In New York, the average student loan burden is more than $30,000, according to the governor’s office.
On Friday, Cuomo proposed creating a student loan ombudsman within the Department of Financial Services to provide free counseling.
He also wants colleges to provide easy to understand figures on exactly how much debt a student will face, the monthly payments and total payout.
“Wonderful,” advocate Natalia Abrams, of Student Debt Crisis, told WCBS 880’s Mike Sugerman. “So many 18-year-olds are being left on the hook for now hundreds of thousands of dollars without any real knowledge of what they’re getting into.”
Cuomo also proposed increasing protections for students and making it illegal to suspend someone’s professional licenses because they are behind or have defaulted on their student loans.
More details will be unveiled in the governor’s state of the state address next week.