The Common Manual Governing Board, of which the New York Higher Education Services Corporation (HESC) is one of 36 participants, has recently approved several policies in Batch #157 that modify the Common Manual. The electronic Common Manual is linked through HESC’s Web site and has been updated to include these changes. Please pay particular attention to the effective date of each policy change.

The following table includes a listing of the revised policies in Batch #157 for your information. Click on “Learn More” to view the approved policies.

HESC has no specific comments or operational effects related to these policies.

Direct questions regarding this bulletin to the Office of Counsel & Regulatory Compliance at (518) 473-3986, toll free at 1-866-431-HESC (1-866-431-4372) press 6, or via email at askpolicy@hesc.org.


Policy Changes Batch #157 – Approved March 19, 2009
  • Entrance Counseling
  • Exit Counseling
  • Grade Level Changes and Increases in the Stafford Annual Loan Limit
  • Increased Loan Limits and Overwards
  • Reduced Interest Rate for Military Servicemembers
  • Timing of Lender Disclosures Before Repayment
  • Economic Hardship Deferment
  • Post-Active Duty Student Deferment
  • Military Service Deferment
  • Mandatory Forbearance for Post-Active Duty Student Deferment
  • Additional Documentation Requirements for Subrogated Loans
  • Repayment Options on Rehabilitated Loans
  • Consolidating to Obtain Direct Loan Benefits