New York Medical College

Student Services

Bursar

Welcome to the Office of the Bursar. We will be happy to help you with all your student loan repayment questions.

In-house Loans Repayment Information

 

The Student Loan Repayment Coordinator is responsible for the billing and collection of all in-house student loans after graduation. These loans are awarded to students who attend New York Medical College.

The loans that are repaid to New York Medical College are as follows:

New York Medical College Loan:

For the students who signed your promissory note prior to 7/1/2003, you will have a one year grace period from the time you graduate and then 5 years to repay. The interest rate on this loan is 8%. If you note was signed after 7/1/2003, you have been granted a 36 month grace period. The interest rate is 3.5% and 5 years to repay. The loan code your will see on your invoice is 9744.

Perkins Loan:

This loan is a government loan and can be consolidated. The interest rate is 5% and has 10 years to repay with a nine month grace period from your graduation date. The loan code you will see on your invoice is 9716.

Homan Loan:

This Loan is not a government loan. The interest rate is 4%. You will have a 37 months grace period from the time you graduate, and will have 10 years to repay. The loan code you will see on your invoice is 9755.

Primary Care Loan:

The interest rate on this loan is 5%. You will have 10 years to repay. There is no grace period on this loan. You can file deferment forms throughout residency. The loan code you will see on your invoice is 9722.

Health Professions Loan:

The interest rate on this loan is 5%. You will have 10 years to repay. You can defer this loan throughout residency and fellowship. The loan code you will see on your invoice is 9721.

The Scholarship and Loan Program:

The interest rate on this loan was determined by the Stafford Loan Rate for an academic year with a 3 month grace period and 10 years to repay. This loan can be deferred for 2 years while in a residency program. The loan code you will see on your invoice is 9377.

Robert O'Connor Emergency Loan:

This loan goes into repayment the July immediately after graduation. You will have two years to repay this loan. The interest rate is 8%.The loan code you will see on your invoice is 9702. Most graduates are billed quarterly. If you would prefer to pay your loans on a monthly basis you will need to call 914-594-4473.

According to your promissory note, it is your RESPONSIBILITY to notify the Student Loan Repayment Coordinator each and every time you change your address.

Updated: January 8, 2014