Congrats to those who escaped the grasp of student loan debt.
Student loan debt is the second highest debt category in the United States after mortgage debt. According to the New York State press office, student loan debt amounts to $1.48 trillion of the debt balance nationwide. In New York State, the average loan burden is more than $30,000.
Governor Cuomo announced today he is taking further action to fight the burden of student loan debt.
Here's a quick look at his plan:
- Appoint a student loan ombudsman
- Require colleges to provide simple truth in lending facts for students
- Increase consumer protection standards throughout the student loan industry
- Prohibit state agencies from suspending the professional licenses of individuals behind or in default on their student loans
The announcement is the 16th proposal of the 2018 State of the State. According to Cuomo, the proposal builds off his Excelsior Scholarship, which makes New York State public universities tuition-free for middle class families.
New York also has the Get On Your Feet Loan Repayment Program that covers the first two years of student loan debt repayments for NYS public and private college graduates with incomes below $50,000.