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S03819 Summary:

Amd 679-f, Ed L
Expands the eligibility and increases the number of awards for the New York state young farmers loan forgiveness incentive program to undergraduate and graduate degrees; increases the number of such awards from ten to twenty; increases the amount of such award from fifty to sixty thousand dollars upon the end of a six year, rather than five year, period.
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S03819 Text:

                STATE OF NEW YORK
            S. 3819                                                  A. 3148
                               2017-2018 Regular Sessions
                SENATE - ASSEMBLY
                                    January 27, 2017
        IN  SENATE  --  Introduced  by Sens. LAVALLE, GALLIVAN, RITCHIE, SERINO,
          SEWARD -- read twice and ordered  printed,  and  when  printed  to  be
          committed to the Committee on Higher Education
        IN  ASSEMBLY  -- Introduced by M. of A. THIELE -- read once and referred
          to the Committee on Higher Education

        AN ACT to amend the education law, in relation to expanding  the  eligi-
          bility  and  increasing  the  number  of awards for the New York state
          young farmers loan forgiveness incentive program
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section 679-f of the education law, as added by section 1
     2  of part Y of chapter 56 of the laws of  2014,  is  amended  to  read  as
     3  follows:
     4    §  679-f.  New  York  state  young  farmers loan forgiveness incentive
     5  program. 1. Purpose. The president shall grant student loan  forgiveness
     6  awards  for  the  purpose of alleviating the burden of student loan debt
     7  for young farmers. Such awards shall be made on a competitive basis,  in
     8  accordance with rules and regulations promulgated by the corporation for
     9  such  purposes,  to  applicants  who meet the eligibility criteria. Such
    10  rules and regulations shall include provisions for the consideration  of
    11  applicants who are economically disadvantaged.
    12    2.  Eligibility. To be eligible for an award pursuant to this section,
    13  applicants shall: (a) have graduated and obtained [a]  an  undergraduate
    14  or  graduate degree from an approved New York state college or universi-
    15  ty; (b) have an  outstanding  student  loan  debt  from  obtaining  such
    16  degree;  (c)  operate a farm in New York state on a full-time basis; (d)
    17  agree to operate such farm for the duration of no less than five  years;
    18  (e)  apply  for this program within two years of college graduation; and
    19  (f) comply with subdivisions three  and  five  of  section  six  hundred
    20  sixty-one of this part.

         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.

        S. 3819                             2                            A. 3148
     1    3.  Awards.  No  greater  than [ten] twenty awards shall be granted to
     2  qualified applicants in the amount of up to  ten  thousand  dollars  per
     3  year,  per  applicant,  not to exceed a duration of [five] six years and
     4  not to exceed the total amount of such applicant's  student  loan  debt.
     5  The  corporation shall grant such awards within amounts appropriated for
     6  such purposes and based on the availability of funds. No  one  applicant
     7  shall  receive  more than a total of [fifty] sixty thousand dollars upon
     8  the end of a [five] six year period.
     9    4. Priority. First priority shall  be  given  to  applicants  who  are
    10  completing  the  second,  third,  fourth or fifth year of full-time farm
    11  operation and are re-applying to receive an award  under  this  program.
    12  Second  priority  shall  be  given  to  an applicant who can demonstrate
    13  economic need but did not receive an award during the first year of this
    14  program's operation. If larger numbers of applicants are eligible pursu-
    15  ant to this subdivision than funds available, applicants shall be chosen
    16  pursuant to  rules  and  regulations  promulgated  by  the  corporation.
    17  Provided,  however, that each applicant chosen shall receive an award of
    18  up to ten thousand dollars in each year such applicant is accepted  into
    19  the program.
    20    § 2. This act shall take effect immediately.
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