Colleges and Universities, both public and private, across New York state may have new guidelines to follow when it comes to informing students about their education loans. The changes are part of measures Governor Andrew Cuomo plans to announce January 3rd during his State of the State Address. He will outline his plan, which includes requiring colleges and universities to provide truth-in-lending information for students. Other changes in his proposal include creating a student loan ombudsman in the state’s Department of Financial Services. The goals of the new position are to help resolve student complaints, educate borrowers and assist students heading toward default. The Governor also proposes prohibiting state agencies from suspending professional licenses of those who are delinquent or in default of their student loans.
Look to the muni blog for details of this proposal and other plans impacting municipalities following the Governor’s address.