Senator James Sanders Jr. announced that important pieces of his legislation passed the senate. One bill (S664/A5601) related to student debt would require standard financial aid award letters to include the estimated cost of repayment of all outstanding loans including expected monthly payments.
Debt from student loans has continued to grow over the last two decades with an estimated $1.3 trillion in outstanding debt. The enhancements 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. A similar program was started in Indiana University and resulted in a decrease in student borrowing of 16% in the first two years of implementation. This additional information will help students make informed decisions on their borrowing behavior by estimating their repayment options.
The Senate also passed bill (S571) also known as the New York State Urban Development Corporation Act, which allows businesses to use funds received from the minority and women-owned business development and lending program for the purpose of refinancing existing debt. Another bill (S913) would amend the elder law, in relation to informal caregiver training in order to encourage the development of training and supports for older adults who are caregivers for minors. Training for informal caregivers is crucial to ensuring their success.
To learn more go to www.nysenate.gov/senator/james-sanders-jr
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