What's happening
This bill creates a college savings incentive program offering up to a 10% state matching grant for family tuition accounts in New York.
Why it matters
Direct state investment in families’ college savings. By offering a 10% matching grant, the bill provides a strong financial incentive for families to save for college, which could help reduce student debt and make higher education more accessible.
Cap tied to existing tuition assistance limits. The matching grant cannot exceed the annual award amount of New York's Tuition Assistance Program (TAP), focusing benefits on realistic tuition costs and preventing disproportionately large grants.
Support for a broad range of institutions. The program includes not just public colleges (SUNY, CUNY) but also private colleges and universities within New York, expanding the impact and choices available to students.
Structured, multi-year support. Distributing the matching funds over eight equal payments during four years of college encourages sustained enrollment and planning, rather than a one-time payout that might be quickly depleted.
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Who cares
Families with family tuition accounts
Their accounts would qualify for a state matching grant of up to 10 percent, with accounts for the same beneficiary combined to calculate the match.
Students enrolling in eligible New York colleges
The grant would be capped at the maximum annual Tuition Assistance Program award at enrollment and paid in eight equal installments at the start of each semester over four years.
SUNY, CUNY and private New York colleges and universities
Students enrolling in accredited two-year or four-year programs at these institutions could qualify for the savings incentive.
State budget officials
The bill would fund the matching grants from the state general fund.
Headline styles
Boost College Savings Accounts
Plain English, a few words. Used as the page title.
Sponsors
History
- Held for consideration in higher education
- Referred to higher education
- Referred to higher education
Full text
1 pageUnderlined is new[Struck] is removedOfficial text on nysenate.gov ↗
STATE OF NEW YORK
5596
2019-2020 Regular Sessions
IN ASSEMBLY
February 13, 2019
Introduced by M. of A. MANKTELOW, BRABENEC, DeSTEFANO, GIGLIO, HAWLEY -read once and referred to the Committee on Higher Education
AN ACT to amend the education law, in relation to creating the college savings incentive program
The People of the State of New York, represented in Senate and Assembly, do enact as follows:
Section 1. The education law is amended by adding a new section 695-h to read as follows:
§ 695-h. College savings incentive program. 1. Family tuition accounts established pursuant to the provisions of this article shall be eligible for a matching grant of up to ten percent from the general fund, as defined in section seventy-two of the state finance law. If two or more accounts are held in a single beneficiary's name, the values shall be combined in order to determine such matching grant amount.
2. Such matching grant shall not exceed the maximum tuition assistance program annual award amount, as defined in section six hundred sixtyseven of this chapter, at the time the beneficiary enrolls into an accredited two year or four year program at a qualified institution. For the purposes of this section a qualified institution shall include a state university of New York or a city university of New York or private college or university in New York.
3. Such matching grant shall be made in eight equal payments over the course of the beneficiary's four year enrollment at a qualified institution at the beginning of each semester.
§ 2. This act shall take effect immediately.
EXPLANATION--Matter in italics (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD08929-01-9
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.