N.Y. State Finance Law § 97-hhhh: The student lending education account

§ 97-hhhh. The student lending education account. 1. There is hereby

established in the joint custody of the state comptroller and the

commissioner of taxation and finance an account to be known as the

student lending education account.

2. Such account shall consist of all revenues generated pursuant to

section six hundred thirty of the education law and all other moneys

credited or transferred thereto from any other fund or source pursuant

to law.

3. Moneys of the account, following appropriation by the legislature

shall be made available to the state education department for the

purposes of: (a) supporting programs that educate students, potential

students, and parents of such students on the educational loan process,

including, but not limited to, available educational loan options,

understanding rates and terms of student loans, managing costs and

credit responsibilities, student loan repayment and loan consolidation;

and (b) reimbursing students from inflated educational loan prices

caused by revenue sharing agreements between such covered institution

and a lending institution. Money shall be paid out of the account on the

audit and warrant of the state comptroller on vouchers certified or

approved by the state education department.