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Student Loan Servicer Licensing

Student Loan Servicer Licensing

Student Loan Servicer Licensing

Banking Law Article 14-A requires that entities servicing student loans held by New York borrowers obtain a license from the Department of Financial Services.

Student loan servicers must submit licensing applications through the Nationwide Multistate Licensing System (NMLS). The student loan servicer licensing application can be found on the NMLS website.


Certain entities may be exempt from the licensing requirement of Banking Law Article 14-A. Entities that believe they are exempt should notify the Department by email at [email protected]. The notification should include a detailed description of why the entity believes it is exempt.

Annual Report Filing

All entities with active or pending New York State student loan servicer licenses must submit a completed Annual Report to the Department by April 1, 2024. Please read the instructions carefully and note any changes from prior report templates.

Servicers should log in to the DFS Portal to securely transmit the completed report. If you are new to the DFS Portal, Login Instructions are available. 

Note: Submissions must include a completed spreadsheet, a notarized affidavit, and any additional documentation as required.

To get started, visit the DFS Portal:

Browsers and Blockers

  • Use a supported browser: The latest version plus one previous of IE, FF, Chrome and Safari, are supported.
  • Disable “Pop-up Blocker” setting in your browser before using DFS portal applications.
  • Maintenance: The Portal may be unavailable daily from 7:30am to 7:45am for scheduled maintenance.
  • Applications may not be compatible with cell phones, tablets or other mobile devices.

Annual Report FAQs

The Annual Report template includes a “Definitions” tab that addresses many servicer 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: Contact the Department at [email protected] to discuss your options.

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

A: Yes. Entities with pending license applications are granted temporary licenses and required to abide by the obligations of all 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, 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 Number of Borrower Inbound Contacts and sub-requests, should we count multiple contacts by the same borrower in the same reporting period as one or multiple contacts?

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

Annual Assessments

In accordance with Section 206 of the New York State Financial Services Law, all expenses (including, but not limited to, compensation, lease costs and other overhead costs) accruing to the New York State Department of Financial Services in connection with the regulation and supervision (including examination), of any person or entity licensed, registered, incorporated or otherwise formed pursuant to New York State Banking Law, are charged to and paid by the the Institution).

The New York State fiscal year begins April 1 and ends March 31.


If you have a question about this license or any filing, and it is not addressed in our FAQs, send an email to [email protected].