Bill Text: NY S06848 | 2015-2016 | General Assembly | Introduced

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Bill Title: 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.

Sponsorship: Partisan Bill (Republican 3)

Status: (Introduced - Dead) 2016-02-29 - REFERRED TO HIGHER EDUCATION [S06848 Detail]

Download: New_York-2015-S06848-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
            S. 6848                                                  A. 9368
                SENATE - ASSEMBLY
                                    February 29, 2016
                                       ___________
        IN SENATE -- Introduced by Sen. LAVALLE -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Higher Educa-
          tion
        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.
    21    3.  Awards.  No  greater  than [ten] twenty awards shall be granted to
    22  qualified applicants in the amount of up to  ten  thousand  dollars  per
    23  year,  per  applicant,  not to exceed a duration of [five] six years and
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD14105-01-6