WENY News - Governor Cuomo touts proposal to fight "exploding" student loan

Governor Cuomo touts proposal to fight "exploding" student loan debt

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ALBANY, N.Y. (WENY) -- New York Governor Andrew Cuomo's State of the State address is just around the corner, and he's unveiling one of his latest proposals for it. He wants to fight "exploding" student loan debt.

Governor Cuomo is proposing a comprehensive plan that would tackle several angles of the problem. Some of the measures include a requirement that make colleges provide transparency on the loan process, and give more information to the student as to what kind of payments he or she can expect later on. Consumer protection standards for student loans would also be increased.

The Governor also wants to prohibit state agencies from suspending professional licenses of former students or are behind on their loans. Currently, New York State does not have a law allowing this practice. But Cuomo says, by prohibiting it, the move would protect current and future New Yorkers.

According to Cuomo's office, the average student loan debt burden is more than $30,000.

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