Establishes the New York state higher education debt consolidation and refinancing program.

The bill establishes the New York state higher education debt consolidation and refinancing program. The corporation will consolidate and refinance the education loans of eligible borrowers at a lower interest rate, not exceeding 5.5% per annum. The corporation can issue up to $500 million in bonds for the program, with an option to issue more if necessary. The program's operating and administrative costs will be covered by fees and interest rate surcharges. The corporation must submit an annual report to the governor and the legislature, detailing the program's activities and financials.

Establishes the New York state higher education debt consolidation and refinancing program.

The bill establishes the New York state higher education debt consolidation and refinancing program. The corporation will consolidate and refinance the education loans of eligible borrowers at a lower interest rate, not exceeding 5.5% per annum. The corporation can issue up to $500 million in bonds for the program, with an option to issue more if necessary. The program's operating and administrative costs will be covered by fees and interest rate surcharges. The corporation must submit an annual report to the governor and the legislature, detailing the program's activities and financials.