Annual Report FAQs

The Annual Report template includes a “Definitions” tab that will address many of servicers’ questions about how to complete the Annual Report. Below are answers to additional questions that the Department has received about how to complete the Annual Report. 

Q: We will find it difficult or impossible to provide certain information in the Annual Report. What should we do?

A: Please contact the Department to discuss potential options by reaching out to: [email protected].

Q: Our license application has not yet been approved. Do we need to complete the Annual Report?

A: Yes. As a general reminder, entities with pending student loan servicer license applications have been granted temporary licenses and are required to abide by the obligations of student loan servicers licensed in New York State. See 3 NYCRR § 409.4.

Q. Should responses include data for New York State borrowers only?

A. Yes, please provide responses as they apply to borrowers who reside in New York State. To the extent a servicer may not have historical data on when borrowers may have moved in or out of New York, servicers may provide data as applied either to borrowers who currently live in New York State or to borrowers who resided in New York State during the relevant response period.

Q. For 5.1.1.0.0.0 (Number of Borrower Inbound Contacts) and its sub-requests, should we count multiple contacts by the same borrower in the same reporting period as one or multiple contacts?

A. Please include all contacts. Multiple contacts from the same borrower should count multiple times.

Q. For 5.1.2.0.0.0 (Forbearance) and its sub-requests, should we consider forbearances offered specifically as COVID-19 relief, or all forbearances?

A. Please include all forbearances during the reporting period.