Governor Kathy Hochul signed legislation Thursday aiming to help public servants get student loan relief in order to focus on their careers, not their debts.
average of $61,000 in student debt relief. This is critically important, and this debt relief is exempt from taxes it always has been and always will be. So if you’re teaching the next generation of our doers and thinkers, if you’re keeping our streets safe, if you’re serving in our military, you’re helping government run smoothly, if you’re a healthcare worker who spent time in the depths of hell during this pandemic, that $61,000 is real money.
State Senator Kevin Thomas emphasized how important this debt relief would be, especially following the pandemic. “As you know, student loan debt in the United States has grown exponentially in recent years and is now one of the largest forms of consumer finance in this country,” said Thomas. “At the end of 2020, about 43 million U.S owed nearly $1.6 trillion in federal student loans. Approximately $90 billion of that outstanding debt is owed by 2.4 million New Yorkers.
Assembly Member Harvey Epstein was also at the event and applauded Hochul for prioritizing student debt relief legislation and making it more accessible. “We understand the struggle of people who went through higher education and the cost of going through school,” said Epstein. “Over half a million public servants today are eligible for this loan forgiveness and potentially millions more once the Governor signs this bill. Just 2% of New Yorkers qualify for loan forgiveness, today we are here to change that. People have until October 31 to apply retroactively for this relief.
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