ALBANY, N.Y. - Governor Andrew Cuomo plans to protect students from predatory loans and State Budget Director Robert Megna laid down they foundation following the Governor's budget proposal today.
Cuomo's protection plan would oversee five main issues: it would serve as a consumer watchdog for students, help them make financially sound decisions, protect them from financial fraud, investigate student loan abuses, and monitor health insurance plans.
Siena student Brandon Murphy said "I really appreciate him doing that because especially as freshman, and you could be a first year freshman, no other siblings in college, you don't know what loans are. You don't even know what emails you should trust and how to go about the interest you have to pay them."
Another Siena student, Meredith Lightfoot explained "It's been such a problem trying to get all the student loans put together in general. I go through this every year and it's crazy."
Associate Vice President of Enrollment Management at Siena College, Mary Lawyer agrees with the students, saying any assistance is beneficial.
"Anything that can provide more information to more students about the borrowing of money can be confusing for 18-19 year old students and it can present a challenge," explained Lawyer.
Lawyer has seen students fall victim to several financial problems and knows they can be a burden.
"I've seen other things where students have been taken advantage of and it can be certainly stressful for the families and for some students," continued Lawyer. "In the situation of predatory lending, it can be financially significant problem for them that can dog them for years to come."
The Student Protection Unit will be dedicated solely to protecting New York Students from being ripped off.