The New York State Senate has passed Bill S.1673, aimed at combating the student loan debt crisis by requiring employers to inform new employees about repayment options and financial resources. Sponsored by Senator Andrew Gounardes and co-sponsored by Senator Joseph Addabbo, this legislation aims to alleviate the burdens of student loans on young professionals. Currently, U.S. student loan debt exceeds $1.5 trillion, affecting millions, with average debt loads on the rise. This bill seeks to provide necessary information that can empower individuals to manage their financial futures well.
"By equipping new employees with the necessary tools and information to understand their repayment options, we empower them to take control of their financial future."
"As of 2023, the total student loan debt in the United States has surpassed $1.5 trillion, impacting millions of Americans."
"The weight of student loan debt impacts countless individuals and families across our state.."
"In New York State, the delinquency rate among borrowers increased by more than 30% between 2006 and 2015."
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