N.Y. Education Law § 679-g: New York state get on your feet loan forgiveness program

§ 679-g. New York state get on your feet loan forgiveness program. 1.

Purpose. The president shall grant student loan forgiveness awards for

the purpose of alleviating the burden of federal student loan debt for

recent New York state college graduates.

2. Eligibility. To be eligible for an award pursuant to this section,

an applicant shall: (a) have graduated from a high school located in New

York state or attended an approved New York state program for a state

high school equivalency diploma and received such high school

equivalency diploma; (b) have graduated and obtained an undergraduate

degree from a college or university with its headquarters located in New

York state in or after the two thousand fourteen--fifteen academic year;

(c) apply for this program within two years of obtaining such degree;

(d) be a participant in a federal income-driven repayment plan whose

payment amount is generally ten percent of discretionary income; (e)

have income of less than fifty thousand dollars; (f) comply with

subdivisions three and five of section six hundred sixty-one of this

part; and (g) work in New York state, if employed. For purposes of this

program, "income" shall be the total adjusted gross income of the

applicant and the applicant's spouse, if applicable.

3. Awards. An applicant whose annual income is less than fifty

thousand dollars shall be eligible to receive an award equal to one

hundred percent of his or her monthly federal income-driven repayment

plan payments for twenty-four months of repayment under the federal

program. Provided, however, that the awards granted under this section

shall be deferred for a recipient who has been granted a deferment or

forbearance under the federal income-driven repayment plan. Upon

completion of such deferment or forbearance period, such recipient shall

be eligible to receive an award for the remaining time period under this

subdivision. A recipient who is not a resident of New York state at the

time any payment is made under this program shall be required to refund

such payments to the state. The corporation shall be authorized to

recover such payments in accordance with rules and regulations

promulgated by the corporation. A student who is delinquent or in

default on a student loan made under any statutory New York state or

federal education loan program or has failed to comply with the terms of

a service condition imposed by an award made pursuant to this article or

has failed to repay an award shall be ineligible to receive an award

under this program until such delinquency, default or failure is cured.

4. Rules and regulations. The corporation is authorized to promulgate

rules and regulations, and may promulgate emergency regulations

necessary for the implementation of the provisions of this section.