Sen. Gillibrand: Beware of Predatory Student Loan Practices - NBC New York

Sen. Gillibrand: Beware of Predatory Student Loan Practices

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    Sen. Gillibrand: Beware of Predatory Student Loan Practices
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    NEW YORK, NY - JANUARY 17: NY Senator Kirsten Gillibrand attends the 25th annual Brooklyn tribute to Martin Luther King Jr. at BAM Howard Gilman Opera House on January 17, 2011 in the Brooklyn borough of New York City. (Photo by Astrid Stawiarz/Getty Images)

    Sen. Kirsten Gillibrand has a warning for college students: Beware of predatory loan practices in the wake of the Trump administration's recent move to cut back its monitoring of financial institutions.

    The New York Democrat announced Sunday that she'll demand new oversight regulations as well as legislation to lower loan payments for hundreds of thousands of graduates.

    The senator says 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.

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