Press Release
SCOTUS Decision Underscores Need for Student Loan Debt Consumer Assistance Programs Nationwide
Today's decision by the U.S. Supreme Court to strike down President Biden's student debt relief plan has raised concerns for more than 2.4 million New Yorkers, who now face the looming possibility of defaulting on their loans once the pause on loan payments is lifted. The gravity of the situation is further accentuated by the staggering $90 billion total student debt burden in New York.
Recognizing the dire circumstances faced by student loan borrowers, especially those from marginalized backgrounds, the New York Legislature took a significant step in 2019 by providing seed funding to establish the Education Debt Consumer Assistance Program (EDCAP). This program has been instrumental in alleviating the burden for countless borrowers.
Governor Kathy Hochul's commitment to easing the student debt crisis is evident in her decision to allocate $3 million in funding for EDCAP during her first budget. This injection of resources enabled EDCAP to expand its reach statewide, ensuring that more borrowers could benefit from its services.
EDCAP is a first-in-the-nation program that helps borrowers in real time manage their student debt, enroll in affordable repayment plans, and qualify for forgiveness programs. The program plays a pivotal role in helping borrowers navigate the complex student debt system by providing them with specialized assistance, free and unbiased counseling, and access to crucial resources. Its team of knowledgeable experts empowers borrowers to manage their debt effectively and, when possible, eliminate it entirely.
With the resumption of student loan payments and the recent Supreme Court ruling creating challenges for New York student loan borrowers, EDCAP stands as a vital resource that borrowers can turn to for help. Borrowers can learn more and get resources at www.edcapny.org or get one-on-one help by calling 888-614-5004 or via email at edcap@cssny.org.
By addressing this moment head-on, borrowers can find relief and support to overcome the hurdles that lie ahead.