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Financial Services Law Insights and Observations

New York regulator urges student loan servicers to support troubled borrowers

State Issues Covid-19 New York Student Loan Servicer NYDFS

State Issues

On April 7, the New York State Department of Financial Services issued guidance to state-regulated student loan servicers urging them to “do their part” to alleviate hardships caused by Covid-19. The department stated that student loan servicers “should,” for a period of 90 days, waive late fees, provide forbearance, refrain from sending defaulted loans to debt collectors, and report any missed payments subject to forbearance as “current” to credit reporting agencies.

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