The New York State Education Department has announced a program that allows educators to apply for a credit unit through the state’s public school system.
“This program is designed to provide educators the opportunity to build credit units in schools where credit is a critical part of the learning experience,” Education Department Secretary MaryEllen Boteach said in a statement.
“We know that the creation of credit units is vital to the success of the education system, and we’re working to ensure that all New Yorkers can have the opportunity.”
The program, known as the “credit union credit union” program, allows educators and their students to form a credit card for their own use.
Teachers who use the credit union credit unit earn a 10 percent commission on all purchases made through the credit unit.
The credit union’s credit card is linked to a bank account that is available to students at public schools, colleges, and universities, which are accredited by the Federal Reserve.
In a blog post, Boteak said that this program will allow teachers to work toward creating their own credit unit, “and create a new model for accountability and sharing of credit information.”
“Teachers can earn credit for all purchases they make through the unit, whether online or in-person, through their students’ participation in the unit,” she said.
Boteach, who is a Democrat, has previously called for the creation in the state of a new “credit bank” for teachers, “which would provide them with access to a central bank of their choosing for their online purchases.”
But it is unclear whether teachers will be able to use the program.
According to a 2014 report from the National Association of Independent Colleges and Schools, “credit unions and other credit unions in the United States have no established business model to support their businesses.”
In February, the American Association of State Colleges and Universities, a group of business leaders, issued a report saying that a lack of “business models” for the credit unions has led to a “disruption of academic opportunities and an increase in student debt.”
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