Governor Kathy Hochul Makes Statement About Student Loan Forgiveness

New York Governor Kathy Hochul recently made a statement about the Supreme Court's decision to block student loan forgiveness...

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New York Governor Kathy Hochul recently made a statement expressing disappointment about the Supreme Court's decision to strike down Biden's student loan forgiveness plan.

"Student loan debt has devastated generations of students who worked hard to earn a college education," Governor Hochul said. "This Supreme Court decision puts that weight back on the shoulders of students and graduates across America, especially people of color and women who disproportionately carry higher levels of student loan debt. Across New York's SUNY and CUNY systems, nearly 60 percent of full-time resident undergraduate students attend school tuition free and we will continue doing everything we can to make higher education more inclusive, accessible, and affordable for everyone."

Student loan debt in the United States totals nearly $1.8 trillion, according to statistics published by CNBC. It's also worth noting that interest for student loans will resume on September 1st, 2023.

Officials from the Department of Education are reportedly investigating ways to make repayments easier, according to Politico. One strategy being proposed is a grace period for the first few months in which borrowers won't be penalized for missing required student loan payments. However, interest from loans will continue to accumulate during the aforementioned proposed grace period.

The Biden administration has also proposed a plan to lower monthly payments. According to a press release by The White House, Joe Biden has created a new plan that will "forgive loan balances after 10 years of payments, instead of 20 years, for borrowers with original loan balances of $12,000 or less. The Department estimates that this reform will allow nearly all community college borrowers to be debt-free within 10 years."

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