According to figures released by Schumer’s office, nearly two out of every three students nationwide have student-loan debt, compared to less than one-half in 1993.

Debt levels for graduating seniors have soared over the past decade from $9,250 to $19,200.

College graduates in New York state face an average debt of $17,527.

About 30,242 students live in the North Country, and 81 percent of them are in debt upon graduating. In fact, the average North Country college graduate owes at least $15,000.

“This is a very serious problem, and we are going to do something about it.”

PROPOSAL

The “Schumer box” for student loans would consist of a chart describing various loan scenarios, with information on loan amounts, interest rates and payment periods. It will clearly explain how much students will owe, including interest, in order to pay off loans.

The legislation will further require lenders to make two disclosures: one on the initial application and another after the potential borrower applies but before she or he signs the promissory note.

And lenders would have to disclose that colleges may have school-specific student-loan benefits, while encouraging students to exhaust federal loans before pursuing private ones.

“This legislation will make life a lot easier and paying back loans a lot simpler and cheaper,” Schumer said.

“The advantage will be people will know what they are getting into, they will know if they are taking out too much, and there will be comparison shopping, and the rates will come down.”

E-mail Stephen Bartlett at:

sbartlett@pressrepublican.com