Assembly Resolution No. 903
BY: M. of A. Lupinacci
URGING the New York Congressional delegation to
support legislation that would allow more
refinancing opportunities for Federal student loan
debt and for the United States Congress to address
the growing student loan debt crisis in New York and
throughout the entire United States
WHEREAS, It is the sense of this Legislative Body to urge the New
York Congressional delegation to support legislation that would allow
more refinancing opportunities for Federal student loan debt and for the
United States Congress to address the growing Federal and private
student loan debt crisis in New York and throughout the entire United
States; and
WHEREAS, As post-secondary education and skills are at a premium and
often required for certain employment, costs continue to rise forcing
students to acquire debt to obtain a degree without a guarantee of a job
or salary to cover the impending debt service costs; and
WHEREAS, According to the Center on Budget and Policy Priorities
Report, New York State public universities and colleges have increased
tuition by 21.3 percent but New York is spending 11 percent less per
student; and
WHEREAS, By the end of 2014, there were 43.3 million borrowers that
collectively owe $1.2 trillion in student loan debt nationwide; and
WHEREAS, The Federal Reserve Bank of New York states that one
million borrowers are defaulting on their student loans each year; and
WHEREAS, The national student loan debt average is $28,400, while
the New York student has on average $26,381; and
WHEREAS, Those burdened with Federal or private student loan debt
would benefit from more options to refinance their loans at a time when
interest rates are at historic lows and should not have to give up the
Federal protections such as the public loan forgiveness programs and/or
payment options guaranteed by Federal loan packages; and
WHEREAS, A central database or comprehensive clearing house needs to
be created to help those with students loans to track and maintain how
much debt is being acquired and at which institutions to avoid
defaulting on federal or private loans; now, therefore, be it
RESOLVED, That the New York State Congressional delegation be and
hereby is respectfully memorialized by this Legislative Body to support
legislation that would allow more options for student loan borrowers;
and be it further
RESOLVED, That the United States Congress be and hereby is
respectfully memorialized by this Legislative Body to address the
growing Federal and private student loan debt crisis in New York and
throughout the entire United States; and be it further
RESOLVED, That copies of this Resolution, suitably engrossed, be
transmitted to each member of the Congressional delegation from the
State of New York.
