Roughly one in eight New Yorkers are burdened with student loan debt, which totals about $93 billion. Nationally, approximately 43 million Americans collectively owe over $1.6 trillion in student loans. Recent reports from the Associated Press reveal that some private colleges, ranging from prestigious to average, are charging over $90,000 for tuition, room and board, and other expenses. The cost of attending college continues to rise, with public four-year colleges now averaging over $20,000 per year, compared to around $10,000 in inflation-adjusted dollars in 1970.
New York Legislators are taking steps to address this issue. Senator Kirsten Gillibrand sponsors the “What You Can Do For Your Country Act of 2019,” which proposes loan forgiveness for Direct Loan borrowers who work full-time for 10 years in government or certain non-profit organizations. President Joe Biden’s SAVE Plan, introduced in the summer of 2023, offers an income-driven repayment option and potential loan forgiveness but faces legal challenges.
Senator Gillibrand is advocating to enshrine the SAVE plan into law, especially as more than 374,000 New Yorkers have benefited from it. In addition to seeking retroactive solutions, she is spearheading proactive approaches. In 2023, Gillibrand pushed through legislation to establish a scholarship program for the Cyber Service Academy. This program covers the education costs for individuals who commit to five years of public service in technology and cybersecurity. Similarly, Governor Kathy Hochul announced the 2024 New York State STEM Incentive Program, supporting students pursuing STEM degrees at SUNY or CUNY campuses in exchange for living and working in New York State for five years post-graduation.