NYS Science, Technology, Engineering, and Math Incentive Scholarships - Service Terms and Conditions
Applicants for the NYS Science, Technology, Engineering, and Math Incentive Scholarships must execute a service contract in which they:
- Agree to work full-time for five years in the fields of science, technology, engineering, or math in New York State, while maintaining residency within the State, regardless of the number or amount of award payments.
- Agree to repay the amounts disbursed plus interest pursuant to the terms of their service contract if they:
- fail to fulfill their service obligation while residing in New York State, or
- fail to complete the degree program qualifying them to work in the fields of science, technology, engineering, or math, or
- fail to respond to all requests by HESC for a report of their academic and professional progress, or
- breach the terms of the service contract
Failure to comply with the terms of the service contract will result in the following repayment penalties:
- All award monies received shall convert to a 10-year student loan plus interest for recipients who fail to meet the statutory, regulatory, contractual, administrative or other requirements of this program.
- Interest for the life of the loan shall be fixed and equal to that published annually by the U.S. Department of Education for Stafford loans pursuant to the terms of the service contract.
- Interest accrues from the day each award payment is disbursed.
- Interest shall be capitalized on the day the award recipient violates the service contract or on the date the Corporation deems the recipient was no longer able or willing to perform the terms of the service contract.