WCDO Radio News

US Senator Charles Schumer is pushing a plan in the Senate that would allow undergraduate borrowers, with outstanding student loan debt, to refinance at today’s lower rates. Schumer outlined the proposal at Hofstra University today. The Bipartisan Student Loan Certainty Act of 2013 set the undergraduate student loan interest rate at 3.86 percent for the 2013-2014 school year. But he said borrowers who took out loans before 2013 are paying nearly 7 percent or higher. Schumer announced new legislation that will allow them to pay back their outstanding loans at the same rates as new borrowers

New York State a new scholarship program for those who seek degrees and jobs in a STEM field. The New York State STEM Incentive Program will pay the full, 4-year undergraduate tuition for high school seniors who graduate in the top 10% of their class, and enroll at any State University of New York college campus. Scholarship recipients will have to work in a STEM field, science, technology, engineering or math. Applications are due August 15th; more information is available at HESC.ny.gov.