Bill
S 5739
Overview: Bill Number: S 5739, Title: Creates the New York state public sector employee loan forgiveness program, Status: REFERRED TO HIGHER EDUCATION, Introduced: February 28, 202
Overview: Bill Number: S 5739, Title: Creates the New York state public sector employee loan forgiveness program, Status: REFERRED TO HIGHER EDUCATION, Introduced: February 28, 2025
Purpose and Intent: This bill aims to establish a loan forgiveness program for public sector employees in New York State. The program would provide student loan relief to eligible individuals who work in the public sector, such as government agencies, public schools, and nonprofit organizations. The goal is to incentivize and retain talented individuals in public service roles.
Key Provisions:
- Creates the "New York State Public Sector Employee Loan Forgiveness Program"
- Allows eligible public sector employees to apply for forgiveness of up to $50,000 in student loan debt
- Requires applicants to have made 120 qualifying monthly payments while employed in the public sector
- Directs the New York State Higher Education Services Corporation to administer the program
Affected Parties and Impacts:
- Current and future public sector employees in New York State who have student loan debt
- Employers in the public sector, who may benefit from increased employee retention and recruitment
- Taxpayers, who would fund the loan forgiveness program through state appropriations
Procedural and Timeline Considerations:
The bill has been referred to the New York State Senate's Higher Education Committee for further consideration. If passed by the committee and both chambers of the legislature, it would then go to the governor for final approval and implementation.
Compiled from official sources — confirm details with the bill’s official record.
Sign in to ask a question.
