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A00034 Summary:

BILL NO    A00034 

SAME AS    No Same as 

SPONSOR    Simanowitz

COSPNSR    

MLTSPNSR   

Add S679-g, Ed L

Establishes the NYS Employee Loan Forgiveness Program; provides that
individuals employed by a state employer for 5 years or more with outstanding
loan debt are eligible to receive $5,000 per year.
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A00034 Text:



 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                           34
 
                               2015-2016 Regular Sessions
 
                   IN ASSEMBLY
 
                                       (Prefiled)
 
                                     January 7, 2015
                                       ___________
 
        Introduced  by  M.  of  A.  SIMANOWITZ  -- read once and referred to the
          Committee on Higher Education
 
        AN ACT to amend the education law, in relation to establishing  the  New
          York state employee loan forgiveness program
 
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
 
     1    Section 1. The education law is amended by adding a new section  679-g
     2  to read as follows:
     3    §  679-g.  New  York  state  employee  loan  forgiveness  program.  1.
     4  Purpose. The commissioner shall grant student  loan  forgiveness  awards
     5  for the purpose of retaining individuals serving as employees of a state
     6  employer.
     7    2.  Definitions.  (a) "State employer" means: (1) the executive branch
     8  of the state, (2) a cooperative extension  association  ("association"),
     9  (3)  the unified court system, (4) the senate, (5) the assembly, and (6)
    10  joint legislative employers.
    11    (b) "Student  loan  debt"  means  the  total  annual  loan  repayments
    12  required  to be made by the eligible employee on the cumulative total of
    13  the employee's outstanding student loans covering the cost of attendance
    14  at an undergraduate institution and/or graduate school. Interest paid or
    15  due on such loans shall be considered eligible for  reimbursement  under
    16  this  program.  For  purposes  of  this  calculation,  the amount of the
    17  student loan expense shall be reduced by any grants,  loan  forgiveness,
    18  or  similar reductions to the employee's indebtedness that he or she has
    19  received or shall receive.
    20    (c) "Year of qualified service" means the twelve-month period measured
    21  from the anniversary of  the  individual's  employment  with  the  state
    22  employer and adjusted for any interruption in employment.
    23    3.  Eligibility.  (a)  To  be  eligible  for an award pursuant to this
    24  subdivision, applicants shall: (1) be employed by a state employer;  (2)
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD00478-01-5

        A. 34                               2
 
     1  for five or more years of qualified service; and (3) have an outstanding
     2  student loan debt.
     3    (b)  Individuals  employed  by  a  state employer who are not eligible
     4  include:
     5    (1) elected officials, judges or justices appointed to or  serving  in
     6  court of record;
     7    (2)  officers  described  in  sections  four,  forty-one-a, forty-six,
     8  sixty-one, seventy, seventy-a, one hundred sixty-nine  (including  those
     9  officers  whose  salary  is  established  pursuant to salary plans under
    10  subdivision three  of  section  one  hundred  sixty-nine),  section  one
    11  hundred eighty and subdivision one of section forty-one of the executive
    12  law  and  any agency or department head appointed by the governor, comp-
    13  troller or attorney general; and
    14    (3) appointed members of boards or commissions any  of  whose  members
    15  are appointed by the governor or by another state officer or body.
    16    4.  Awards.  The commissioner shall grant awards in the amount of five
    17  thousand dollars to individuals who are eligible, pursuant  to  subdivi-
    18  sion  two  of  this  section,  in  the  year  prior to such application,
    19  provided that no recipient shall receive an award that exceeds the total
    20  remaining balance of the student loan debt and that no  recipient  shall
    21  receive  cumulative  awards,  pursuant to this section, in excess of ten
    22  thousand dollars. Awards shall be within the  amounts  appropriated  for
    23  such purpose and based on availability of funds.
    24    5. Rules and regulations. The commissioner is authorized to promulgate
    25  rules and regulations necessary for the implementation of the provisions
    26  of this section.
    27    § 2. This act shall take effect immediately.
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