Coronavirus (COVID-19) Relief Center
Coronavirus (COVID-19) Relief Center
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These resources – like the public health crisis itself – are constantly evolving and are only current as to the date of publication. This page was last updated on July 20, 2020.
We recommend that you monitor this site, as well as the sites referenced in these resources, for updates and changes as we expect the situation and solutions to change over the coming weeks and months. For information on specific programs, we encourage you to visit the websites of the organizations or government entities that are responsible for the relief.
Description of Program and Relief
Relief for Approximately 300,000 New York Student Loan Borrowers Not Covered by Federal CARES Act
The New York State Department of Financial Services (DFS) announced it reached an agreement with the lion’s share of the private student loan industry. Based on this agreement, which provides relief to as many as 300,000 New Yorkers, borrowers facing financial hardship due to the Coronavirus (COVID-19) pandemic may contact their student loan servicer to defer student loan payments for 90 days and obtain other relief. Among those agreeing with this relief are Navient, Nelnet, the Pennsylvania Higher Education Assistance Agency (PHEAA), the Missouri Higher Education Loan Authority (MOHELA), EdFinancial, and others, which represent approximately 90% of the privately-held student loans in New York.
New Yorkers with privately-held loans who are impacted by COVID-19 should contact their student loan servicer to request relief, which includes: 1) Providing a minimum of 90 days of forbearance relief for borrowers; 2) Waiving late payment fees for borrowers; 3) Ensuring no borrower is subject to negative credit reporting; 4) Ceasing debt collection lawsuits for 90 days; and 5) Working with eligible borrowers to enroll them in other applicable borrower assistance programs.
DFS also urges all student loan borrowers experiencing financial hardship due to COVID-19 to ask their student loan servicers for relief, as all servicers are providing varying levels of support during this time.
Government or Lead Agency
Department of Financial Services
Dates Available
Until termination.
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© 2021 Paul, Weiss, Rifkind, Wharton & Garrison LLP. This does not constitute legal advice and does not create an attorney-client relationship. In some jurisdictions, this publication may be considered attorney advertising. Past representations are no guarantee of future outcomes.