New York Medical College utilizes an electronic loan deferment process. The purpose of this electronic transfer is to ensure more accurate information, speed up processing and minimize paperwork. The following information is being provided to explain the process, as well as supply pertinent information should you have any questions or concerns.
The National Student Clearinghouse (NSC) is an organization which collects enrollment data electronically from the New York Medical College student database and disperses it to lending organizations to allow students to defer loans.
STUDENT LOAN DEFERMENT PROCESSING
The National Student Clearinghouse is located in Herndon, Virginia. Three times a semester (after the add/drop period, at mid-term, and after finals), New York Medical College submits a file of students’ enrollment status to the Clearinghouse which, in turn, supplies verification of enrollment to lending agencies. All deferment loan forms submitted to the Registrar’s office are then forwarded to the Clearinghouse. NYMC will no longer supply this information directly to lending agencies.
If a student has registered late or has had an exception processed for the current registration, this information will not be reported until the submission of the next file. The Clearinghouse asks that if a student receives a collection letter from a servicer, the student should do the following:
- Call the servicer to check the status of the loan. The deferment form may have been received between the time the Clearinghouse supplied the information and the lending agency sent the collection letter.
- If, after calling the servicer, it still appears that the deferment has not been processed, the student may call the Clearinghouse at (703)742-7791 and ask for a Student Service Representative. The representative will verify the date in which the deferment form was received by the Clearinghouse, the date the deferment was certified and mailed, the enrollment status that was certified, and where the forms were sent.
- If an emergency exists -- for example, the student is 150 days delinquent and being threatened with default -- the Clearinghouse will intervene on the student’s behalf by faxing another enrollment certification to the servicer. Further, it will work with the servicer to ensure that the form is processed on a high-priority basis.
For your convenience, toll-free telephone numbers for the largest servicers are as follows:
Georgia Student Finance
William D. Ford
In the future, you should anticipate a decrease in the need to submit deferment forms. As always, please feel free to contact the Registrar’s Office if further clarification is needed.
Page Updated: July 3, 2012