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History
- Referred to higher education
- Referred to higher education
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Protects six month "grace period" for borrowers of student loans called to active duty who resume education program
In Assembly Committee · Higher Education · Sponsor Steven Englebright
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
Title of bill
An act to amend the education law, in relation to student loans for persons in military service
Purpose
To ensure members of the military reserves called to active service are the same six month "grace period" for student loans as all other students.
Summary of provisions
Members of the national guard or other reserve components of the armed forces called to active duty and forced to withdraw from school will receive the full six month "grace period" upon return from service and the completion of their college or vocational program.
Justification
Presently, when a member of New York's military reserve components are called to active duty, they are normally forced to withdraw from their college or vocational program. This withdrawal starts the "grace period" clock for their student loan lending institutions. These brave men and women who are sacrificing so much already, lose the six month "grace period" granted to them by law, as a result. Once these troops return from their military obligation and finish their education they discover that they must immediately begin to repay their student loans because their "grace period" was exhausted while they answered the nation's call. This bill corrects an oversight by the legislature and guarantees that the men and women who give up their time to protect us all and are forced to delay their graduation, entry into the workforce and future earnings, are treated equally to their classmates who remain in school and finish on time. The current law actually punishes troops for seeking an education and serving their country in time of need.
Legislative history
2007-2008: S.3003 - Referred to Higher Education, Passed Senate, Vote Reconsidered, Recommitted, Enacting Clause Stricken
Fiscal implications
None to the State.
Effective date
Immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.