Plan Proposed To Forgive Majority Of NYS Student Loan Debt
There's a new proposed plan to help those struggling with repaying student loans in New York State.
According to WIVB, U.S. Senator Charles Schumer has proposed a plan to get rid of a huge portion of student loan debt in New York State.
As of March, nearly $90 billion in federal student loan debt is owed by nearly 2.4 million New Yorkers.
The proposed plan would cancel up to $50,000 in student loan debt per student across Upstate New York. Schumer says this is a way to boost the economy, along with closing the wealth gap.
Over 75 percent of student loan borrowers would see their debt forgiven with this plan.
“Millions of young New Yorkers and their families have been crushed by student loan debt greatly impeding their ability to begin careers and build the financial resources needed to build their futures,” said Senator Schumer.
The resolution would recognize the Secretary of Education’s broad administrative authority to cancel federal student loan debt along with asking the President to take executive action to cancel up to $50,000 in federal student loan debt for federal student loan borrowers using existing legal authorities.
You can read the full story at WIVB.