Assembly Actions -
Lowercase Senate Actions - UPPERCASE |
|
---|---|
Jan 06, 2016 |
referred to higher education |
Mar 27, 2015 |
referred to higher education |
Assembly Bill A6605
2015-2016 Legislative Session
Sponsored By
ARROYO
Archive: Last Bill Status - In Assembly Committee
- Introduced
-
- In Committee Assembly
- In Committee Senate
-
- On Floor Calendar Assembly
- On Floor Calendar Senate
-
- Passed Assembly
- Passed Senate
- Delivered to Governor
- Signed By Governor
Actions
co-Sponsors
Michael Blake
Jo Anne Simon
Walter T. Mosley
William Colton
multi-Sponsors
Didi Barrett
John Ceretto
Vivian Cook
Maritza Davila
2015-A6605 (ACTIVE) - Details
2015-A6605 (ACTIVE) - Bill Text download pdf
S T A T E O F N E W Y O R K ________________________________________________________________________ 6605 2015-2016 Regular Sessions I N A S S E M B L Y March 27, 2015 ___________ Introduced by M. of A. ARROYO -- read once and referred to the Committee on Higher Education AN ACT to amend the education law, in relation to creating an income driven repayment plan for private student loans held by New York state banking institutions THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM- BLY, DO ENACT AS FOLLOWS: Section 1. The education law is amended by adding a new section 681-b to read as follows: S 681-B. INCOME-BASED REPAYMENT PLAN. 1. DEFINITIONS. AS USED IN THIS SECTION: (A) "ADJUSTED GROSS INCOME" OR "AGI" SHALL MEAN THE ADJUSTED GROSS INCOME AS REPORTED ON THE BORROWER'S LATEST AVAILABLE STATE INCOME TAX RETURN SUBJECT TO ANY SUBSEQUENT AMENDMENTS OR REVISIONS. FOR A MARRIED BORROWER, FILING JOINTLY, AGI INCLUDES BOTH THE BORROWER'S AND SPOUSE'S INCOME. FOR A MARRIED BORROWER FILING SEPARATELY, AGI INCLUDES ONLY THE BORROWER'S INCOME. (B) "ELIGIBLE LOAN" SHALL MEAN ANY OUTSTANDING LOAN MADE BY A PRIVATE LENDER THROUGH A NEW YORK BANKING INSTITUTION TO A STUDENT WHO IS A RESIDENT OF AND HAS ATTENDED AN INSTITUTION IN THIS STATE OR A PARENT OF SUCH A STUDENT. (C) "FAMILY SIZE" SHALL MEAN THE NUMBER THAT IS DETERMINED BY COUNTING THE BORROWER, THE BORROWER'S SPOUSE, AND THE BORROWER'S CHILDREN, INCLUDING UNBORN CHILDREN WHO WILL BE BORN DURING THE YEAR THE BORROWER CERTIFIES FAMILY SIZE, IF THE CHILDREN RECEIVE MORE THAN HALF THEIR SUPPORT FROM THE BORROWER. A BORROWER'S FAMILY SIZE INCLUDES OTHER INDI- VIDUALS IF, AT THE TIME THE BORROWER CERTIFIES FAMILY SIZE, THE OTHER INDIVIDUALS: (I) LIVE WITH THE BORROWER; AND (II) RECEIVE MORE THAN HALF THEIR SUPPORT FROM THE BORROWER AND WILL CONTINUE TO RECEIVE THIS SUPPORT FROM THE BORROWER FOR THE YEAR THE EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets [ ] is old law to be omitted. LBD09842-01-5
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