Loans

As an NYITCOM student, you have several loan options. However, prior to committing to attend NYITCOM and applying for loans, we do encourage you to review your credit report. You can get this information at annualcreditreport.com, which offers a secure means to obtain a free report every 12 months from three credit reporting companies in accordance with the U.S. Fair and Accurate Credit Transactions Act.

NYITCOM student's average debt for the last four years
Class of 2015 $224,329
Class of 2016 $222,736
Class of 2017 $222,085
Class of 2018 $226,296

The default rate for the last four year for NYIT as a whole, which includes the medical school is the following:

  FY2016 FY2015 FY2014 FY2013
Default Rate 5.1 5.0 6.4 6.3

The Department of Education Loan Calculator can help you determine your repayment amount. To obtain federal loan information and rates, please refer to National Student Loan Database System (NSLDS).

You have the right and ability to borrow student loan funds using any lender you choose. All borrowers have certain rights and responsibilities in repaying student loans. If for any reason you need to postpone payment, it is important that you contact your servicer immediately to discuss your options. Get more information on repayment options.

Types of Loans

Federal Direct Unsubsidized Loan

Type of loan: available to students regardless of need
Annual maximum loan for NYITCOM students: $42,722 – $47,167
Interest rate based on: variable/fixed rate (adjusted annually on July 1); after loan is disbursed, the rate will be fixed for the life of the loan. You can pay the interest as it accrues or defer paying interest until after graduation. By deferring, you give the lender permission to capitalize (or add accrued interest to) the loan amount; that total begins accruing interest.
2019-20 interest rate: 6.08%
Origination fee: 1.062% (deducted from your loan amount)

Federal Direct Grad PLUS Loans

Type of loan: credit-based
Maximum loan amount: based on the cost of attendance, less other grants, loans, and scholarships
Interest rate: variable/fixed rate (adjusted annually on July 1); after loan is disbursed, the rate will be fixed for the life of the loan.
2019-20 interest rate: 7.08%
Origination fee: 4.248% (deducted from your loan amount)

Loans for Disadvantaged Students

Type of loan: low-interest rate loan available to full-time, financially needy students from disadvantaged backgrounds. The financial aid office identifies and selects these loan recipients.
Maximum loan amount: based on annual funding levels.
Interest rate: fixed at 5%; does not accrue until 12 months after graduation or falling to less-than half status.
Repayment: up to 10 years; begins one year after graduation or dropping to less than half-time status. If eligible, you may defer this loan.

Primary Care Loans

Type of loan: low-interest rate loan for students planning to pursue careers in primary care. There is a service commitment to practice in primary care until the loan is paid in full. Due to the service commitment, this loan cannot be consolidated with other loans or forgiven under the Public Loan Forgiveness Program.
Eligibility: third- and fourth-year students only. Regardless of your age and marital status, you must submit your parents' base year's income.
Maximum loan amount: based on annual funding levels.
Interest rate: 5% (fixed); does not accrue while you are in school.
Repayment: Up to 10 years. After graduation or falling to less than half-time status, you must start repaying the loan. If you meet the eligibility requirements, this loan may be deferred.

Private Loans

Most private student loans have a variable interest rate based on either the LIBOR (London Interbank Offered Rate), which represents what it costs a lender to borrow money, or the prime rate, the rate at which banks lend to their most favored customers. Some variable interest rates may be expressed as a percentage above or below prime rate.

The interest rate and fees on the private loans are based on your credit score. If you are offered the opportunity to apply with a co-signer the lender may be able to offer you a lower interest rate if your co-signer's credit score is better than yours.

For more more information about private loans vs. federal loans, please see: https://studentaid.ed.gov/sa/types/loans/federal-vs-private.

Contact

516.686.7960
medicinefa@nyit.edu