Student Loans

In his 2018 State of the State address, Governor Andrew Cuomo announced a proposed series of reforms to help relieve loan debt for college and university students in New York State. Student loan debt accounts for 10 percent of debt balance in the U.S., making it the second highest category of loan debt after mortgage debt. In New York, the average student loan debt total is more than $30,000.

This hour, we discuss the governor’s proposed reforms and their potential impact on students. We also discuss the importance of financial literacy with our guests. In studio:

  • Chuck Wade, vice president and financial adviser, Brighton Securities
  • Bianca Bishop, health care integrator at Hillside Family of Agencies
  • Shadi Kafi, attorney, former teacher and administrator, and aspiring author

Sarah Ackroyd is a medical student at University of Rochester. She's studying to be an oncologist.

"As you can imagine the cost of education has been a lot for me, I've been in school for nearly ten years. And although I'm very grateful for the support that my parents and scholarship has provided for me, a lot of my education has been financed through federal loans."

One of those federal loan programs is the Perkins Loan. The program offers low interest rates, and deferment while in school, to help students that come from lower income households.

We take a look at Senator Elizabeth Warren's proposal to alleviate student loan debt. Can it work? Our panel includes expertise from education, finance, and an economist. Senator Warren notes that the country's combined student loan debt now exceeds a trillion dollars, and she calls it a scandal. Joining us to talk about this is: 

It's decision day for high school seniors, and many will choose to take on student loans. Student loan debt has become an increasingly large load, and interest rates are often higher than the interest on mortgages. Is college worth the investment? How financially literate are students? We hear from a diverse panel, including Chuck Wade, financial consultant for Brighton Securities and John Serafine, lead counselor at Fairport High School. 

Financial Planners Offer Post College Advice

May 31, 2012

Now is the time for recent college graduates to start stashing their dollars away toward repaying student loans. That's from Timothy Hayes, a financial planner for Landmark Financial Advisory Services. He says preparation is key in keeping away from compounding debt.

"They really have to have the mindset upon graduation and starting their careers that some of what they are earning has to be dedicated to the loan,” Hayes says. “That's simply not available for other spending or savings at that point."