of New York, or actual tuition
charged, whichever is less; provided, however, (i) a student who
receives educational grants and/or scholarships that cover the student's
full cost of attendance shall not be eligible for an award under this
program; (ii) for a student who receives educational grants and/or
scholarships that cover less than the student's full cost of attendance,
such grants and/or scholarships shall not be deemed duplicative of this
program and may be held concurrently with an award under this program,
provided that the combined benefits do not exceed the student's full
cost of attendance; and (iii) an award under this program shall be
applied to tuition after the application of all other educational grants
and scholarships limited to tuition and shall be reduced in an amount
equal to such educational grants and/or scholarships. Upon notification
of an award under this program, the institution shall defer the amount
of tuition equal to the award. No award shall be final until the
recipient's successful completion of a term has been certified by the
institution. A recipient of an award under this program shall not be
eligible for an award under the New York state math and science teaching
incentive program.

5. The corporation shall convert to a student loan the full amount of
the award granted pursuant to this section, plus interest, according to
a schedule to be determined by the corporation if: (a) two years after
the completion of the degree program and receipt of initial
certification it is found that a recipient is not teaching in a public
school located within New York state providing elementary or secondary
education recognized by the board of regents or the university of the
state of New York, including charter schools authorized pursuant to
article fifty-six of this chapter; (b) a recipient has not taught in a
public school located within New York state providing elementary or
secondary education recognized by the board of regents or the university
of the state of New York, including charter schools authorized pursuant
to article fifty-six of this chapter, for five of the seven years after
the completion of the graduate degree program and receipt of initial
certification; (c) a recipient fails to complete his or her graduate
degree program in education; (d) a recipient fails to receive or
maintain his or her teaching certificate or license in New York state
for the required period; or (e) a recipient fails to respond to requests
by the corporation for the status of his or her academic or professional
progress. The terms and conditions of this subdivision shall be deferred
for any interruption in graduate study or employment as established by
the rules and regulations of the corporation. Any obligation to comply
with such provisions as outlined in this section shall be cancelled upon
the death of the recipient. Notwithstanding any provisions of this
subdivision to the contrary, the corporation is authorized to promulgate
rules and regulations to provide for the waiver or suspension of any
financial obligation which would involve extreme hardship.

6. The corporation is authorized to promulgate rules and regulations,
and may promulgate emergency regulations, necessary for the
implementation of the provisions of this section including, but not
limited to, the criteria for the provision of awards on a competitive
basis, and the rate of interest charged for repayment of the student
loan.