Loan Details

Why choose this loan?

Fixed interest rates.

Peace of mind from monthly payments that will never increase.

Administered by New York State exclusively for the benefit
of New York’s students and families.

Loan Amounts

• Annual maximum loan amounts are the lesser of:
  • Cost of attendance minus all other federal (excluding federal PLUS loans), State, institutional and private aid.
  • An annual maximum that varies by the year of the student:
    • Freshmen - $10,000
    • Sophomores - $15,000
    • Juniors, seniors and graduate students - $20,000
• Aggregate maximum loan amounts of:
  • $20,000 for undergraduates at 2-year institutions
  • $50,000 for undergraduates at 4-year institutions
  • $70,000 for undergraduate and graduate study combined
• The annual total minimum loan(s) amount is $2,000.

Eligibility Requirements

• Borrowers must be both a New York State resident and a U.S. citizen or an eligible non-citizen.
• Students must be matriculated at least half time at a participating New York State college.
• Parents, legal guardians, and sponsors may borrow on behalf of a matriculated student attending a participating college.
• Students/borrowers must exhaust all Federal (except Federal Plus Loans), State, and institutional aid.
• Students must meet Federal satisfactory academic progress standards.
• Non-student borrowers and primary cosigners must have a minimum annual gross income of at least $18,000.

Cosigners

• A student borrower is required to have one primary cosigner and may have two cosigners, if needed.
• A cosigner with an established credit history - a good credit rating may reduce the cost of a NYHELPs loan.
• Cosigners must be New York State residents and a U.S. citizen or an eligible non-citizen.
• If a second cosigner participates in the loan program, he/she must reside at the same address as the primary cosigner and complete the NYHELPs application process.
• If available at the time of application, a borrower may apply to release a cosigner after 48 consecutive on-time payments after the student leaves college.

Repayment

• Three repayment options for student borrowers.
  • Full Deferment: Loan principal and interest is deferred during the in-college period and the 6-month grace period.
  • Interest Only: Interest-only payments are made by the borrower during the in-college period and the 6-month grace period. Principal and interest payments commence at the end of the grace period.
  • Immediate Repayment: Repayment of principal and interest begins immediately.
• Repayment option availability may vary. Click here to learn which options are currently open.
• All non-student borrowers must pay principal and interest while the student is in college.
• The repayment term is based on the loan balance. The standard repayment term is 10 years after repayment begins.

Cumulative Balance	Repayment Term*
$2,000 to $20,000	10 years
$20,001 to $40,000	15 years
$40,001and greater	20 years

*Extended repayment for higher cumulative balances applies only to those loans which advance the borrower's cumulative balance amount, including capitalized interest, into extended repayment eligibility. The borrower must request (and the cosigners must agree to) this extended repayment plan for the loan(s) which qualify at the time of application.

Interest Rates and Fees*

• Fixed Interest Rates: Interest rates are fixed for the life of the loan.
• Interest Rate Reduction: Once you begin repayment, you may benefit from a 0.25 percent interest rate reduction if you elect to have your monthly loan payments made electronically.

Loan Repayment Type	Interest Rate	Borrower Default Fee**
Immediate Repayment	7.55%	4% (FICO score of 740 or higher) 5% (FICO score of 700 to 739) 6% (FICO score of 660 to 699) 4% without a cosigner (FICO score of 760 or higher) 8% without a cosigner (FICO score of 720 to 759)
Interest Only	8.25%	5% (FICO score of 740 or higher) 6% (FICO score of 700 to 739) 7% (FICO score of 660 to 699)
Full Deferment	8.75%	7% (FICO score of 660 or higher)

*The estimated Annual Percentage Rate (APR) ranges from 8.78 percent to 11.19 percent, depending on the loan repayment selected and the borrower’s default fee. The borrower fee may be added to the cost of attendance for the purpose of calculating the loan amount.

* *With a cosigner unless otherwise noted.