Student loan debt is skyrocketing, and U.S. Representative Kathleen Rice has plans to ease the burden for students.
Student loan debt is skyrocketing, and U.S. Representative Kathleen Rice has plans to ease the burden for students. On September 21, 2018, she hosted a news conference at Adelphi University to introduce the Students and Families Empowerment Act.
Rice, who represents New York’s 4th Congressional District including Garden City, was joined by Adelphi University Provost and Executive Vice President Steve Everett, Assistant Vice President for Student Financial Services Sheryl Mihopulos, Adelphi student Mario Romero, Robert Damato, parent of an Adelphi alum, and reporters from CBS2 and FIOS1.
According to a press release issued by Rice’s office, the legislation, which applies to federal loans, would:
- Remove the $2,500 cap deduction for student loan interest, enabling borrowers to deduct all interest for student loans up to $750,000, making deductions on student loan interest match that of home mortgages.
- Eliminate income limits on interest deductions.
- Extend the grace period to pay back loans from six months to 12 months, with no interest accruing during this period.
“Increasingly the economic vitality and security of the United States is predicated on a highly trained and college-educated workforce to be competitive on a global stage,” according to Dr. Everett. “This amendment would be a small but significant step in providing much-needed assistance for all American middle-income students and families to afford a college education. Local economies, states and the entire country will see direct, positive benefits if this amendment is passed.”
“Affordability is top-of-mind at Adelphi—the very reason we provide millions of dollars in institutional aid every year to 95 percent of our undergraduate students,” said President Christine M. Riordan. “It is so encouraging that Congresswoman Kathleen Rice is taking a significant step to help students and families better afford the costs associated with paying for college and ultimately paying off student debt.”
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