*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 May 1, 2022—an end date which has been extended five times. Read Important Information for Student Loan Holders: Automatic Payment Suspension and Other Relief During COVID-19.
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
How to Avoid Student Loan Debt Distress
Advocacy Work to Help Student Loan Borrowers