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Millions of New Yorkers to get student-loan relief

Aug 30, 2022 12:45 am

Haley Brown and David Propper are reporting for the New York Post more than 2 million New Yorkers will receive student-loan relief under the federal new program, but the government first has to hire thousands of workers to help run it, U.S. Sen. Chuck Schumer said. “They need to hire new people, train those people and not have people wait three hours for a phone call,” Schumer said on August 28. “The federal government already has the dollars. We’ve spoken to the Department of Education. They are willing to give the loan processors more money to hire more people,” he said. President Joe Biden announced on August 25 that his administration would forgive $10,000 for borrowers individually earning less than $125,000 a year or $250,000 as a family. Those who received federal Pell Grants and make less than $125,000 will be eligible for up to $20,000 in loan forgiveness. About $16.3 billion worth of debt will be canceled in New York alone, according to Schumer’s office. New Yorkers have a combined $93.9 billion in federal debt, his office said. Student-loan process providers are expected to be staffed up in the coming weeks to prepare for the calls anticipated this fall, Schumer said. Critics of the program, including some Democrats, have called it “monumentally unfair” to those who have already paid off their debt, chose less costly colleges to avoid excessive debt or opted never to go on to higher education. Read the full story in the New York Post.

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