What's happening
This bill expands eligibility and increases the number and duration of awards in the New York State young farmers loan forgiveness program.
Why it matters
Expands who can apply. The bill lets both undergraduate and graduate degree holders from New York colleges qualify for loan forgiveness, broadening the pool of eligible young farmers beyond just those with undergraduate degrees.
Doubles the number of awards. The maximum number of annual loan forgiveness awards increases from 10 to 20, meaning more young farmers can get financial help each year, potentially supporting the viability of more small or new farms.
Increases the total and duration of support. Individual participants can now receive up to $60,000 over six years (up from $50,000 over five years), which eases student debt over a longer period and with a higher total benefit, possibly making farming a more attractive and sustainable career for young people.
Prioritizes ongoing commitment and economic need. The bill maintains a priority system that favors those already in the program and those with demonstrated financial need, aiming to support both retention in farming and economic diversity among recipients.
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Expand Young Farmer Loan Aid
Plain English, a few words. Used as the page title.
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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.
Expand Young Farmer Loan Relief
In Senate Committee · Higher Education · Sponsor Kenneth P. LaValle
Full text
2 pagesUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
S. 3721 A. 5514
2019-2020 Regular Sessions
SENATE - ASSEMBLY
February 13, 2019
IN SENATE -- Introduced by Sens. LAVALLE, GALLIVAN, RITCHIE, SERINO, SEWARD -- read twice and ordered printed, and when printed to be committed to the Committee on Higher Education
IN ASSEMBLY -- Introduced by M. of A. THIELE -- read once and referred to the Committee on Higher Education
AN ACT to amend the education law, in relation to expanding the eligibility and increasing the number of awards for the New York state young farmers loan forgiveness incentive program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. Section 679-f of the education law, as added by section 1 of part Y of chapter 56 of the laws of 2014, is amended to read as follows:
§ 679-f. New York state young farmers loan forgiveness incentive program. 1. Purpose. The president shall grant student loan forgiveness awards for the purpose of alleviating the burden of student loan debt for young farmers. Such awards shall be made on a competitive basis, in accordance with rules and regulations promulgated by the corporation for such purposes, to applicants who meet the eligibility criteria. Such rules and regulations shall include provisions for the consideration of applicants who are economically disadvantaged.
2. Eligibility. To be eligible for an award pursuant to this section, applicants shall: (a) have graduated and obtained [a] an undergraduate or graduate degree from an approved New York state college or university; (b) have an outstanding student loan debt from obtaining such degree; (c) operate a farm in New York state on a full-time basis; (d) agree to operate such farm for the duration of no less than five years; (e) apply for this program within two years of college graduation; and (f) comply with subdivisions three and five of section six hundred sixty-one of this part.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD03209-01-9
S. 3721 2 A. 5514
3. Awards. No greater than [ten] twenty awards shall be granted to qualified applicants in the amount of up to ten thousand dollars per year, per applicant, not to exceed a duration of [five] six years and not to exceed the total amount of such applicant's student loan debt. The corporation shall grant such awards within amounts appropriated for such purposes and based on the availability of funds. No one applicant shall receive more than a total of [fifty] sixty thousand dollars upon the end of a [five] six year period.
4. Priority. First priority shall be given to applicants who are completing the second, third, fourth or fifth year of full-time farm operation and are re-applying to receive an award under this program. Second priority shall be given to an applicant who can demonstrate economic need but did not receive an award during the first year of this program's operation. If larger numbers of applicants are eligible pursuant to this subdivision than funds available, applicants shall be chosen pursuant to rules and regulations promulgated by the corporation. Provided, however, that each applicant chosen shall receive an award of up to ten thousand dollars in each year such applicant is accepted into the program.
§ 2. This act shall take effect immediately.
Reflowed for reading: line numbers and page breaks removed. Cite the official text.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.