§ 669-E — New York state science, technology, engineering and mathematics incentive program

§ 669-e. New York state science, technology, engineering and\nmathematics incentive program. 1. Undergraduate students who are\nmatriculated in an approved undergraduate program leading to a career in\nscience, technology, engineering or mathematics at a New York state\npublic institution of higher education for the purpose of subdivision\ntwo of this section, or a New York state private degree granting\ninstitution of higher education for the purpose of subdivision two-a of\nthis section, shall be eligible for an award under this section,\nprovided the applicant: (a) graduates from a high school located in New\nYork state during or after the two thousand thirteen--fourteen school\nyear; and (b) graduates within the top ten percent of his or her high\nschool class; and (c) enrolls in full-time study each term beginning in\nthe fall term after his or her high school graduation in an approved\nundergraduate program in science, technology, engineering or\nmathematics, as defined by the corporation, at a New York state\ninstitution of higher education; and (d) signs a contract with the\ncorporation agreeing that his or her award will be converted to a\nstudent loan in the event the student fails to comply with the terms of\nthis program as set forth in subdivision four of this section; and (e)\ncomplies with the applicable provisions of this article and all\nrequirements promulgated by the corporation for the administration of\nthe program.\n 2. Awards shall be granted beginning with the two thousand\nfourteen--two thousand fifteen academic year and thereafter to\napplicants at New York state public institutions of higher education\nthat the corporation has determined are eligible to receive such awards.\nThe corporation shall grant such awards in an amount equal to the amount\nof undergraduate tuition for residents of New York state charged by the\nstate university of New York or actual tuition charged, whichever is\nless; provided, however, (i) a student who receives educational grants\nand/or scholarships that cover the student's full cost of attendance\nshall not be eligible for an award under this program; (ii) for a\nstudent who receives educational grants and/or scholarships that cover\nless than the student's full cost of attendance, such grants and/or\nscholarships shall not be deemed duplicative of this program and may be\nheld concurrently with an award under this program, provided that the\ncombined benefits do not exceed the student's full cost of attendance;\nand (iii) an award under this program shall be applied to tuition after\nthe application of all other educational grants and scholarships limited\nto tuition and shall be reduced in an amount equal to such educational\ngrants and/or scholarships. Upon notification of an award under this\nprogram, the institution shall defer the amount of tuition equal to the\naward. No award shall be final until the recipient's successful\ncompletion of a term has been certified by the institution.\n 2-a. Within amounts appropriated therefor and based on availability of\nfunds, beginning with the two thousand eighteen--two thousand nineteen\nacademic year and thereafter, awards shall be granted to applicants at\nNew York state private degree granting institutions of higher education\nthat the corporation has determined are eligible to receive such awards.\nThe corporation shall grant such awards in an amount equal to the amount\nof undergraduate tuition for residents of New York state charged by the\nstate university of New York or actual tuition charged, whichever is\nless; provided, however, (i) a student who receives educational grants\nand/or scholarships that cover the student's full cost of attendance\nshall not be eligible for an award under this program; (ii) for a\nstudent who receives educational grants and/or scholarships that cover\nless than the student's full cost of attendance, such grants and/or\nscholarships shall not be deemed duplicative of this program and may be\nheld concurrently with an award under this program, provided that the\ncombined benefits do not exceed the student's full cost of attendance;\nand (iii) an award under this program shall be applied to tuition after\nthe application of all other educational grants and scholarships limited\nto tuition and shall be reduced in an amount equal to such educational\ngrants and/or scholarships. Upon notification of an award under this\nprogram, the institution shall defer the amount of tuition equal to the\naward. No award shall be final until the recipient's successful\ncompletion of a term has been certified by the institution.\n 3. An eligible recipient shall not receive an award for more than four\nacademic years of full-time undergraduate study or five academic years\nif the program of study normally requires five years, excluding any\nallowable interruption of study.\n 4. The corporation shall convert to a student loan the full amount of\nthe award given pursuant to this section, plus interest, according to a\nschedule to be determined by the corporation if: (a) a recipient fails\nto complete an approved undergraduate program in science, technology,\nengineering or mathematics or changes majors to a program of\nundergraduate study other than in science, technology, engineering or\nmathematics; or (b) upon completion of such undergraduate degree program\na recipient fails to either (i) complete five years of continuous full\ntime employment in the science, technology, engineering or mathematics\nfield with a public or private entity located within New York state, or\n(ii) maintain residency in New York state for such period of employment;\nor (c) a recipient fails to respond to requests by the corporation for\nthe status of his or her academic or professional progress. The terms\nand conditions of this subdivision shall be deferred for individuals who\ngraduate with a degree in an approved undergraduate program in science,\ntechnology, engineering or mathematics and enroll on at least a\nhalf-time basis in a graduate or higher degree program or other\nprofessional licensure degree program until they are conferred a degree,\nand shall also be deferred for any interruption in undergraduate study\nor employment as established by the rules and regulations of the\ncorporation. The terms and conditions of this subdivision may also be\ndeferred for a grace period, to be established by the corporation,\nfollowing the completion of an approved undergraduate program in\nscience, technology, engineering or mathematics a graduate or higher\ndegree program or other professional licensure degree program. Any\nobligation to comply with such provisions as outlined in this section\nshall be cancelled upon the death of the recipient. Notwithstanding any\nprovisions of this subdivision to the contrary, the corporation is\nauthorized to promulgate rules and regulations to provide for the waiver\nor suspension of any financial obligation which would involve extreme\nhardship.\n 5. The corporation is authorized to promulgate rules and regulations,\nand may promulgate emergency regulations, necessary for the\nimplementation of the provisions of this section, including, but not\nlimited to, the rate of interest charged for repayment of the student\nloan and the criteria for distributing the awards, which may include a\nlottery or other form of random selection for awards distributed\npursuant to subdivision two-a of this section.\n