Senate Acts to Alleviate Student Debt, Increase Tuition Assistance

Bill sponsor, Senator Jamaal Bailey said, “All New Yorkers should be able to access a high-quality, affordable education. Alongside my colleagues’ legislation to increase financial eligibility for aid, provide new employees with information on student loan repayment options, and expanding TAP to more courses and programs, this legislation will bring urgently needed relief to students and help curb the growing student debt crisis that continues to hurt the livelihoods and futures of students across the state. The COVID-19 pandemic has only exacerbated this crisis by increasing the amount of student loan borrowers that have defaulted on their student loan payments. I am proud to sponsor S7862, which will make an affordable education more accessible to New Yorkers by amending the definition of debt to remove the twenty-two percent interest rate accrued from defaulting loans. This will remove the additional fees and costs that pile onto a student’s total debt, decrease the amount of money borrowers pay overtime, and eliminate the additional burden to students who are already struggling to pay crippling amounts of debt.”

Bill sponsor, Senator Andrew Gounardes said, “Ensuring New Yorkers of all backgrounds have equal access to higher education and to financial literacy regarding their educational choices is paramount. I am proud the Senate recognizes that we must ensure our young people have clear knowledge of their financial repayment options, and proud my colleagues voted to pass my bill today. Our state’s future depends on young New Yorkers: we cannot let them down.”

Bill sponsor, Senator John Liu said, “Too many students are still struggling to pay off their student loans, and many have even gone into debt simply because of a lack of communication about school withdrawal policies. Institutions of higher learning need to make sure students are well informed of their financial obligations in the event of a withdrawal, and this bill looks to make sure these important details are communicated in a timely and transparent manner.”

Bill sponsor, Senator Shelley Mayer said, “I thank my colleagues for their commitment and Senate Majority Leader Andrea Stewart-Cousins for her leadership in making higher education more accessible for New Yorkers. My bill, S.552A, will expand dual and concurrent enrollment programs in high schools, provide more opportunities for students and enable them to advance into college with less debt and financial concerns.”

Bill sponsor, Senator James Sanders Jr. said, “The enhancements in my bill S.664 to annual financial aid award letter will provide students with detailed information on their repayment including the estimated monthly payment amount. The goal is to better educate students so they are prepared for the debt burden after they graduate.”

Bill sponsor, Senator Kevin Thomas said, “As New York works to recover from the COVID-19 pandemic, student borrowers need relief now more than ever. This package of legislation will empower students across our state by enhancing student borrower protections, cracking down on predatory lending, and ensuring that students and their families are properly informed of their rights and responsibilities before taking on debt. I thank my colleagues and Majority Leader Andrea Stewart-Cousins for standing up for students at this critical time.”