Sen. Kirsten Gillibrand

Anthony Behar

Gillibrand Warns College Students About Predatory Loan Practices

May 20, 2018 - 2:07 pm

NEW YORK (1010 WINS/AP) -- U.S. Sen. Kirsten Gillibrand (D-New York) had a warning Sunday for college students.

Gillibrand said the Trump administration’s recent move to cut back its monitoring of financial institutions could lead to shady loan practices.

She said she will demand new oversight regulations, as well as legislation to lower loan payments for hundreds of thousands of graduates.

Gillibrand said loan payments could push many into default, damaging their credit just as they're starting new jobs.

According to Gillibrand, graduates in New York generally have higher loan balances than in the rest of the country.

(© 2018 1010 WINS. The Associated Press contributed to this report.)