Modifies the requirements for the New York state science, technology, engineering and mathematics incentive program for when an award gets converted to a student loan.
STATE OF NEW YORK
________________________________________________________________________
4050
2023-2024 Regular Sessions
IN ASSEMBLY
February 9, 2023
___________
Introduced by M. of A. WOERNER -- read once and referred to the Commit-
tee on Education
AN ACT to amend the education law, in relation to requirements for the
New York state science, technology, engineering and mathematics incen-
tive program
The People of the State of New York, represented in Senate and Assem-bly, do enact as follows:
1 Section 1. Subdivision 4 of section 669-e of the education law, as
2 amended by section 1 of part BB of chapter 56 of the laws of 2018, is
3 amended to read as follows:
4 4. The corporation shall convert to a student loan the full amount of
5 the award given pursuant to this section, plus interest, according to a
6 schedule to be determined by the corporation if: (a) a recipient fails
7 to complete an approved undergraduate program in science, technology,
8 engineering or mathematics or changes majors to a program of undergradu-
9 ate study other than in science, technology, engineering or mathematics;
10 or (b) upon completion of such undergraduate degree program a recipient
11 fails to either (i) complete the equivalent of five years of [contin-
12 uous] full time employment in the science, technology, engineering or
13 mathematics field with a public or private entity located within New
14 York state within eight years of completing such undergraduate degree
15 program, or (ii) maintain residency in New York state [for] during such
16 recipient's period of qualifying employment in the science, technology,
17 engineering or mathematics field; or (c) a recipient fails to respond to
18 requests by the corporation for the status of his or her academic or
19 professional progress. The terms and conditions of this subdivision
20 shall be deferred for individuals who graduate with a degree in an
21 approved undergraduate program in science, technology, engineering or
22 mathematics and enroll on at least a half-time basis in a graduate or
23 higher degree program or other professional licensure degree program
24 until they are conferred a degree, and shall also be deferred for any
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[] is old law to be omitted.
LBD03742-01-3
A. 4050 2
1 interruption in undergraduate study or employment as established by the
2 rules and regulations of the corporation. The terms and conditions of
3 this subdivision may also be deferred for a grace period, to be estab-
4 lished by the corporation, following the completion of an approved
5 undergraduate program in science, technology, engineering or mathematics
6 a graduate or higher degree program or other professional licensure
7 degree program. Any obligation to comply with such provisions as
8 outlined in this section shall be cancelled upon the death of the recip-
9 ient. Notwithstanding any provisions of this subdivision to the contra-
10 ry, the corporation is authorized to promulgate rules and regulations to
11 provide for the waiver or suspension of any financial obligation which
12 would involve extreme hardship.
13 § 2. This act shall take effect immediately.
