Can I defer payments for private student loans in New York?

Cuomo has entered into an agreement with student loan servicers recently. As per the agreement, student loan collection will be deferred up to 90 days. Late fees will be waived off and negative information won't be reported to credit reports. Loan servicers have also agreed to stop lawsuits and offer payment plans to borrowers.

Yes, you can defer the payment up to 9 days. However, try to manage your money responsively during this time.

In the CARES Act, there are good news for the peeps who have taken out student loans. The Department of Education announced that you would be able to pause your payments for at least 60 days if you have requested for the forbearance. That means, payments for your student loans will be automatically suspended for 6 months. And moreover, no interest will accrue during this time.

Hello Mia!

Unfortunately, the answer is ‘No’. You cannot defer private student loans.

But many private student lending firms that may assist you if you are going through an economic turmoil.

Take a look at the name of the firms if you have taken out the private student loan from them then they may offer you some assistance if you are going through financial hardship.

CommonBond 2. Earnest 3. Education Loan Finance
4. Laurel Road 5. Lend Key 6. SoFi 7. Splash Financial

If you have taken out the student loan from any of them then you may get some help from them.

Thanks! Keep posting for further assistance.

THe cares act is eligible for the federal student loan only. You can talk to your lenders for the extended payment plan.