A 8372: Establishes the New York state veteran student loan forgiveness program; awards up to $10,000 per year for five years, for eligible applicants.

  
  STATE OF NEW YORK ________________________________________________________________________ 8372 2025-2026 Regular Sessions  IN ASSEMBLY May 13, 2025 ___________ Introduced by M. of A. KASSAY -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to establishing the New York state veteran student loan forgiveness program The People of the State of New York, represented in Senate and Assem- bly, do enact as follows: 1 Section 1. The education law is amended by adding a new section 679-k 2 to read as follows: 3 § 679-k. New York state veteran student loan forgiveness program. 1. 4 Definition. For the purposes of this section, "veteran" shall be a 5 member of the armed forces of the United States who served and was 6 honorably discharged or released under conditions other than dishonor- 7 able from such service, and presents an authorized veteran identifica- 8 tion card, and who is a resident of the state of New York. 9 2. Purpose. The president shall grant student loan forgiveness awards 10 for the purpose of alleviating the burden of student loan debt for 11 veterans. Such awards shall be made on a competitive basis, in accord- 12 ance with rules and regulations promulgated by the corporation in 13 consultation with the division of military and naval affairs, for such 14 purposes, to applicants who meet the eligibility criteria. Such rules 15 and regulations shall include provisions for the consideration of appli- 16 cants who are economically disadvantaged. 17 3. Eligibility. To be eligible for an award pursuant to this section, 18 applicants shall: (a) have graduated and obtained a degree from an 19 approved New York state college or university; (b) have an outstanding 20 student loan debt from obtaining such degree; (c) be employed full-time 21 in New York state at the time of application; (d) agree to reside in New 22 York state for no less than five years; (e) not receive or have received 23 student loan forgiveness or discharge from the federal government; and 24 (f) comply with subdivision five of section six hundred sixty-one of 25 this part. EXPLANATION--Matter in italics (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD08332-01-5 
 A. 8372 2 1 4. Awards. Awards shall be granted to qualified applicants in the 2 amount of up to ten thousand dollars per year, per applicant, not to 3 exceed a duration of five years and not to exceed the total amount of 4 such applicant's student loan debt. The corporation shall grant such 5 awards within amounts appropriated for such purposes and based on the 6 availability of funds. No one applicant shall receive more than a total 7 of fifty thousand dollars upon the end of a five-year period. 8 5. Priority. First priority shall be given to applicants who have 9 received payment of an award pursuant to this section in a prior year 10 and remain eligible. Second priority shall be given to an applicant who 11 can demonstrate economic need and applicants having been awarded a disa- 12 bility rating of forty percent or higher from the federal department of 13 veteran's affairs or from the United States department of defense, where 14 that disability was incurred in the line of duty in the active military, 15 naval or air service, as documented by the corporation. If larger 16 numbers of applicants are eligible pursuant to this subdivision than 17 funds available, applicants shall be chosen pursuant to rules and regu- 18 lations promulgated by the corporation. Provided, however, that each 19 applicant chosen shall receive an award of up to ten thousand dollars in 20 each year such applicant is accepted into the program. 21 6. Rules and regulations. The corporation is authorized to promulgate 22 rules and regulations, and may promulgate emergency regulations, neces- 23 sary for the implementation of the provisions of this section. 24 § 2. This act shall take effect on the ninetieth day after it shall 25 have become a law.