N.Y. Education Law § 677: Regents physician loan forgiveness program

§ 677. Regents physician loan forgiveness program. 1. Number and

certification. Eighty regents physician loan forgiveness awards shall be

awarded each year. Such awards shall be allocated as provided in article

thirteen of this chapter to eligible physicians as certified to the

president by the commissioner.

2. Calculation of award amounts. Each award shall consist of two

consecutive annual loan forgiveness payments. Each of the annual

payments shall be for an amount equal to the total of undergraduate and

medical school student loan expense or ten thousand dollars whichever is

less. The president shall be responsible for calculating the dollar

amount of each award that eligibile candidates may receive from this

program. For the purposes of this section, student loan expense shall

mean the cumulative total of the annual student loans covering the cost

of attendance at an undergraduate institution and/or medical school.

Interest paid or due on student loans that an applicant has taken out

for use in paying for such undergraduate and/or medical education shall

be considered eligible for reimbursement under this program.

3. Award disbursement. a. Annual award disbursements shall be the

responsibility of the president and shall occur prior to the beginning

of each of the required terms of service as specified in the service

contract. The board of trustees of the higher education services

corporation shall adopt rules and regulations regarding criteria for

determining successful completion of the service contract and any appeal

process that may be required to implement this paragraph upon

recommendation of the president in consultation with the commissioner.

b. The disbursement of the second annual award shall be dependent upon

successful completion of the first year requirement of the service

contract as defined by the president, as well as other criteria set

forth in this section.