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.
STATE OF NEW YORK
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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.
LBD04111-01-7
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.