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 Students’ Average Debt for the Last Four Years

The default rate for the last four years for New York Tech as a whole, which includes the medical school, is the following:

The Federal Student Aid Loan Simulator can help you determine your repayment amount. To obtain federal loan information and rates, please refer to studentaid.gov.

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

• For new incoming students or students who never borrowed an unsubsidized loan:
  • Maximum annual limit: $50,000
  • Maximum aggregate limit: $200,000
  • Maximum aggregate limit: $257,000 ($57,000 is from undergraduate student loans)

• For continuing students:
  • Class of 2029: $42,722
  • Class of 2028: $44,944
  • Class of 2027: $47,167
  • Maximum aggregate limit: $ 224,000 ($57,000 is from undergraduate student loans)

Interest rate based on: Variable/fixed rate (adjusted annually on July 1); after the 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.
2025–2026 Interest rate: 7.94%
Origination fee: 1.057% (deducted from your loan amount)

Federal Direct Grad Plus Loans

As of July 1, 2026, this loan program will not be available to new borrowers. 
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 the loan is disbursed, the rate will be fixed for the life of the loan.
2025–2026 Interest rate: 8.94%
Origination fee: 4.228% (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 Student Loans

Private educational loans are available to help students bridge the gap between their Cost of Attendance and other financial aid. Eligibility is typically credit-based; lenders evaluate factors such as credit scores, debt-to-income ratios, and bankruptcy history to determine approval. Interest rates may be fixed or variable, and the specific rate offered depends on the borrower’s credit profile.

The ELM Select website allows you to compare loan terms and interest rates side-by-side before you submit an application or undergo a credit check. Once you select the option that best fits your needs, you must complete the application directly with the lender.

While the information on this site is intended to be unbiased and thorough, you are free to choose any lender you wish. If you prefer a lender not listed on ELM Select, please contact the Office of Financial Aid.

Application Requirements

• Specify the requested loan amount (not to exceed the total cost of education).
• Set the loan period as August 2026 to May 2027.
• Submit all required documentation directly to your lender.

Once a loan is approved, ELM Select will send the certification request to the school. Please note that NYITCOM will only certify private loans for admitted and currently enrolled students.

NYITCOM is committed to providing neutral, transparent information. Please be aware that the college and its employees receive no benefits of any kind in exchange for listing these lenders.

Your Choice: You have the right to select any education loan provider you wish; you are not required to use the lenders listed here.