Provides that if the net balance of the reimbursement account exceeds two million five hundred thousand dollars, any amount over two million five hundred thousand dollars shall be transferred to the proprietary vocational school supervision account.
Creates the city university of New York center for excellence in urban education to enhance the quality of teaching in public schools in NYC; establishes the regents public school teacher loan forgiveness program to allocate awards annually to teachers who agree to teach public school in an area of New York state designated by the board of regents as having a shortage of public school teachers.
Establishes the student loan borrower bill of rights to protect borrowers and ensure that student loan servicers act more as loan counselors than debt collectors.
Establishes the New York Teach Program conditional tuition waiver; requires participants to teach at hard to staff school districts for four years after graduation in order to have tuition waived in full for accelerated bachelor's and master's degree programs in education.