New Year's Day also means new laws will go in effect for New Yorkers.  

One of the major changes is an increase in minimum wage. It will increase from $14.20 an hour to $15 an hour for most of the state.

The only exceptions will be New York City, Long Island and Westchester County. They will see minimum wage go up to $16 an hour.

Minimum wage last increased in 2019.

New York now is now behind California and Washington, which already have a minimum wage of $16.

More wage increases are planned for 2025 and 2026. 

Also coming in 2024 is an updated version of the FAFSA for college students. The form is used to determine financial aid for college students. This latest version is expected to be shorter and easier to fill out. It is expected more low-income borrowers will be eligible for financial aid.

Another change coming in 2024 is a new retirement law will allow student loan payments to boost 401(k)'s for some workers. Under the new law, employers can match their employee's student loan payments with a contribution into the employee's retirement account.