NYS Reaches Relief Agreement With Private Student Loan Industry

The New York State Department of Financial Services has reached a deal to help those with student loans. The department made an agreement with Navient, Nelnet, the Pennsylvania Higher Education Assistance Agency (PHEAA), the Missouri Higher Education Loan Authority (MOHELA), EdFinancial and others. It totals about 90% of privately-held student loans in the state.

The deal includes:

-Providing at least 90 days of forbearance relief for borrowers.

-Waiving late payment fees for borrowers.

-Ensuring borrowers aren’t subject to negative credit reporting.

-Suspending debt collection lawsuits for 90 days.

-Working with eligible borrowers to enroll them in other applicable assistance programs. 

Those being negatively impacted by COVID-19 can contact their lender to request assistance.


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