Senate Bill S6372

2023-2024 Legislative Session

Creates an income driven repayment plan for private student loans held by New York state banking institutions

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Higher Education 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

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2023-S6372 (ACTIVE) - Details

Current Committee:
Senate Higher Education
Law Section:
Education Law
Laws Affected:
Add §681-b, Ed L
Versions Introduced in Other Legislative Sessions:
2015-2016: S4624
2017-2018: S3411
2019-2020: S4893
2021-2022: S5216

2023-S6372 (ACTIVE) - Summary

Creates an income driven repayment plan for private student loans held by New York state banking institutions.

2023-S6372 (ACTIVE) - Sponsor Memo

2023-S6372 (ACTIVE) - Bill Text download pdf

                             
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   6372
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                              April 18, 2023
                                ___________
 
 Introduced  by  Sen.  PARKER -- read twice and ordered printed, and when
   printed to be committed 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:
   §  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.
                                                            LBD07874-01-3
              

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