Student debt numbers are astronomically high in New York, with about three million residents owing a total of approximately $86 billion, News 10 reports.
The New York Assembly conducted a hearing Tuesday, Nov. 27 to determine whether or not legislative action may be necessary to alleviate the growing problem.
"New Yorkers are hurting. The student loan borrowers in this state are teachers, nurses, service members and veterans, young and old, urban and rural and black and white,” said Seth Frotman, the former Student Loan Ombudsman at the Consumer Financial Protection Bureau.
As a whole, Americans’ student loan debt equates to more than $1.5 trillion, with 8.5 million borrowers in default and unable to make any payments at all.
The Assembly has until the next legislative year to take action. Clearly, something needs to change.
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