Governor Cuomo Announces Student Loan Relief for New Yorkers Affected by Hurricane Sandy

Governor Andrew M. Cuomo this weekend directed New York State Higher Education Services Corporation (HESC) to grant temporary student loan relief to New Yorkers who were affected by Hurricane Sandy. If requested, New Yorkers in Bronx, Kings, Nassau, New York, Queens, Richmond, Rockland Suffolk and Westchester counties are now eligible to receive a 90 day grace period, from October 27th, 2012 to January 25th, 2013, in order to repay their student loan payments. All members of the military who have been called to assist in the aftermath of Hurricane Sandy will also be eligible.

“We are working to provide New Yorkers recovering from Hurricane Sandy with as much relief and support as possible,” said Governor Cuomo. “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. 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 New York, New Jersey and Connecticut who are delinquent in their federal student loan payments.

“More than 80 percent of our borrowers with delinquent or defaulted student loans reside in and around the New York City metropolitan area,” said Elsa Magee, Acting President of HESC. “This is another component of the Governor’s overall effort to assist those who have been adversely impacted by Sandy.”

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.

  • abovenbeyond

    Excellent! For anyone attending Penn State University, please note the below issued today:

    PENN STATE EMERGENCY
    STUDENT AID FUND NOW OPEN TO ALL HURRICANE-IMPACTED UNDERGRADUATE STUDENTS IN
    WAKE OF SUPERSTORM SANDY

    University Park, PA (November 12, 2012) – Penn State’s unique
    emergency student aid fund, established last year with alumni donations to help
    mostly juniors and seniors overcome unforeseen financial hardship on the road
    to graduation, is now accessible to any undergraduate student financially
    impacted by Superstorm Sandy, the University’s Executive Director for Student
    Aid has announced.

    Anna M. Griswold, the University’s Executive Director for Student
    Aid and the micro loan program’s lead administrator, said the low-interest,
    rapid-response loan program is ideally suited for students who suddenly find
    themselves in financial difficulty due to the crippling storm.

    “Nearly 30% of our student population is out-of-state residents and
    a good percentage of those students are from nearby New York and New Jersey,”
    explained Griswold. “We decided, and our fund’s alumni founder, Tom Sharbaugh,
    agreed that we should do everything possible to make the loans available to any
    student whose economic circumstances suddenly changed due to Sandy. We are all
    about helping them stay in school through graduation. ”

    Griswold noted that the micro loan fund, established and sustained
    through contributions from alumni and others (to donate, visit http://giveto.psu.edu/MicrofinanceMatch) is strictly
    need-based and available to students at Penn State’s main campus and its
    Commonwealth campuses throughout Pennsylvania.

    Sharbaugh, a Philadelphia attorney, commended the University for
    expanding the eligibility pool for emergency loan fund recipients. “This is
    exactly the kind of emergency the fund anticipated when it was created. The
    demonstrated need among affected students is great and any student should
    contact the Office of Student Aid at University Park or the campus student aid
    office at their Commonwealth campus if they could benefit from the revolving
    loan fund (repaid loans help fund new loans to eligible students).” He added
    that donors can give any amount through the University Development Office’s
    website or by purchasing the fund’s signature “Hand in Hand” unity fabric
    artwork created by famed Penn State designer Lanny Sommese (for more
    information, http://www.langhornecarpets.com or http://www.handinhandpus.com)

    Contacts:

    Tom Sharbaugh & Steph
    Rosenfeld

    215.963.5004 / tomsharbaugh@gmail.com

    215.514.4101 / steph@idadvisors.com

    Anna M. Griswold

    814.863.0507
    / amg5@psu.edu

  • KnowledgeSTRONG

    There is another form of help with #studentloandebt.
    http://Www.knowledgestrong.com/about

  • http://www.facebook.com/arden.elizabeth Arden Elizabeth Grady

    Great to see Cuomo taking these important steps. Not all lenders need the Governor to inform them of the right thing to do – SoFi announced a similar program early last week: https://www.sofi.com/blog/