§ 679-G — New York state get on your feet loan forgiveness program

New York § 679-G

• Jurisdiction: New York
• Law EDN: Education
• Title 1: General Provisions Article 1 Short Title and Definitions (§§
• Part 2: Student Financial Aid
• Subpart 4: Other Awards
• Art. 14: New York State Higher Education Services Corporation

Text

§ 679-g. New York state get on your feet loan forgiveness program. 1.\nPurpose. The president shall grant student loan forgiveness awards for\nthe purpose of alleviating the burden of federal student loan debt for\nrecent New York state college graduates.\n 2. Eligibility. To be eligible for an award pursuant to this section,\nan applicant shall: (a) have graduated from a high school located in New\nYork state or attended an approved New York state program for a state\nhigh school equivalency diploma and received such high school\nequivalency diploma; (b) have graduated and obtained an undergraduate\ndegree from a college or university with its headquarters located in New\nYork state in or after the two thousand fourteen--fifteen academic year;\n(c) apply for this program within two years of obtaining such degree;\n(d) be a participant in a federal income-driven repayment plan whose\npayment amount is generally ten percent of discretionary income; (e)\nhave income of less than fifty thousand dollars; (f) comply with\nsubdivisions three and five of section six hundred sixty-one of this\npart; and (g) work in New York state, if employed. For purposes of this\nprogram, "income" shall be the total adjusted gross income of the\napplicant and the applicant's spouse, if applicable.\n 3. Awards. An applicant whose annual income is less than fifty\nthousand dollars shall be eligible to receive an award equal to one\nhundred percent of his or her monthly federal income-driven repayment\nplan payments for twenty-four months of repayment under the federal\nprogram. Provided, however, that the awards granted under this section\nshall be deferred for a recipient who has been granted a deferment or\nforbearance under the federal income-driven repayment plan. Upon\ncompletion of such deferment or forbearance period, such recipient shall\nbe eligible to receive an award for the remaining time period under this\nsubdivision. A recipient who is not a resident of New York state at the\ntime any payment is made under this program shall be required to refund\nsuch payments to the state. The corporation shall be authorized to\nrecover such payments in accordance with rules and regulations\npromulgated by the corporation. A student who is delinquent or in\ndefault on a student loan made under any statutory New York state or\nfederal education loan program or has failed to comply with the terms of\na service condition imposed by an award made pursuant to this article or\nhas failed to repay an award shall be ineligible to receive an award\nunder this program until such delinquency, default or failure is cured.\n 4. Rules and regulations. The corporation is authorized to promulgate\nrules and regulations, and may promulgate emergency regulations\nnecessary for the implementation of the provisions of this section.\n