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NY A04050

Bill

Official Source

Status

Introduced

2/9/2023

Primary Sponsor

Carrie Woerner

Click for details

Origin

Assembly

2023-2024 General Assembly

AI Summary

  • Modifies when STEM incentive program awards convert to student loans by changing the employment requirement from "continuous" full-time work to "the equivalent of" five years within eight years of degree completion
  • Changes residency requirement from maintaining New York state residency "for" the employment period to maintaining residency "during" the recipient's period of qualifying STEM employment
  • Allows deferral of repayment obligations for recipients pursuing graduate degrees, professional licensure programs, or experiencing interruptions in employment, with the corporation authorized to establish additional grace periods
  • Authorizes the corporation to waive or suspend financial obligations involving extreme hardship
  • Takes effect immediately upon enactment

Legislative Description

Modifies the requirements for the New York state science, technology, engineering and mathematics incentive program for when an award gets converted to a student loan.

Last Action

referred to higher education

1/3/2024

Committee Referrals

Higher Education5/12/2023
Education2/9/2023

Full Bill Text

No bill text available