NY A01244

Authorizes the New York State Higher Education Services Corporation to issue up to $500 million in bonds to consolidate and refinance education loans for eligible borrowers at lower interest rates

Caps the refinancing interest rate at 5.5% or less per annum, with interest accruing only during the active repayment period

Requires the corporation to review borrowers' financial circumstances if payments are more than 30 days late and allows modification of payment terms if delinquency results from financial hardship

Mandates annual reporting to the governor and legislature on program metrics including number of loans refinanced, interest rates charged, and demographic breakdowns by gender, race, and ethnicity

Program operating and administrative costs will be funded through application fees and interest rate surcharges rather than taxpayer funds