NY S07549

Establishes the NY-ELECTs program to provide loan forgiveness or scholarship awards to students demonstrating excellence in student government, civic organizations, or campus/community leadership activities.

Requires applicants to have graduated from a New York state high school, be enrolled in a New York state post-secondary institution beginning in the 2014-2015 academic year or later, and maintain a 3.0 GPA or above.

Loan forgiveness awards available to students who earned an associate's degree within two years of enrollment; scholarship awards available to students who earned an associate's degree and transferred to a four-year institution, or completed freshman and sophomore years within two years at a four-year program.

Award recipients must agree to live and work in New York state for at least two of the next five years after graduation, with scholarship awards converting to student loans if this requirement is not met.

Awards limited to $6,500 per year for two years, not exceeding total student loan debt for loan forgiveness or total tuition at a State University of New York four-year institution after other financial aid.