Advocacy and Updates

Here to Help

We recognize COVID-19  may have an immediate impact on student borrowers.  If you are worried about being able to pay your student loans and don’t know what to do, contact us. We are here to help and guide you through these challenging times.

Contact us at 888-614-5004 (M-F, 9 am – 4 pm) or

Please note that while we are no longer doing in-person appointments, we are able to do remote and over the phone sessions.

Latest Updates

Here are some things to know and consider as you decide what to do with  your student loans:


  • The CARES Act is the recent relief bill passed by the federal government. It provides some relief to student loan borrowers. Additional guidance by the federal government is forthcoming. For now, you should know the following:
    • Borrowers will receive a notice explaining their options under the CARES Act.
    • Payments should be automatically suspended until September 30, 2020.
    • Interest rates will continue to be waived during the suspension period.
    • Months where payments were suspended will count toward forgiveness, including Public Service Loan Forgiveness, and rehabilitation.
    • Administrative collection actions, like wage garnishments and Social Security offsets, will be suspended.
    • The above relief only applies to loans held by the U.S. Department of Education. They do not apply to private, Perkins, and commercially held FFEL loans. Contact us if you need to determine whether your loans qualify.

Action Steps

  •  Don’t ignore your loans. Continue to pay your student loans, if you can.
  •  Be on the lookout for any communication from your student loan servicer(s).
  •  If you can’t pay or your economic situation is uncertain, contact your student loan servicer to explore your current options under the current CARES Act.
  •  If you lost your job, it may be best to enroll in an Income Driven Repayment plan. Your required payment may be as low as $0, and this will be a more stable and long-term solution.
  •  If you have private loans, contact your lender and explore possible options. Note that the CARES Act relief does not apply to private student loans.
  •  If you have defaulted on your student loans, contact us to explore and maximize your options.

For more information on options available to federal student loan borrowers, click here.

New York State Updates

  • New York State halted debt collection on student debt owed to the state in light of COVID-19 and the anticipated economic repercussions. The press release is available here.
  • It is important to point out that this relief only applies to students that owe student debt, like tuition, to State University of New York campuses. This does not apply to federal or private student loans. As of today, debt collectors can continue to pursue borrowers who have defaulted on their federal or private student loans.
  • The Department of Financial Services is issuing guidance to state regulated financial institutions to alleviate the adverse impact on consumers that can demonstrate financial hardship caused by COVID-19. This includes waiving late fees and providing new loans on more favorable terms. More information can be found here.

Remember that each situation is different. Again, feel free to contact EDCAP to explore your best options during this crisis.