New York S04243 establishes an income-driven repayment plan for private student loans held by state banking institutions.

New York S04243 creates an income-driven repayment plan for private student loans held by New York state banking institutions. Borrowers qualify if they face partial financial hardship, defined as their annual loan payments exceeding 15% of the difference between their adjusted gross income and 150% of the poverty guideline for their family size. To qualify, borrowers must provide consent for income disclosure and certify their family size. Payments are limited to the amount due under a ten-year standard repayment plan.

New York S04243 establishes an income-driven repayment plan for private student loans held by state banking institutions.

New York S04243 creates an income-driven repayment plan for private student loans held by New York state banking institutions. Borrowers qualify if they face partial financial hardship, defined as their annual loan payments exceeding 15% of the difference between their adjusted gross income and 150% of the poverty guideline for their family size. To qualify, borrowers must provide consent for income disclosure and certify their family size. Payments are limited to the amount due under a ten-year standard repayment plan.