A 6329: Modifies the requirements for the New York state science, technology, engineering and mathematics incentive program for when an award gets converted to a student loan.

  
  STATE OF NEW YORK ________________________________________________________________________ 6329 2025-2026 Regular Sessions  IN ASSEMBLY March 4, 2025 ___________ Introduced by M. of A. WOERNER -- read once and referred to the Commit- tee on Higher Education AN ACT to amend the education law, in relation to requirements for the New York state science, technology, engineering and mathematics incen- tive program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. Subdivision 4 of section 669-e of the education law, as 2 amended by section 1 of part BB of chapter 56 of the laws of 2018, is 3 amended to read as follows: 4 4. The corporation shall convert to a student loan the full amount of 5 the award given pursuant to this section, plus interest, according to a 6 schedule to be determined by the corporation if: (a) a recipient fails 7 to complete an approved undergraduate program in science, technology, 8 engineering or mathematics or changes majors to a program of undergradu- 9 ate study other than in science, technology, engineering or mathematics; 10 or (b) upon completion of such undergraduate degree program a recipient 11 fails to either (i) complete the equivalent of five years of [contin- 12 uous] full time employment in the science, technology, engineering or 13 mathematics field with a public or private entity located within New 14 York state within eight years of completing such undergraduate degree 15 program, or (ii) maintain residency in New York state [for] during such 16 recipient's period of qualifying employment in the science, technology, 17 engineering or mathematics field; or (c) a recipient fails to respond to 18 requests by the corporation for the status of [his or her] their academ- 19 ic or professional progress. The terms and conditions of this subdivi- 20 sion shall be deferred for individuals who graduate with a degree in an 21 approved undergraduate program in science, technology, engineering or 22 mathematics and enroll on at least a half-time basis in a graduate or 23 higher degree program or other professional licensure degree program 24 until they are conferred a degree, and shall also be deferred for any EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD10256-01-5 
 A. 6329 2 1 interruption in undergraduate study or employment as established by the 2 rules and regulations of the corporation. The terms and conditions of 3 this subdivision may also be deferred for a grace period, to be estab- 4 lished by the corporation, following the completion of an approved 5 undergraduate program in science, technology, engineering or mathematics 6 a graduate or higher degree program or other professional licensure 7 degree program. Any obligation to comply with such provisions as 8 outlined in this section shall be cancelled upon the death of the recip- 9 ient. Notwithstanding any provisions of this subdivision to the contra- 10 ry, the corporation is authorized to promulgate rules and regulations to 11 provide for the waiver or suspension of any financial obligation which 12 would involve extreme hardship. 13 § 2. This act shall take effect immediately.