New Yorkers burdened by record amount of educational debt
Nov 28, 2018 12:00 pm
News10 Albany is reporting nearly three million New Yorkers currently owe more than $86 billion in educational loans. The state Assembly November 27, held a hearing to determine if legislative action is needed to help resolve the problem. Seth Frotman, the former Student Loan Ombudsman at the Consumer Financial Protection Bureau, said there is no help on the horizon from the federal government. Frotman stepped down from his federal position in protest of the current administration's position on student loan debt. He told members of the Assembly banks and consumer affairs committees that rising student loan debt is a national crisis. "New Yorkers are hurting. The student loan borrowers in this state are teachers, nurses, service members and veterans, young and old, urban and rural and black and white," Frotman said. Americans owe more than $1.5 trillion in student loan debt, more than all credit cards combined or auto loans combined. Nearly 9 million of those borrowers are in default and cannot make payments. Much of the discussion Tuesday was about ways New York can have more oversight on the student loan industry, to make sure no mistakes are made and to make it easier if students have questions about the process. Read the full story at News10 [dot] com.