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.
- 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.
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.
To change your billing address, visit Firstmark's web site.
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.
Reduce Your Interest Rate With Kwikpay Auto Debit
- Reduce your interest rate by 0.25 perecent by choosing to make automated, electronic payments via “KWIKPAY.”
- Payments are automatically deducted from your checking or savings account.
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|
|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 – 888-538-7378. This is a toll free call to Firstmark Services Customer Center
- Mail in payment – Write your account number in the memo line on your check, and mail payment to:
Attn: Private Loans
P.O. Box 2977
Omaha, NE 68103-2977
*Credit card payment is currently unavailable.
If a payment is made more than 15 days after it is due, a late charge of 5 percent of the past due payment or $25, whichever is less, may be assessed. In addition, there is a $15 charge per returned payment.