NYMC's Student Loan Servicer effective 7/1/22 is ECSI.
ECSI Contact Information:
Payment Address: P.O. Box 1287 Coraopolis, PA 15108
Toll-free: +1 (888)-549-3274
The loans that are repaid to New York Medical College are as follows:
New York Medical College Loan:
For the students who signed a 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 your 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.
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.
This loan is not a government loan.
Prior to the 2017/2018 Academic Year, there is a 37 month grace period from graduation. The loan has a 10 year repayment period; equal installments. The annual interest rate is 4%.
Starting with the 2017/2018 Academic Year, a 37 month grace period from graduation OR the conclusion of a fellowship, whichever is later.* The loan has a 10 year repayment period; equal installments. The annual interest rate is 4%.
*Deferment form required after grace to avoid going into repayment. Visit your account in ECSI to request a deferment.
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.
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.
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 New York Medical College Office of the Bursar creates the promissory notes for the Homan and Robert O’Connor Institutional Loans. These loans require a promissory note and documentation to be signed before aid can be received.
Educational loans are financial obligations that must be repaid. It is the borrower’s responsibility to understand and meet the terms and conditions of the loan agreement.
How to Electronically Sign a Promissory Note
Students that are awarded and accept a student loan serviced by New York Medical College will receive an email from ECSI’s email address firstname.lastname@example.org with instructions on how to electronically sign their promissory note.
You can electronically sign your promissory note online at ECSI. Sign in to an existing profile or register if you need to create a new profile.
From the home (“Your School Accounts”) screen:
Loan proceeds are applied directly to the student account balance.