New York Codes, Rules and Regulations
Title 8 - EDUCATION DEPARTMENT
Chapter XX - Higher Education Services Corporation
Subchapter B - Federal Family Education Loan Program
Part 2101 - Federal Family Education Loan Program
Section 2101.2 - Simplification of lending process for borrowers

Universal Citation: 8 NY Comp Codes Rules and Regs ยง 2101.2

Current through Register Vol. 46, No. 39, September 25, 2024

(a) All loans treated as one. To the extent practicable, and with the cooperation of the borrower, lenders shall treat all FFEL Program loans made to a borrower as one loan and shall submit one bill to the borrower for the repayment of all such loans for the monthly or other similar period of repayment. Any deferments on such loan will be considered a deferment on the total amount of all such loans.

(b) One lender, one guaranty agency. To the extent practicable, and with the cooperation of the borrower, the corporation shall ensure that a borrower only have one lender, one holder, one guaranty agency, and one servicer with which to make contact.

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