NY A09077

Establishes the New York State Child Care Provider Loan Forgiveness Program to increase the number of child care providers serving in the state through student loan forgiveness awards.

Eligible applicants must have earned an undergraduate or graduate degree from an accredited two or four-year college or university located in New York State, have outstanding student loan debt, and be employed full-time as a child care provider in the state.

Awards of up to $10,000 per year are available for a maximum of four years, with a total cap of $40,000 per applicant over the four-year period, not exceeding the applicant's total student loan debt.

Awards are granted on a competitive basis within available appropriated funds, subject to rules and regulations established by the corporation.

The act takes effect immediately upon enactment.