Student Loan Break On The Way For Those Out Of Work Due To Coronavirus

Albany, N.Y. - People who are now out of work but still have student loan payments due are getting a break.

The New York State Department of Financial Services has reached a deal with most the holders of most of New York's private student loans.

Borrowers will be allowed to hold back on making payments for 90 days and late fees are being waived. Borrowers also won't have their credit reports dinged during this time, and debt collection lawsuits are being suspended.

If you have lost your job because of the pandemic, you should contact your lender.

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