BILL NUMBER: S5739
SPONSOR: SCARCELLA-SPANTON
 
TITLE OF BILL:
An act to amend the education law, in relation to creating the New York
state public sector employee loan forgiveness program
 
PURPOSE OR GENERAL IDEA OF BILL:
Create the New York State loan forgiveness program for public sector
employees.
 
SUMMARY OF PROVISIONS:
Section 1: Amending education law by adding a new section 679-k.
Student loan forgiveness awards for the purpose of attracting workers to
be employed in the public sector.
Awards shall be made on a competitive basis to applicants who meet the
eligibility criteria:
- Graduated and obtained an undergraduate or graduate degree from SUNY
or CUNY;
- Be employed full time in this state in a state or local public sector
position requiring that the undergraduate or graduate degree be obtained
from a SUNY or CUNY;
- Have an outstanding student loan debt from such degree from the SUNY
or CUNY required for such applicant's public sector employment; and,
- Be a resident of this state.
Awards will be based on the availability of funds in an amount of up to
$5,000 per year, per applicant, not to exceed a duration of 10 years,
and not to exceed the total remaining balance of the applicant's student
loan debt.
 
JUSTIFICATION:
Encouraging public sector employment by providing financial assistance
through a student loan forgiveness program for SUNY or CUNY graduates
residing in New York State.
 
PRIOR LEGISLATIVE HISTORY:
2024; Held in Higher Education Senate Committee.
 
FISCAL IMPLICATIONS:
To be determined.
 
EFFECTIVE DATE:
Immediately.