Help for Suffolk homebuyers with student debt?

NEW YORK (FOX5NY) - Daniel Lloyd is a social entrepreneur with an impressive resume. He has a Bachelor of Science in finance, an MBA in global management, and is working on his Master of Arts in public policy.

But unfortunately, years of schooling added up to thousands of dollars in student loans and forced the married 32-year-old to live with his parents in Wheatley Heights, Long Island.

"As of right now, I'm well over a hundred grand," Lloyd said. "By the time I graduate from Stony Brook I'll probably be somewhere around $150,000 in debt."

He is far from alone.

One study by the Long Island Index found that 41 percent of Long Islanders ages 18 to 34 live with parents or other relatives and that 71 percent of young adults said they consider moving due to high living costs.

A new Suffolk County bill hopes to change that by helping millennials deal with student debt when buying their first home.

Suffolk County Legislature Presiding Officer DuWayne Gregory, who proposed the bill, said this has been done in other states. He is asking the Department of Economic Development and Planning come up with a pilot program to entice young people to stay here.

"Some programs have just outright paid off a portion of some student loans," Gregory said. "Others have wrapped in student loans into the mortgage at a lower interest rate thereby saving them some money."

Once the bill is signed by the county executive, the Department of Economic Development would have 60 days to come up with a plan. But some argue the amount of money they might come up with is too insignificant to make an impact.

"If his concern is that Suffolk County is too expensive to live then I would suggest making drastic cuts in the Suffolk County budget and reduce property taxes," Martin Cantor, an economist, said. "That would reduce the cost of living here dramatically."

Lloyd said that hopes new legislation will help lower the cost of living.

"If you're able to wrap up everything in one payment and interest, that give us incentives to have a better idea and clarity on what our financial obligations are," Lloyd said.