NY A03337

Establishes a loan redemption program for public school teachers hired after the bill's effective date who teach STEM subjects or special education.

Program participants must have graduated in the top 20 percent of their high school class or scored in the top 20 percent on the SAT/ACT, earned a college degree with a 3.5 GPA or higher, and be New York state residents.

Eligible student loan expenses of up to $9,000 or the outstanding principal and interest balance, whichever is less, are redeemed after three consecutive years of full-time teaching in a public school.

Program participants must execute a contract with the corporation and may nullify it by written notification, assuming full repayment responsibility; contracts are also nullified upon participant death or total permanent disability.

The corporation must submit an annual report to the governor and legislature by August 1st containing information on participant numbers, program impact on teacher recruitment in STEM and special education, and participant withdrawal rates.