New York State Governor Kathy Hochul signed legislation that ended the practice of charging those with student loans an additional fee when collecting outstanding debts.
means, these debts were then referred to the Civil Recoveries Bureau. Now, New Yorkers with student debt will be able to maintain a more regulated amount of their debt without substantial increases from fees.
“Student debt should not be a barrier preventing students from meeting their full potential, yet, far too often, students are forced to take on crushing debt to pursue opportunities in higher education,” said bill sponsor, State Senator Jamaal T. Bailey on Thursday.
New York State Attorney General Letitia James also commended the Governor for signing the legislation, saying that additional fees only worsen the country’s student debt crisis. “Charging fees to students already struggling with debt only compounds the problem,” said James. “This law addresses that inequity and is an important step in helping these New Yorkers become financially stable. I was proud to push for this legislation and commend the bill sponsors and Governor Hochul for taking this action.”
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