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Eliminating 'Cycle Of Debt': New NY Law Prohibits Fees On Outstanding Student Loans Eliminating 'Cycle Of Debt': New NY Law Prohibits Fees On Outstanding Student Loans
Eliminating 'Cycle Of Debt': New NY Law Prohibits Fees On Outstanding Student Loans Some financial relief has arrived for those with student loan debt from New York colleges. Gov. Kathy Hochul signed a new law Thursday, Oct. 13, that prohibits state agencies from charging students an additional fee when collecting outstanding student debt. Under a previous state law, borrowers were charged up to 22 percent in fees on top of the amounts they owed, the governor’s office said. "When students across New York spoke up about the difficulties of digging out of debt, my administration listened," Hochul said in a statement. I’ve signed legislation eliminating additional fees…

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by Michael Mashburn