New York A 1244: Provides that the Rochester city school district may provide transportation to pupils that live more than one-half mile from the school

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A01244 Summary:

BILL NOA01244 

&nbsp

SAME ASNo Same As

&nbsp

SPONSORSimon

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COSPNSRSeawright, Gonzalez-Rojas, Jackson, Reyes

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MLTSPNSR

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Add Art 14 Part 6 §694-j, Ed L

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Establishes the New York state higher education debt consolidation and refinancing program.

Go to top A01244 Actions:

BILL NOA01244 

&nbsp

01/09/2025referred to higher education

01/07/2026referred to higher education

Go to topA01244 Committee&nbspVotes:

Go to topA01244 Floor&nbspVotes:

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

Go to topA01244 Text:

 STATE OF NEW YORK
 ________________________________________________________________________

 1244

 2025-2026 Regular Sessions

 IN ASSEMBLY

 January 9, 2025
 ___________

 Introduced by M. of A. SIMON, SEAWRIGHT, GONZALEZ-ROJAS, JACKSON, REYES
 -- 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 higher education debt consolidation and refinancing program

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

 1 Section 1. Article 14 of the education law is amended by adding a new
 2 part 6 to read as follows:
 3 PART VI
 4 NEW YORK STATE HIGHER EDUCATION DEBT CONSOLIDATION AND
 5 REFINANCING PROGRAM
 6 Section 694-j. New York state higher education debt consolidation and
 7 refinancing program.
 8 § 694-j. New York state higher education debt consolidation and refi-
 9 nancing program. 1. The corporation shall have the authority to issue
 10 up to five hundred million dollars in bonds, to consolidate and refi-
 11 nance the education loans of eligible borrowers at a lower interest
 12 rate, provided, however if the corporation determines it needs to issue
 13 more than five hundred million dollars in bonds to operate the program
 14 effectively, the corporation shall make the determination by January
 15 fifteen of the year subsequent to when the program goes into effect.
 16 2. The corporation shall consolidate and refinance the education loans
 17 of eligible borrowers and interest shall accrue upon all student loan
 18 payments made by eligible borrowers to the corporation at a rate per
 19 annum that is equal to or less than 5.5%. Interest shall accrue from the
 20 time the eligible borrower commences repayment under this section, and
 21 shall accrue only during the period over which the eligible borrower is
 22 required to make such repayment.
 23 3. Should an eligible borrower fail to pay to the division any amounts
 24 owed under this section within thirty days of the due date, the corpo-
 25 ration shall review the eligible borrower's financial circumstances in

 EXPLANATION--Matter in italics (underscored) is new; matter in brackets
 [ ] is old law to be omitted.
 LBD02860-01-5

 A. 1244 2

 1 order to determine whether the delinquency is a result of a change in
 2 the eligible borrower's financial circumstances. If such a determination
 3 is made, the corporation may modify the eligible borrower's required
 4 payments. If failure to pay is not determined to be due to a material
 5 deterioration in the eligible borrower's financial circumstances, the
 6 corporation shall terminate and take any legal action necessary to
 7 enforce the terms of the loan.
 8 4. The program's operating and administrative costs shall be covered
 9 by the fees charged to apply for the refinancing and the interest rate
 10 surcharge.
 11 5. The corporation shall submit an annual report on the program to the
 12 governor and the legislature and the report shall be published on the
 13 corporation's website. The report shall include but not be limited to
 14 the following:
 15 (a) The amount of bonds floated to cover the student debt refinancing;
 16 (b) The number of loans refinanced;
 17 (c) The breakdown of the refinancing rates charged to refinance;
 18 (d) The gender, race and ethnicity of the person refinancing;
 19 (e) The total debt load refinanced by each racial or ethnic group; and
 20 (f) The total administrative costs for operating the refinancing
 21 program and the projected total refinancing costs incurred till debt is
 22 paid for each racial and ethnic group.
 23 6. The corporation is authorized to promulgate rules and regulations
 24 necessar