Establishes the New York college debt repayment program

S 861 establishes a New York state program allowing residents to pay off college debt for family members tax-free. It creates tax-deferred accounts where contributions grow without state or federal income tax, and withdrawals for qualified education expenses (like tuition, books, or 2009-2010 computer purchases) are also tax-free. The program requires cash contributions, separate accounting per beneficiary, and limits investment changes to twice yearly. It directly affects New York residents who want to help family members (spouses, children, or cousins) with higher education costs through this state-run debt repayment mechanism.