According to the senator, the president’s announcement could lead to lenders using predatory practices to recoup their money. Gillibrand said she’s pushing two legislations forward. One legislation would reduce the interest rates on loans students get. The other legislation enrolls eligible loan borrowers in an income-based repayment program, which would reduce their monthly payments.
New York graduates tend to have a higher average of loan debt than the nation. She said most college graduates in New York face a large loan debt when they get their college degree. She said closing the office dedicated to helping these students and the administration’s news rules subjecting them to susceptible student loan recovery practices could result in financial difficulty.
Gillibrand said there is a need for oversight of student loan lenders, and it’s imperative that students are able to pay back their loans without going into default. For example, you can visit cashnetusa.com login, this lender provides short-term loans.