Bill Text: NY A04050 | 2023-2024 | General Assembly | Introduced

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Bill Title: 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.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2024-01-03 - referred to higher education [A04050 Detail]

Download: New_York-2023-A04050-Introduced.html

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                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.