Modifies the requirements for the New York state science, technology, engineering and mathematics incentive program for when an award gets converted to a student loan.
NEW YORK STATE ASSEMBLY MEMORANDUM IN SUPPORT OF LEGISLATION submitted in accordance with Assembly Rule III, Sec 1(f)
BILL NUMBER: A4050
SPONSOR: Woerner TITLE OF BILL:
An act to amend the education law, in relation to requirements for the
New York state science, technology, engineering and mathematics incen-
tive program
PURPOSE OR GENERAL IDEA OF BILL:
The purpose of this bill is to further encourage STEM employees to
remain in NYS by modifying the science, technology, engineering and
mathematics (STEM) incentive program to permit recipients to complete
five years of full time equivalent STEM employment within the state
within 8 years from completion of a.STEM undergraduate degree program.
SUMMARY OF PROVISIONS:
Section 1: Provides for the equivalent of five years of full time STEM
employment within eight years of completion of a STEM undergraduate
degree program. Section 2: Establishes the effective date.
JUSTIFICATION:
The New York science, technology, engineering and mathematics (STEM)
incentive program provides tuition awards to students who are New York
State residents attending a public or private degree-granting college or
university located in New York State. Recipients must be in the top 10
percent of students in their high school graduation class, pursue an
approved, two- or four-year STEM degree program, and agree to live in
New York State and work full-time in a STEM field in New York State for
five years after graduation.
To be eligible for the incentive program, applicants must agree to repay
the amounts disbursed plus interest if they fail to complete five years
of continuous, full-time employment in an approved STEM occupation with
a public or private entity located within New York State upon completion
of their undergraduate degree program. Despite best efforts, many
students have been unable to find full-time employment within a STEM
field for five continuous years after graduation. The COVID-19 pandemic
certainly exacerbated those efforts. This bill provides flexibility
within the program's post-graduate employment requirement to enable
individuals to remain in NYS to complete their program service require-
ments by completing five years of full-time equivalent STEM employment
within 8 years of completing their undergraduate degree. By doing so,
this bill promotes the intent of section 669-e by further enabling STEM
graduates to successfully meet the grant terms.
PRIOR LEGISLATIVE HISTORY:
New bill.
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:
None
EFFECTIVE DATE:
This act shall take effect immediately.
