As part of Governor Hochul’s 2026 State of the State proposals, the New York State Department of Financial Services will expand services under the Education Debt Consumer Assistance Program (EDCAP) to help student loan borrowers navigate changing federal loan policies and avoid or recover from delinquency. The Department will also develop a new education program focused on predatory lending, alongside additional consumer outreach. EDCAP, described as New York’s student loan consumer assistance program and credited with saving New Yorkers USD 48 million since 2019, will run an expanded campaign aimed at thousands of delinquent or soon-to-be-delinquent borrowers. The effort will partner directly with colleges and universities, with a focus on public institutions, and deploy a triage model that combines webinars, self-paced tools, and one-on-one counseling in response to federal policy changes that eliminate certain repayment options and limit student access to loans starting in 2026.
New York State Department of Financial Services 2026-01-13
New York State Department of Financial Services to expand Education Debt Consumer Assistance Program and launch new outreach on predatory lending
The New York State Department of Financial Services will expand the Education Debt Consumer Assistance Program (EDCAP) to help student loan borrowers navigate federal loan policy changes and avoid delinquency, as part of Governor Hochul’s 2026 State of the State proposals. The initiative will include a new education program on predatory lending and enhanced consumer outreach, partnering with colleges to provide webinars, self-paced tools, and counseling.