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Published on Jun 5, 2012
The New York State Senate passed legislation (06-04-12)to help middle-class families and students afford the rapidly increasing cost of a college education. The Senate's 2012 College Affordability Plan (S7449A), sponsored by Senator Kenneth P. LaValle (R-C-I, Port Jefferson), would help parents save for higher education for their children and give students and families access to low-interest student loans, as well as clear information about the size of the loan debt they are taking on.
In addition, the plan would encourage young New Yorkers to stay in the Empire State to begin their careers by creating a new "Stay-In-New York" tax credit. This would provide up to $12,000 in tax relief over four years for students who graduate on time or early from a college in New York, perform community service work, and stay and work in New York for at least four years.
"Our nation's and state's ability to compete economically tomorrow depends upon how we invest in our students today," said Senator LaValle, Chair of the Senate Higher Education Committee. "This plan makes investments in our students that enables them to remain in New York and make greater investments in their future and our economy."