N.Y. Educ. Law § 669-e

§ 669-e. New York state science, technology, engineering and\nmathematics incentive program. 1. Undergraduate students who are\nmatriculated in an approved undergraduate program leading to a career in\nscience, technology, engineering or mathematics at a New York state\npublic institution of higher education shall be eligible for an award\nunder this section, provided the applicant: (a) graduates from a high\nschool located in New York state during or after the two thousand\nthirteen--fourteen school year; and (b) graduates within the top ten\npercent of his or her high school class; and (c) enrolls in full-time\nstudy each term beginning in the fall term after his or her high school\ngraduation in an approved undergraduate program in science, technology,\nengineering or mathematics, as defined by the corporation, at a New York\nstate public institution of higher education; and (d) signs a contract\nwith the corporation agreeing that his or her award will be converted to\na student loan in the event the student fails to comply with the terms\nof this program as set forth in subdivision four of this section; and\n(e) complies with the applicable provisions of this article and all\nrequirements promulgated by the corporation for the administration of\nthe program.\n 2. Awards shall be granted beginning with the two thousand\nfourteen--two thousand fifteen academic year and thereafter to\napplicants that the corporation has determined are eligible to receive\nsuch awards. The corporation shall grant such awards in an amount equal\nto the amount of undergraduate tuition for residents of New York state\ncharged by the state university of New York or actual tuition charged,\nwhichever is less; provided, however, (i) a student who receives\neducational grants and/or scholarships that cover the student's full\ncost of attendance shall not be eligible for an award under this\nprogram; (ii) for a student who receives educational grants and/or\nscholarships that cover less than the student's full cost of attendance,\nsuch grants and/or scholarships shall not be deemed duplicative of this\nprogram and may be held concurrently with an award under this program,\nprovided that the combined benefits do not exceed the student's full\ncost of attendance; and (iii) an award under this program shall be\napplied to tuition after the application of all other educational grants\nand scholarships limited to tuition and shall be reduced in an amount\nequal to such educational grants and/or scholarships. Upon notification\nof an award under this program, the institution shall defer the amount\nof tuition equal to the award. No award shall be final until the\nrecipient's successful completion of a term has been certified by the\ninstitution.\n 3. An eligible recipient shall not receive an award for more than four\nacademic years of full-time undergraduate study or five academic years\nif the program of study normally requires five years, excluding any\nallowable interruption of study.\n 4. The corporation shall convert to a student loan the full amount of\nthe award given pursuant to this section, plus interest, according to a\nschedule to be determined by the corporation if: (a) a recipient fails\nto complete an approved undergraduate program in science, technology,\nengineering or mathematics or changes majors to a program of\nundergraduate study other than in science, technology, engineering or\nmathematics; or (b) upon completion of such undergraduate degree program\na recipient fails to either (i) complete five years of continuous full\ntime employment in the science, technology, engineering or mathematics\nfield with a public or private entity located within New York state, or\n(ii) maintain residency in New York state for such period of employment;\nor (c) a recipient fails to respond to requests by the corporation for\nthe status of his or her academic or professional progress. The terms\nand conditions of this subdivision shall be deferred for individuals who\ngraduate with a degree in an approved undergraduate program in science,\ntechnology, engineering or mathematics and enroll on at least a\nhalf-time basis in a graduate or higher degree program or other\nprofessional licensure degree program until they are conferred a degree,\nand shall also be deferred for any interruption in undergraduate study\nor employment as established by the rules and regulations of the\ncorporation. The terms and conditions of this subdivision may also be\ndeferred for a grace period, to be established by the corporation,\nfollowing the completion of an approved undergraduate program in\nscience, technology, engineering or mathematics a graduate or higher\ndegree program or other professional licensure degree program. Any\nobligation to comply with such provisions as outlined in this section\nshall be cancelled upon the death of the recipient. Notwithstanding any\nprovisions of this subdivision to the contrary, the corporation is\nauthorized to promulgate rules and regulations to provide for the waiver\nor suspension of any financial obligation which would involve extreme\nhardship.\n 5. The corporation is authorized to promulgate rules and regulations,\nand may promulgate emergency regulations, necessary for the\nimplementation of the provisions of this section, including, but not\nlimited to, the rate of interest charged for repayment of the student\nloan.\n