New York S 10568: Establishes the New York reinvests in student educational supports program; repealer

Bill Text

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S10568 Summary:

BILL NOS10568 

&nbsp

SAME ASSAME AS A11549

&nbsp

SPONSORSTAVISKY

&nbsp

COSPNSRBAILEY, CLEARE, MAY

&nbsp

MLTSPNSR

&nbsp

Rpld & add Title 1 Art 14 Part 5 §§690 - 694-b, Ed L

&nbsp

Establishes the New York reinvests in student educational supports program to provide eligible students with access to responsible, affordable educational loans to supplement available federal student aid and assist with the cost of attendance and available financial assistance; defines terms; makes related provisions; repeals the New York higher education loan program.

Go to top S10568 Actions:

BILL NOS10568 

&nbsp

05/26/2026REFERRED TO EDUCATION

05/26/2026REFERENCE CHANGED TO HIGHER EDUCATION

Go to topS10568 Committee&nbspVotes:

Go to topS10568 Floor&nbspVotes:

There are no Assembly votes for this bill in this legislative session.

Go to topS10568 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 10568

 IN SENATE

 May 26, 2026
 ___________

 Introduced by Sen. STAVISKY -- read twice and ordered printed, and when
 printed to be committed to the Committee on Education

 AN ACT to amend the education law, in relation to establishing the New
 York reinvests in student educational supports program; and to repeal
 certain provisions of such law relating to the New York higher educa-
 tion loan program

 The People of the State of New York, represented in Senate and Assem-
 bly, do enact as follows:

 1 Section 1. Legislative findings and intent. The legislature finds that
 2 recent changes to federal student lending programs have significantly
 3 reduced access to affordable credit for graduate students enrolled in
 4 academic and professional programs critical to New York's workforce and
 5 economic competitiveness, including graduate and professional degree
 6 programs in high need fields critical to New York's workforce such as
 7 education, nursing, healthcare, social services, public administration,
 8 creative arts, and other licensed professions.
 9 The legislature further finds that the reduction or elimination of
 10 federal graduate lending options threatens enrollment, degree
 11 completion, and workforce supply in areas of demonstrated state need.
 12 It is therefore the intent of the legislature to establish the New
 13 York Reinvests in Student Educational Supports (NY RISES) Program to
 14 provide eligible students with access to responsible, affordable educa-
 15 tional loans to supplement available federal student aid and help bridge
 16 the gap between the cost of attendance and available financial assist-
 17 ance.
 18 § 2. Part 5 of article 14 of title 1 of the education law is REPEALED
 19 and a new part 5 is added to read as follows:
 20 PART V
 21 NEW YORK REINVESTS IN STUDENT EDUCATION SUPPORTS PROGRAM
 22 Section 690. Definitions.
 23 691. Powers and duties.
 24 692. Educational loans; special requirements.
 25 693. Repayment of loans.
 26 694. Sale of education loans.

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD15994-01-6

 S. 10568 2

 1 694-a. Miscellaneous.
 2 694-b. Reporting.
 3 § 690. Definitions. As used in this part, the following terms shall
 4 have the following meanings unless otherwise specified:
 5 1. "Authority" shall mean the dormitory authority of the state of New
 6 York (DASNY).
 7 2. "Education loan" shall mean any loan that is made under this
 8 program to finance or refinance higher education expenses at an eligible
 9 college.
 10 3. "Eligible borrower" or "borrower" shall mean (a) a student who is a
 11 resident of New York state attending or accepted for enrollment at an
 12 eligible college and is enrolled at least half time in an eligible
 13 program at an eligible college; or (b) the parent, legal guardian, or
 14 sponsor, as defined by the corporation in regulation, of a student who
 15 is enrolled, or accepted for enrollment at an eligible college, and who
 16 obtains an education loan from a lending institution to pay for or
 17 finance higher education expenses under this program.
 18 4. "Eligible college" shall mean a post-secondary institution, located
 19 within New York state, eligible for funds under Title IV of the Higher
 20 Education Act of nineteen hundred sixty-five, as