Home Banking & Finance Student loan relief offered to Sandy victims

Student loan relief offered to Sandy victims

Gov. Andrew Cuomo announced he is directing the New York State Higher Education Services Corporation (HESC) to grant temporary student loan relief to New Yorkers.

Westchester students, along with those in New York City, Rockland and Long Island are eligible to receive a 90-day grace period, from Oct. 27 to Jan. 25 to repay their student loans.

“Those who lost homes or are still without power should not be burdened with the added worry of being late on their student loan payments,” Cuomo said in a press release. “The grace period we are providing will give these New Yorkers some breathing room to focus on rebuilding and restarting their lives after the storm.”

In addition to the suspension of collections efforts, other actions to assist impacted student loan borrowers will include the suspension or reversal of delinquency or default notifications made by HESC to credit reporting agencies, the suspension of referrals for administrative wage garnishment and the suspension of collections calls to federal student loan borrowers in the tristate area.

More than 80 percent of HESC’s borrowers with delinquent or defaulted student loans live in the New York metropolitan area.

Borrowers should contact HESC to request a temporary suspension by calling 1-866-991-HESC (4372) or by emailing Dept736@hesc.ny.gov. A specific option has been added to the toll free number for Sandy victims.

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