Loan limits increasing. Email us at NYHELPs@hesc.com if you want notification.
The New York Higher Education Loan Program (NYHELPs) gives students and families a low-cost way to make up the difference between the cost of college and available financial aid.

NYHELPs requires that students exhaust all State, federal (other than PLUS), and institutional student aid to which they are entitled in order to apply for a loan.

NYHELPs Resources
Participating colleges
Apply for a NYHELPs Loan
Click here to begin the NYHELPs application process.

Borrower Eligibility

A NYHELPs borrower must meet citizenship and NYS residency requirements and may be a:
  • Student: Enrolled or accepted for enrollment at least half time in an approved degree or professional certificate program at a degree-granting New York State Title IV-eligible college headquartered and with main campus in New York. A cosigner is required for all student borrowers.
  • Parent: A birth, step, or adoptive parent or spouse of an adoptive parent.
  • Legal Guardian: Appointed by a court as legal custodian of the student.
  • Sponsor: Over 21, meets other applicable credit criteria, and is applying for a loan for the benefit of an eligible student.

Loan Amounts

Eligible students with eligible cosigners, eligible parents, or eligible sponsors are able to borrow:
  • The annual maximum is the cost of attendance minus all other federal (excluding federal PLUS loans), State and institutional aid and private aid, or a limit based on the class year of the student, whichever is less.*
    • The limits are:
      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 minimum is $2,000.
* Anticipated limits effective mid May, 2010; applications prior to that date are limited to $10,000.

Interest Rates and Fees

NYHELPs interest rates are subject to market conditions at the time of bond issuance. Borrowers will receive a fixed interest rate of 7.55%, 8.25%, or 8.75% on NYHELPs loans beginning with the spring term of the 2009-2010 academic year. The borrower fee for these loans will range from 4% to 8%. With a ten year repayment term, this will result in an estimated Annual Percentage Rate (APR) ranging from 8.78% to 11.19% depending on the credit rating of the borrower or his/her cosigner, the loan repayment option selected, and the student’s year in college.

Interest Rates and Fees*
With Cosigner
Loan Repayment Type
Interest Rate
Borrower Default Fee
Principal & Interest
7.55%
4-6% (w/Cosigner)

4% or 8% (Parent/Sponsor w/o Cosigner) depending on FICO
Interest Only
8.25%
5-7%
Deferred
8.75%
7%
*A 0.25% interest rate reduction will be allowed for borrowers who elect to have monthly loan payments deducted electronically via Automated Clearing House (ACH). ACH processes monthly consumer payments directly from a participating borrower’s bank account. The benefit will start when payments begin. This benefit will be discontinued if borrower has one (1) payment returned due to insufficient funds, misses a payment or discontinues ACH.

NYHELPs loans will be subject to borrower default fees. The borrower fee may be added to the cost of attendance for the purpose of calculating the loan amount.

Consumer Financial Literacy Education

NYHELPs borrowers will benefit from a user-friendly financial literacy education program. This Web-based program – covering money management, credit, and student loans – will help students make smart borrowing decisions, provide guidance on the pitfalls of credit card debt, and emphasize responsibility for repaying student loans. Successful completion of the course is required prior to receiving a NYHELPs loan.

Additional Information

If the Parent or Grad PLUS loan is not an option, NYHELPs offers a competitively priced private loan. Always consider grants, scholarships and federal loans before applying for a NYHELPs loan.

Final NYHELPs Regulation
The Notice of Adoption of the final NYHELPs regulation was published in the New York State Register on November 4, 2009. Click below to download your copy.
Additional Information