NY A01397

Creates a new scholarship program for undergraduate students at State University of New York (SUNY) who are members in good standing of New York volunteer fire companies.

Recipients must sign a contract agreeing to work full-time for a New York volunteer fire company for five years and receive annual payments covering up to 100 percent of in-state tuition for up to four academic years.

Awards are made by the corporation after successful completion of each academic year, with award amounts equal to the lesser of actual tuition charged or full annual tuition for SUNY resident undergraduates.

Awards convert to student loans with interest if recipients fail to complete their studies, lose volunteer fire company membership, or do not work for a volunteer fire company for at least five of the seven years following degree completion.

The program takes effect immediately upon enactment.