Effective March 13, 2020, HESC suspended all collection activities and provided student debt relief like that offered through the federal CARES act. That relief which is still in effect, suspended required repayments and interest accruals on all loans. This debt relief will end on March 31, 2025. Loan repayment and interest accruals will resume on April 1, 2025.
Loan Repayment FAQ
HESC will notify you approximately 60 days before the relief period ends and required repayment resumes.
If you received an Excelsior Award or Enhanced Tuition Award that has been converted to a loan, those loan programs do not charge any interest.
If you have other awards that converted to loans, the student loan debt relief set a 0% interest on all loans. However, interest accruals will begin accruing at the rate disclosed in your service contract beginning on April 1, 2025.
You can make voluntary payments on your loan before repayments resume. Any payments sent to HESC for your loan will be applied to any outstanding accrued interest as of March 13, 2020, and then to principal. If there is no outstanding accrued interest amount on your loan, the entire payment will be applied to principal. Also, if your voluntary payments are applied to your outstanding principal, your future interest amount will be lower once interest begins to accrue as it will be calculated on a lower principal amount.
Yes, you may make payments on your loan. You can send your check to:
New York State Higher Education Services Corporation
Attention “TAP Cashier”
99 Washington Avenue, Albany, NY 12255
Any payments sent to HESC for your loan will be applied to any outstanding accrued interest as of March 13, 2020, and then to principal. If there is no outstanding accrued interest amount on your loan, the entire payment will be applied to principal.
If you were current with your repayment arrangement prior to the pause, your payment should remain the same. If you made voluntary payments during the pause, your monthly payment may be reduced. However, if you did not make your scheduled monthly payments before the pause, your monthly payment amount will increase for the remainder of your repayment term.
HESC will notify you of your remaining balance and remaining payments when the pause ends.
Yes. If you pay off your balance before the pause ends you will not accrue interest. Please contact [email protected] for your payoff amount.
Yes. Borrowers may choose to reduce the number of remaining payments by increasing the monthly payment amount.
If you make more than one payment in any given month or pay more than the amount due in a given month, it will be processed as one payment for that month. You will still owe the next month’s payment in full on the prescribed due date.
Make a check payable to:
NYS Higher Education Services Corporation
Mail your payment to:
New York State Higher Education Services Corporation
Attention TAP Cashier - Floor 13
99 Washington Avenue
Albany, NY 12255
HESC is currently only able to accept checks. We are working on enhancements to our loan servicing, including additional options for loan repayment. We will notify you and post updates here when those options become available.
HESC is working on enhancements to its customer interface and access to account information. Questions regarding your account balance can be emailed to [email protected].
If you would need assistance with your loan, please email [email protected].