NY A02315

Authorizes the New York Higher Education Services Corporation to issue up to $500 million in bonds to consolidate and refinance education loans for eligible borrowers at interest rates of 5.5% or less per annum.

Allows the corporation to increase the bond issuance beyond $500 million if determined necessary by January 15 of the year following program implementation.

Requires the corporation to review delinquent borrowers' financial circumstances 30 days after a missed payment and may modify repayment terms if deterioration in financial condition is found; otherwise, the corporation shall terminate the loan and pursue legal action.

Directs the corporation to fund program operating and administrative costs through application fees and interest rate surcharges.

Requires annual reporting to the governor and legislature including bond amounts issued, number of loans refinanced, rate breakdowns, and demographic data (gender, race, ethnicity) along with total debt and costs by racial and ethnic group.