The state”™s Student Protection Unit launched its website last month, offering resources for college students making decisions about financing their educations.
The site, dfs.ny.gov/studentprotection, includes a resource center with information about different types of available financial aid and tips on deductions and opening bank accounts regarding paying for tuition.
The Student Protection Unit, part of the Department of Financial Services, was established in January by Gov. Andrew Cuomo, who called the unit the state”™s “leading advocate for students and their families.” Its first official action was issuing subpoenas to 13 student debt relief companies about “potentially misleading advertising, improper fees and other consumer protection problems with the industry,” according to a news release from the governor”™s office.
Benjamin M. Lawsky, superintendent of financial services, said students were often their “own, best first line of defense against scammers.”
“Helping educate student consumers about how to make smart financial choices is a vital part of our mission,” he said.
According to the governor”™s office, Federal Reserve data shows that the average student debt per borrower in New York is the third-highest in the country, at $27,310. Total national student debt is $1 trillion, according to the governor”™s office.
