Plan to help students’ debt

ALBANY — Gov. Cuomo on Friday unveiled a set of measures intended to aid New Yorkers struggling with “exploding” student loan debt.

The proposals, which will be part of Cuomo’s State of the State Address next week, include new financial disclosure requirements for colleges and universities and new consumer-protection standards for the loan industry.

Cuomo also plans to create a student-loan ombudsman within his administration to help resolve complaints and enact new regulations that prohibit state agencies from suspending any professional license because the holder is behind on student loan payments.

He said he’ll “lay out a concrete roadmap to alleviate the burden of student debt in New York and equip our students with the protections and the tools they need to succeed.”

Under Cuomo’s proposal, student-loan servicers and debt consultants would need a license from the state’s Department of Financial Services to operate in New York and would be required to give “clear and conspicuous disclosures to borrowers.” They would also be barred from charging any upfront fees.