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Senator Sanders, Advocates, Applaud Governor Hochul’s Funding of EDCAP to Assist Student Loan Borrowers
From The Office of JAMES SANDERS JR.
The respective chairs of the State Senate and Assembly Banks committees today joined several nonprofit organizations who advocate on behalf of the 2.4 million New Yorkers struggling with student loan debt to thank Governor Kathy Hochul for including funding for EDCAP (Education Debt Consumer Assistance Program) in her executive budget.
Launched in 2019 with support from the State Legislature, EDCAP helps student loan borrowers effectively manage their debt and improve their financial health by providing free, unbiased, one-on-one consumer assistance. Since its inception EDCAP has helped hundreds of borrowers, saved consumers more than $2 million and managed more than $38 million in student loan debt.
With the increased funding from the Governor -- $3 million annually -- along with current support from the State Legislature, EDCAP will be able to expand statewide and establish a network of community-based organizations that will provide free and unbiased direct consumer assistance in their respective communities.
With the increased funding from the Governor -- $3 million annually -- along with current support from the State Legislature, EDCAP will be able to expand statewide and establish a network of community-based organizations that will provide free and unbiased direct consumer assistance in their respective communities.
“Student loan debt is a crisis in New York, impacting New Yorkers in both urban and rural communities and across socio-economic categories,” said State Senator James Sanders Jr., Chair of the Senate Banks Committee. “As the rest of the nation waits to see what the White House will do on the question of student debt cancellation, New York is stepping up with tools and resources to help borrowers get direct assistance fixing immediate issues such as delinquent or defaulted loans, unaffordable payments and developing long-term strategies for addressing their debt including applying for forgiveness or discharge programs. We thank the Governor for her support of this program.”
