Governor Announces Relief for Approximately 300,000 New York Student Loan Borrowers
Governor Announces Relief for Approximately 300,000 New York Student Loan Borrowers Not Covered by Federal CARES Act
The Governor also announced an agreement with the largest student loan servicers in New York to obtain relief for student loan borrowers experiencing financial hardship due to COVID-19 who contact their private student loan servicer. Available relief includes 90 days of deferred monthly payments, waived late fees, no negative reporting to credit agencies, and enrolling eligible borrowers in available long-term assistance program. The federal Coronavirus Aid, Relief, and Economic Security Act, or CARES Act, only provides relief to borrowers whose loans are owned by the federal government. This agreement with the student loan industry provides much-needed relief to these outstanding borrowers whose loans are privately owned.