Enacts the empire engineers initiative act

BILL NUMBER:S5660A

Title of bill

An act to amend the education law, in relation to the empire engineers initiative act

Purpose

To create an incentive program to increase the number of engineers serving in New York City and the rest of the state.

Summary of provisions

Section 1 of the bill provides that this act shall be known and may be cited as "the Empire Engineers Initiative Act."

Section 2 adds a new section 679-f to the education law to establish the New York State engineers loan forgiveness program for the purpose of increasing the number of engineers serving in New York City and the rest of the state. The program would provide for loan repayment assistance to individuals attending SUNY/CUNY who major in Science, Technology, Engineering and Mathematics (STEM) fields and promise to work in a qualifying engineering capacity in New York for at least five years after graduation or New Yorkers who go out of state for school, major in STEM fields, carry significant student loan debt and then return to New York after graduation to work in a qualifying engineering field for at least five years.

Section 3 provides the effective date.

Justification

This legislation would create the New York State engineer's loan forgiveness program, a joint city-state financial aid program for students who major in engineering and commit to working in New York for at least five years after graduation. Individuals would have up to 50% of their loans repaid by the State/City. This program would provide loan repayment assistance to: a) individuals attending SUNY/CUNY who major in STEM fields and promise to work in a qualifying engineering capacity for at least five years in New York following graduation and b) New Yorkers who go out of state for school, major in STEM fields, carry significant student loan debt, and then return to New York after graduation to work in a qualifying engineering field for at least five years.

Currently, there is a large, growing gap keeping many recent graduates out of the field and discouraging talented students from starting their careers in New York. A recent report by Manhattan Borough President Scott Stringer shows that by recruiting engineers and boosting an entrepreneurial sector, we can revitalize New York's economy. Currently, only 7.5% of African Americans and 4.9% of Latinos hold graduate or professional degrees, while women only make up 24% of STEM and 14% of engineering jobs. In addition to making sure that the doors of the entrepreneurial economy are open to all New Yorkers, the State should do more to retain students who come to New York from around the country and the world for college and graduate school. By creating a loan forgiveness program that is a joint partnership between the public and private sector, opportunities and incentives to enter the field of engineering would be greater than ever before.

Legislative history

New bill

Fiscal implications

To be determined.

Effective date

This act shall take effect on the first of January next succeeding the date on which it shall have become a law