This bill establishes the New York state veteran student loan forgiveness program, designed to help eligible New York resident veterans reduce their student loan debt. The program offers competitive awards of up to $10,000 annually for a maximum of five years, not exceeding $50,000 total or the applicant's outstanding debt. To qualify, veterans must have graduated from an approved New York state college, be employed full-time in New York, agree to reside in the state for five years, and not have received federal loan forgiveness. Priority for awards will be given to prior recipients, and then to economically disadvantaged applicants or those with a service-connected disability of 40% or higher.
S 861 establishes a New York state program allowing residents to pay off college debt for family members tax-free. It creates tax-deferred accounts where contributions grow without state or federal income tax, and withdrawals for qualified education expenses (like tuition, books, or 2009-2010 computer purchases) are also tax-free. The program requires cash contributions, separate accounting per beneficiary, and limits investment changes to twice yearly. It directly affects New York residents who want to help family members (spouses, children, or cousins) with higher education costs through this state-run debt repayment mechanism.
Creates a program to award state financial aid for social work services to be provided in libraries located in economically disadvantaged communities to enhance and expand access to services in places where individuals seek assistance and resources.
This bill requires colleges and universities to include clear, standardized information about student loan repayment in financial aid award letters sent to undergraduate students. Specifically, institutions must detail estimated monthly payments, total payoff amounts (including interest), and standard 10-year repayment terms for any loans in the aid package. The requirement applies to all schools offering approved programs, directly affecting students receiving financial aid by making loan costs more transparent upfront. The Department of Financial Services must create and publish this standardized letter format, including a glossary of terms, by December 2015 (with implementation for the 2016-17 academic year). This change aims to help students understand long-term debt obligations before accepting financial aid.
Bill A 7938 modifies the income eligibility requirements for the Excelsior Scholarship. It allows students who are already receiving the scholarship to have their maximum allowable adjusted gross income increase by up to three percent after their first semester without being disqualified. The bill also grants the administering corporation discretion to allow further income increases in some cases. This aims to provide flexibility for current scholarship recipients whose family income might slightly increase over time.
Relates to the SUNY Maritime admissions program increasing the number of positions reserved for nomination by the governor and members of the legislature and scholarship under the SUNY Maritime admissions program.
Requires the higher education services corporation to make a determination of financial eligibility of a student for financial aid, awards and loans within 60 days from the day of the receipt of the financial aid application; where the higher education services corporation fails to make a timely determination the applicant shall be deemed eligible for such aid for the semester for which the application was made; allows for a 30-day extension if notice is given to the educational institution within the initial 60-day period.
Provides for a personal income tax deduction for student loan payments not in excess of five thousand dollars; excludes any payment not in excess of five thousand dollars made by an employer, employee, or on behalf of an employee that is directly deducted from the employee's wages through payroll and administered by a third-party platform that facilitates direct payments to educational institutions or related loan servicers on behalf of students such amount from an employee's New York state gross income; further excludes any contribution not to exceed five thousand dollars to a tuition program under section 529 of the Internal Revenue Code made through payroll deduction and facilitated by an employer or a third-party platform that facilitates direct payments to such programs on behalf of employees from the employee's New York state gross income.
Renames an office of addiction services and supports scholarship program the "NYS Father Peter Young Memorial Addiction Professionals Scholarship Program"; codifies the purposes of such program as offering financial education assistance to individuals pursuing a bachelor's degree in addiction studies or the education requirements for an office of addiction services and supports credential at Alfred State College, Stony Brook University or Empire State University.
Expands eligibility for the tuition assistance program by restoring eligibility to graduate students; makes optional semesters, quarters or terms eligible for awards.
