Current through Register Vol. 46, No. 39, September 25, 2024
(a) Definitions. As used in section
679-g of the
education law and this section, the following terms shall have the following
meanings:
(1) "Adjusted gross income" shall
mean the income used by the U.S. Department of Education to qualify the
applicant for the federal income-driven repayment plan.
(2) "Award" shall mean a New York State Get
on Your Feet Loan Forgiveness Program award pursuant to section
679-g of the
education law.
(3) "Deferment"
shall have the same meaning applicable to the William D. Ford Federal Direct
Loan Program as set forth in 34 CFR Part 685.
(4) "Delinquent" shall mean the failure to
pay a required scheduled payment on a federal student loan within thirty days
of such payment's due date.
(5)
"Forbearance" shall have the same meaning applicable to the William D. Ford
Federal Direct Loan Program as set forth in 34 CFR Part 685.
(6) "Income" shall mean the total adjusted
gross income of the applicant and the applicant's spouse, if
applicable.
(7) "Program" shall
mean the New York State Get on Your Feet Loan Forgiveness Program.
(8) "Undergraduate degree" shall mean an
associate or baccalaureate degree.
(b) Eligibility. An applicant must satisfy
the following requirements:
(1) have
graduated from a high school located in the State or attended an approved State
program for a State high school equivalency diploma and received such diploma.
An applicant who received a high school diploma, or its equivalent, from
another state is ineligible for a Program award;
(2) have graduated and obtained an
undergraduate degree from a college or university located in the State in or
after the two thousand fourteen-fifteen academic year;
(3) apply for this program within two years
of obtaining such undergraduate degree;
(4) not have earned a degree higher than an
undergraduate degree at the time of application;
(5) be a participant in a federal
income-driven repayment plan whose payment amount is generally ten percent of
discretionary income;
(6) have
income of less than fifty thousand dollars;
(7) comply with subdivisions three and five
of section
661 of the
education law;
(8) work in the
State, if employed. A member of the military who is on active duty and for whom
New York is his or her legal state of residence shall be deemed to be employed
in NYS;
(9) not be delinquent on a
federal student loan or in default on a student loan made under any statutory
New York State or federal education loan program or repayment of any New York
State award; and
(10) be in
compliance with the terms of any service condition imposed by a New York State
award.
(c)
Administration.
(1) An applicant for an award
shall apply for program eligibility at such times, on forms and in a manner
prescribed by the corporation. The corporation may require applicants to
provide additional documentation evidencing eligibility.
(2) A recipient of an award shall:
(i) request payment at such times, on such
forms and in a manner as prescribed by the corporation;
(ii) confirm he or she has adjusted gross
income of less than fifty thousand dollars, is a resident of New York State, is
working in New York State, if employed, and any other information necessary for
the corporation to determine eligibility at such times prescribed by the
corporation. Said submissions shall be on forms or in a manner prescribed by
the corporation;
(iii) notify the
corporation of any change in his or her eligibility status including, but not
limited to, a change in address, employment, or income, and provide the
corporation with current information;
(iv) not receive more than twenty four
payments under this program; and
(v) provide any other information or
documentation necessary for the corporation to determine compliance with the
program's requirements.
(d) Amounts and duration.
(1) The amount of the award shall be equal to
one hundred percent of the recipient's established monthly federal
income-driven repayment plan payment whose payment amount is generally ten
percent of discretionary income and whose payment is based on income rather
than loan debt.
(2) In the event
the established monthly federal income-driven repayment plan payment is zero or
the applicant is otherwise not obligated to make a payment, the applicant shall
not qualify for a Program award.
(3) Disbursements shall be made to the entity
that collects payments on the federal student loan or loans on behalf of the
recipient on a monthly basis.
(4) A
maximum of twenty-four payments may be awarded, provided the recipient
continues to satisfy the eligibility requirements set forth in section
679-g of the
education law and the requirements set forth in this section.
(e) Disqualification. A recipient
shall be disqualified from receiving further award payments under this program
if he or she fails to satisfy any of the eligibility requirements, no longer
qualifies for an award, or fails to respond to any request for information by
the corporation.
(f) Renewed
eligibility. A recipient who has been disqualified pursuant to subdivision (e)
may reapply for this program and receive an award if he or she satisfies all of
the eligibility requirements set forth in section
679-g of the
education law and the requirements set forth in this section.
(g) Repayment. A recipient who is not a
resident of New York State at the time a payment is made under this program
shall be required to repay such payment or payments to the corporation. In
addition, at the corporation's discretion, a recipient may be required to repay
to the corporation any payment made under this program that, at the time
payment was made, should have been disqualified pursuant to subdivision (e). If
a recipient is required to repay any payment or payments to the corporation,
the following provisions shall apply:
(1)
Interest shall begin to accrue on the day such payment was made on behalf of
the recipient. In the event the recipient notifies the corporation of a change
in residence within 30 days of such change, interest shall begin to accrue on
the day such recipient was no longer a New York State resident.
(2) The interest rate shall be fixed and
equal to the rate established in section 18 of the New York State Finance
Law.
(3) Repayment must be made
within five years.
(4) Where a
recipient has demonstrated extreme hardship as a result of a disability, labor
market conditions, or other such circumstances, the corporation may, in its
discretion, waive or defer payment, extend the repayment period, or take such
other appropriate action.
