Repaying Your NYHELPs Loan
First Payment Due
The first payment on your loan is based on the repayment option you selected when taking out the loan:
- Immediate Repayment – Repayment of principal and interest begins approximately 60 days after the loan is fully disbursed.
- Interest Only – Interest only payments begin approximately 60 days after the loan is fully disbursed. Principal and interest payments begin at the end of your 6-month grace period following graduation, withdrawal, notification of less than half-time enrollment, or transfer to a non-Title IV eligible college.
- Deferred – Principal and interest payments begin at the end of your 6-month grace period following graduation, withdrawal, notification of less than half-time enrollment, or transfer to a non-Title IV eligible college.
The minimum monthly payment is $50.00, except for a borrower making interest only payments. Payments are first applied to any outstanding fees, then to any interest, and then to principal.
Loan Statements
The NYHELPs servicer, Firstmark Services, will send you an account statement 21 days before your first payment due date, which will show your monthly payment and specific due date.
Contact Firstmark if you do not receive your account statement or if you have any questions about your repayment schedule at 1-888-538-7378 or
customerservice@firstmarkservices.com
To change your billing address,
visit Firstmark's web site.
HESC, as an ongoing service, will send monthly payment reminders to borrowers and cosigners via email. Please remember to set your email filter to accept emails from HESC and Firstmark.
Change The Date Your Payment Is Due
- Make your loan payments more manageable by changing the date your payment is due. The month and year your payment is due cannot change.
- Your account must be current.
- Contact the NYHELPs servicer, Firstmark Services, at 1-888-538-7378 or customerservice@firstmarkservices.com.
Reduce Your Interest Rate With Kwikpay Auto Debit
- Reduce your interest rate by 0.25% by choosing to make automated, electronic payments via “KWIKPAY.”
- Payments are automatically deducted from your checking or savings account.
- Contact Firstmark Services at kwikpayreq@firstmarkservices.com or 1-888-538-7378 to request a KWIKPAY Authorization Form.
Changing Repayment Options To Pay Your Loan Faster
- You may change your repayment option, as shown in the table below, at any time.
| Current Repayment Option | Options Available to Change to |
| Immediate Repayment | None |
| Interest Only | Immediate Repayment |
| Full Deferment | Immediate Repayment or Interest Only |
Prepay Your Loan
- Make additional principal payments on your loan at any time in order to reduce your balance.
- NO prepayment penalties.
- Paying even a little more each month, or whenever possible, will reduce the amount of interest you pay over the life of your loan.
- Payments made above the amount due shall be applied to outstanding principal, unless you request otherwise.
How To Make Your Loan Payments
It is important to make your payments on time to avoid late fees being charged to your account. There are several options for making payments:
- Online payment – www.firstmarkservices.com
- Phone payment – 1-888-538-7378. This is a toll free call to Firstmark Services Customer Center ($5 service fee applies).
- Mail in payment – Write your account number in the memo line on your check, and mail payment to:
Firstmark Services
Attn: Private Loans
P.O. Box 2977
Omaha, NE 68103-2977
*Credit card payment is currently unavailable.
Important Note:
If a payment is made more than 15 days after it is due, a late charge of 5% of the past due payment or $25, whichever is less, may be assessed. In addition, there is a $15 charge per returned payment.
