Current Student Loans News For The Week Of Jan. 10, 2022

Current Student Loans News For The Week Of Dec. 20, 2021
Written by Publishing Team

The New York State 2022 Report lays out several proposals for reducing student loan debt for New York students. Here’s what to know about these proposals and what they could mean for higher education costs.

1 The current trend of student loans for the week of January 10, 2022

1. New York Governor Announces Plans to Make Higher Education Affordable

New York Governor Cathy Hochhol released a report on New York State for 2022 last week, outlining her plans to protect student borrowers and make higher education more accessible. “With this investment, Governor Hochhol will help ensure that more New Yorkers can finally say, ‘I am a debt-free student,'” the report read.

The report includes some key proposals from Governor Hochul aimed at debt relief for borrowers:

  1. Create free or low-tuition residency programs for teachers in New York.
  2. Expand study assistance programs for part-time students.
  3. Offer tuition-free programs at community colleges for high-demand fields.
  4. Simplify financial aid applications at SUNY.
  5. Student loans by New York State Higher Education Services are exempt from state income tax.
  6. Collaborate with the Federal Government to automate the Public Service Loan Forgiveness application process.
  7. Stop withholding copies as a debt collection tactic for students attending SUNY/CUNY schools.
  8. Provide future healthcare workers with tuition-free college tuition, stipends for losing income while in school, childcare services, and transportation.
  9. Providing $120,000 in loan forgiveness to doctors working in underserved areas for a period of three years.

How does this affect student loans?

The plans outlined in the state’s state report focus primarily on keeping students out of debt—with subsidized education and tuition-free training programs at the fore—and public officials such as teachers and health care workers who benefit most. .

Governor Hochul’s proposals have not yet been signed into law, but a major change may come. Many other states and colleges have implemented similar laws, and the federal government has already begun to focus on revisions to programs such as Public Service Loan Forgiveness.

Main Takeaway

Governor Cathy Hochhol hopes to relieve student debt in New York.

Here’s how you can prepare

Whether you’re new to student loans or just in the process of paying off, it’s wise to stay updated on how student loan rates are changing. During 2022, more opportunities for cheaper loans or loan forgiveness may open up; Keep an eye on Bankrate’s Student Loan News Center for the latest trends.

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