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History
- 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.
Relates to establishing the New York state loan redemption program for certain public school teachers
In Assembly Committee · Higher Education · Sponsor Diana Richardson
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 establishing the New York state loan redemption program for certain public school teachers
Purpose
To establish a state loan redemption program to retain qualified teachers who teach Mathematics or Science, and help them pay back student loans.
Summary of provisions
Section 1 amends the education law by adding a new section 679-h allowing teachers to redeem up to nine thousand dollars to help pay back student loans if they graduated in the top twenty percent of their high school class, or scored in the top twenty percent on the Scholastic Assessment Test (SAT) or the American College Testing (ACT) examination; graduated with a GPA of at least 3.5; and teach science, technology, engineering or mathematics (STEM).
The redemption amount should be the lesser of nine thousand dollars or the remaining balance of principal and interest of the eligible student loan expenses following the third consecutive year of full-time employment as a STEM teacher in a public school. A program participant is not required to work at the same school for three consecutive years. A program participant may cancel the redemption contract at any time. In the case of death or disability, the corporation will nullify the service obligation of the program participant.
Section 2 of the bill provides that the act shall take effect immediately.
Existing law
Currently Education Law Section 679 awards loan forgiveness to individuals who are licensed social workers, primary care practitioners, nursing faculty, district attorney, indigent legal services attorney and young farmers.
Justification
The cost of higher education has skyrocketed in recent years. It has become so expensive to pay for one's higher education that decisions regarding career are being determined based on economics. Consequently, the teaching job market, specifically with regard to STEM teachers, suffers. Without providing debt relief, we will continue to lose to the private sector talented individuals who could become great teachers. This legislation is a means of investing in those who are willing to invest in building our future.
Legislative history
New bill
Fiscal implications
To be determined.
Local fiscal implications
None
Effective date
This act shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.