NYS Math and Science Teaching Incentive Program - Service Terms and Conditions
A recipient of a NYS Math and Science Teaching Incentive Program award must execute a Service Contract which includes these conditions:
- Agrees to complete the service obligation, teaching full-time for five years in the field of math or science in a secondary school (grades 7-12) located in NYS - regardless of the number or amount of award payments.
- teaching must commence within two years of completion of the degree program and receipt of initial certification;
- Agrees to repay the amounts disbursed plus interest pursuant to the terms of their Service Contract if the recipient:
- fails to complete an approved degree program or changes majors to an undergraduate degree program that does not lead to a career as a math or science teacher in secondary education, or
- fails to receive or maintain a teaching certificate or license in New York State, or
- fails to initiate or complete the service obligation; or
- fails to respond to all requests by HESC for status of their academic or professional progress, or
- breaches the terms of the Service Contract.
Failure to comply with the statutory, regulatory, contractual, administrative or other requirements of this Program will result in the following repayment penalties:
- All award monies received shall convert to a 10-year student loan plus interest.
- Interest rate for the life of the loan shall be fixed and equal to that published annually by the U.S. Department of Education for Federal Direct Loan Program PLUS parent loans at the time the Service Contract is signed.
- 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 HESC deems the recipient was no longer able or willing to perform the terms of the Service Contract.