N.Y.
Financial Services Law Section 902
Private education debt reporting
1.
Each student loan servicer shall, by the first of April of each year, submit an annual report which complies with any instructions published by the superintendent, in the manner set forth in such instructions, certifying as accurate the following information for the private education debt such student loan servicer serviced during the prior calendar year:(a)
a list of all private education creditors associated with the private education debts serviced by the student loan servicer that are owed by persons who resided in New York during the prior calendar year; and(b)
for each private education creditor reported pursuant to paragraph (a) of this subdivision, the following information:(i)
a list of the providers of higher education associated with the private education debts serviced by the student loan servicer;(ii)
the total outstanding dollar amount and number of private education debts and the number of consumers who owe such private education debts;(iii)
the total dollar amount and number of private education debts created in the prior calendar year;(iv)
the number of private education debts that experienced a default and the percentage of such private education debts associated with each private education creditor;(v)
the total dollar amount and number of private education debts that defaulted for reasons other than non-payment in the prior calendar year;(vi)
the total dollar amount and number of private education debts with a cosigner or guarantor;(vii)
the total dollar amount and number of private education debts with a cosigner or guarantor created in the prior calendar year;(viii)
the total dollar amount and number of private education debts created to refinance other private education debts or federal student loans, respectively;(ix)
the total dollar amount and number of private education debts created to refinance other private education debts or federal student loans, respectively, in the prior calendar year;(x)
the total dollar amount and number of defaulted private education debts for which the student loan servicer commenced, maintained, or settled a lawsuit for collection in the prior calendar year; and(xi)
information as may in the judgment of the superintendent be necessary and appropriate in order to assess the total size and status of the private education debt market and to assess borrower well-being 4. Not later than two years following the effective date of this section, the superintendent shall create a publicly accessible website that includes at least the following information:(a)
The name, address, telephone number and website for all student loan servicers; and(b)
A summary of the information required by subdivision one of this section.
Source:
Section 902 — Private education debt reporting, https://www.nysenate.gov/legislation/laws/FIS/902 (updated Feb. 21, 2025; accessed Mar. 1, 2025).
