Governor Patterson announced a new loan program for students attending New York State public colleges for the spring semester of 2010. The program will be administered by http://www.hesc.com/ The new program is called NYHELPs and requires that students exhaust all State, federal (other than PLUS), and Institutional student aid to which they are entitled in order to apply for a loan.
Maximum loan $10,000 per academic year.
Interest rates and fees: With a cosigner, fixed rate of 7.55%, Fee 4-6% Immediate repayment.
Deferred payment 8.75% fee 7%
It appears that the NYHELP's loans are competing with the Federal PLUS loan. Competition is supposed to be good for the consumer, but when you combine the rate with the fees, the NYHELP's loan program does not appear to be a win win for a student whose parent is willing to take out a PLUS loan. This could be a viable option for a student with a co-signer whose parents do not want to borrow money for college.
Use your HESC username and pin number to enter http://www.hesc.com/. Navigate to the student loan marketplace and run a comparison on the loans being offered.
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