Student Loans

Important Updates Due to COVID-19

Under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, federal student loan payments are automatically suspended, without interest or penalties, until January 31, 2022—an end date which has been extended four times and will be the final extension. Read Important Information for Student Loan Holders: Automatic Payment Suspension and Other Relief During COVID-19 in English | Español (Spanish) | العربية (Arabic) | বাংলা (Bengali) | 简体中文 (Chinese - Simplified) | 繁體中文 (Chinese - Traditional)| Français (French) | Kreyòl Ayisyen (Haitian Creole) | 한국어 (Korean) | Język Polski (Polish) | Русский (Russian) | ردو (Urdu).

If you are experiencing a loss of income - including due to COVID - or your family size has changed, learn about Income-Driven Repayment (IDR) plans that can lower your monthly student loan payments. Get free, one-on-one financial counseling to find an IDR that works for you. Book an appointment at nyc.gov/TalkMoney

Be Real About Student Loans

In New York City, more than one in six—or approximately 1 million—adults have at least one student loan and collectively they owe $34.8 billion. Given the negative impact that student loan debt has on the daily economic lives of New Yorkers and the detrimental effect it has on achieving equality in our city, the Department of Consumer and Worker Protection (DCWP)—formerly Department of Consumer Affairs (DCA)—is employing a multi-pronged approach of education, advocacy, and enforcement to tackle this issue. Learn about our public education campaign, Be Real About Student Loans