Bills Are Going Up Millions Of New Yorkers Tomorrow

Tomorrow is Doomsday for millions of New Yorkers. Things are getting worse financially, not better. I personally miss the days before November 2024, when the economy was great, there was job growth, my 401(k) was making money, and I didn't have to worry about whether I could afford groceries for the week. But here we are. After so many empty election promises, we've ended up with a struggling economy. Companies are cutting their workforces, tariffs are driving grocery prices up, rural New Yorkers are facing hospital closures, families may end up homeless, and children may not be fed. But, somehow, we're supposedly great 🙄.

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Tomorrow, August 1, 2025, will be a bad day for many New Yorkers. As America moves away from prioritizing education, the politicians in Washington, DC, and the White House are finding ways to make life harder for educated New Yorkers. With the so-called 'Big Beautiful Bill' signed, New Yorkers with outstanding federal student loans only have two options for repayment plans. Popular options like SAVE, Pay As You Earn, and Income-Contingent Repayment are being eliminated by the administration, forcing borrowers to choose between two plans.

The two options include a standard plan or the Repayment Assistance Plan, which requires 30 years of payments before the loan becomes eligible for forgiveness. Student Debt Crisis Center President Natalia Abrams told News Nation Now,

“This reconciliation bill will be catastrophic for millions of Americans by restricting access to higher education and exacerbating the student debt crisis for both federal and private student loans. While it is difficult to imagine how much worse the student debt crisis can become, this reconciliation bill does exactly that.”

But wait, there's more bad news!

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Beginning on August 1, 2025, interest will be charged on borrowers' loans again. The change affects 8 million people who had been granted an interest-free forbearance period on their loans under the Biden administration's Saving on a Valuable Education (SAVE) Plan. Under the current administration, borrowers will have to pay their interest regardless of their ability. Republicans need to find funds to pay for tax cuts for billionaires, so college graduates in New York will end up paying the price. Over the next 12 months, borrowers will pay $27 billion in interest, per Newsweek.

Someone, please, let me know when we're great again!

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