Tackling student debt at the state level

Students continue to face an uphill battle once they finish college. In addition to the stress of finding employment, many recent grads are also saddled with significant debt, which could deter them from furthering their education in graduate school programs.

Due to these financial concerns, Assemblymember Nicole Malliotakis recently introduced two pieces of legislation to help local college students deal with the increasing cost of education.

The first proposal, A-9554, would increase the maximum household income cap for the Tuition Assistance Program (TAP) from $80,000 to $100,000 and would be designed to keep up with increasing tuition. An increase has not occurred since 2000, when the maximum income for eligibility increased from $50,500 to $80,000.

The second bill, A-9555, would once again allow graduate students to participate in TAP; their eligibility for the program had been cut in 2010 due to budget constraints. The reinstating of TAP for grad students would cost an estimated $3 million annually.

“The cost of college is becoming increasingly unaffordable, and the average student debt in the United States has grown larger than both auto loan and credit card debt,” said Malliotakis. “With college graduation ceremonies happening across the state, it is critical we highlight the debt crisis our students are facing and that government act to help them.”

The average New York college graduate is said to be around $26,000 in debt once finishing his or her education.

“Expanding tuition assistance eligibility and reinstating the TAP program for graduate study will provide the vital assistance our middle-class students need to obtain an education and achieve their dreams,” Malliotakis added.