Colleges Continue to Embrace NYHELPs
Lisa Simpson
The New York Higher Education Loan Program (NYHELPs) launched in December 2009 with 33 participating colleges. Today, there are 70 colleges participating and/or in the contract process with plans to begin offering NYHELPs in the 2010-11 academic year.
For the 2010-11 academic year, the program has been enhanced for both colleges and student borrowers:
Enhancements to NYHELPs
- New York State will be paying the 1% college fee on behalf of colleges
- Loan limits, previously capped at $10,000 for all students, are now:
- Freshman ... $10,000
- Sophomore ... $15,000
- Juniors, Seniors, and graduate students ... $20,000
- A second cosigner option has been added to increase credit approvals
- Colleges may certify the loan for back balances up to 180 days after the loan period.
As with all new programs, getting the word out to students and families is imperative. HESC and colleges are using a number of communication methods to create awareness, including a new jump page with student aid information specifically for New York State residents. With information about the Tuition Assistance Program (TAP), the New York State Higher Education Loan Program (NYHELPs), other state scholarship and award programs, and the FAFSA, this page serves as a bridge between the college’s site and the extensive financial aid resources on HESC.org.
HESC can customize the landing page for each college and offer art work that can serve as an ad or button.
If you are not yet a participant, there is still time to make NYHELPs available to your students. For more information, please contact Lisa Simpson at 518-473-0842 or lsimpson@hesc.org.