Governor Andrew Cuomo announced relief this week for New Yorkers with student loan debt. On Tuesday, he said an agreement had been reached with major student loan servicers to defer collection and waive late fees.
Those servicers included Navient, Nelnet, PHEAA, and MOHELA.
Governor Cuomo made it clear that the agreement would only apply to borrowers who contact their private student loan servicer about their financial hardship, caused by COVID-19.
Besides 90 days of deferred monthly payments and waived late fees, the largest loan servicers also agreed not to reporting negative numbers to credit agencies, and to enroll eligible borrowers in long-term assistance programs, where available.
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