Treking The Capital in the Snow

Hello from Snowy Albany

On Monday your Executive Council met from 8:30 – 4:30 discussing numerous things. Do you want to know exactly what? Then listen to the upcoming Podcast. We invited you all to join us. WE MEANT IT!! We had one special guest come – Kerry Cooper – NYSFAAA Past Past President. Thank you Kerry.

After the EC meeting your investment meeting spent another hour reviewing the finances. Looking okay.

Today we all went to the Capital, as is our annual trek, for Advocacy Day. It is something we prepare for months ahead. With the help of the Government Relations Committee, as Edited by Executive Council we went prepared with our 2019 talking points. You will find it attached to this communication and I hope you share it with your Assemblymen and Senators whom you can visit in their home offices. Share it with your College Presidents and Government Relations folks. Get the word out there.

These are the things that NYSFAAA is asking for to be included in the Governor’s upcoming budget and future legislation.

If you have any questions do not hesitate to contact me at president@nysfaaa.org or Chris Barto, Chair of the Government Relations Committee at cbarto@limcollege.edu

The Government relations Committee is one of several committees you can join. NYSFAAA is all about YOU and the work you do for our students and communities. We are always looking for new and more people to pitch in and MAKE A DIFFERENCE. Today we made a difference – so can you.

Special thanks to Donna Gurnett of the APC for being instrumental in organizing today’s activities and getting us a private room to hang in (with refreshments)!

Others that joined me in meeting with the lawmakers today, in addition to the above, were

Darrin Rooker – Immediate Past President Adrienne King – First Vice President Patti Donahue – Region III Rep Randi Moore – Region IV Rep Evan. K. Udowitch – Representing Region VII Clem LaPietra – Government Relations Committee

A special shout out to Lisa Simpson who just knows how to organize us.

We all met for breakfast at 99 Washington Ave – trucked off and tackled the lawmakers. It wasn’t snowing when we started but sure enough it was when we finished. It was fun times and we know we did it for the right reasons. Want to know more? – listen to the upcoming Podcast.

Howard

Click the link to view the attachment

Attachment 1:
https://www.nysfaaa.org/ListLock/goAjXwArJ8NNmiMm.pdf

Student loan Debt- Senior Citizens

Student Loan Debt – Senior Citizens

 Older Americans are struggling under the burden of student loans—their children’s and their own.

A generation of Americans owe nearly $90 billion in student loan debt and their 60 or more years of age.

Many seniors took out loans to help pay for their children’s college tuition and are still paying them off.  Others took out student loans for themselves in the wake of the last recession, as they went back to school to boost their own employment prospects.  Some are having funds garnished from their Social Security checks.  The federal government, which is the largest student loan lender in the country, garnished the Social Security benefits, tax refunds or other federal payments of more than 40,000 people aged 65 and older in fiscal year 2015 because they defaulted on student or parent loan debt.

Debt Highlights:

  • On average, student loan borrowers in their 60s owed $33,800 in 2017, up 44% from 2010.
  • Total student loan debt rose 161% for people aged 60+ from 2010 to 2017
  • ED disbursed $12.7 billion in new “Parent Plus” loans during the 2017-18 academic year, up from $7.7 billion a decade prior.

WSJ article is available and can be accessed (subscription may be required) at;

https://www.wsj.com/articles/over-60-and-crushed-by-student-loan-debt-11549083631

Some related articles can be found at:

You Guess: What’s the Debt Burden for Americans Entering Retirement?

A Generation of Americans Is Entering Old Age the Least Prepared in Decades

The Cost of Supporting Parents and Adult Children

Legislative Watch

For those seeking legislative and regulatory support for loan servicing transparency you may want to send support to Senator Mike Enzi (R-Wyo.) and Representative John Curtis (R-Utah) who are introducing legislation (Transparency in Student Lending Act) that would require the disclosure on the total cost of federal student loans in the form of an annual percentage rate (APR).

The Transparency in Student Lending Act will empower federal student loan borrowers with the information necessary to make informed decisions about higher education financing.  Clear disclosure can help borrowers compare federal and private student loans on equal terms. Currently, federal loans do not factor in origination fees, which can range between 1.1 to 4.26 percent in interest rate disclosures.

DREAM Act: NY lawmakers approve tuition aid for undocumented immigrants

State lawmakers on Wednesday passed the DREAM Act, a bill that allows undocumented immigrants to access state financial aid, including the Tuition Assistance Program, to pay for college tuition.

https://auburnpub.com/blogs/eye_on_ny/dream-act-ny-lawmakers-approve-tuition-aid-for-undocumented-immigrants/article_25ea9564-1f64-11e9-8e0b-9f8d2f50a07d.htm