Managing Your NYSLRS Loan Payment

During this time of economic uncertainty, you may be considering how you can lower your NYSLRS loan payment. We understand your concerns and want to provide you with information that can help.

loan payments

How to Lower Your Loan Payment

You may be able to lower your payment amount as long as you still pay the minimum amount required to repay your loan. There are two ways to request a lower loan payment:

  • Manage Your Loan Payment with Retirement Online
    Once you sign in to your account, go to the My Account Summary section and click “Manage My Loans.” You’ll be able to check your payoff balance and minimum payment (payroll deduction) amount as well as change your payment amount.
  • Send a Loan Payment Change Form
    Fill out our Loan Payment Change form (RS5521) and send it to:
    • NYSLRS
      110 State Street
      Albany, NY 12244

NYSLRS Loan Payments are Set by Law

Loan payments must be paid:

  • At least quarterly (NYSLRS will calculate your minimum payment when you take a loan); and
  • In a sufficient enough amount to repay the loan within five years from the date it was issued.

These are requirements established by both NYS Retirement & Social Security Law (RSSL) and the Internal Revenue Service (IRS). If you are on payroll, your loan will be repaid through payroll deductions.

Can Loan Payments be Deferred?

In certain instances, you may be eligible for a deferment of your loan payment.

If you are on an authorized leave of absence with your employer, or if you have been temporarily furloughed, the IRS allows for the suspension of loan payments for up to one year from the date your leave began or until you return to the payroll (whichever occurs first). To receive this deferment, your employer must send us a fax (518-486-9877) on their letterhead that indicates the date your leave or furlough began and when they expect it will end.

It’s important to note that if you defer your loan payments during an authorized leave of absence or furlough, your payments will need to be recalculated and increased upon your return. This will ensure your loan will be paid off within the five-year period.

Active military personnel may also be able to defer their loan payments. The five-year repayment period for these members can be extended, however your loan balance will continue to accrue interest and you must resume payments once you end active duty. Visit our Loans page for more information.

What Happens If You Go Off Payroll?

If you go off payroll, to avoid your loan going into default, you must make minimum payments at least quarterly and repay the loan within five years. To avoid a default, contact us as soon as you leave public employment, so we can tell you the exact amount you need to pay. If you are in danger of defaulting on your loan, we will notify you. Retirement Online is the easiest way to make loan payments if you are off payroll. Read the Make Lump Sum Payments information on our Loans page for details.

6 thoughts on “Managing Your NYSLRS Loan Payment

    1. NYSLRS Post author

      Retirement Online is the easiest way to manage your loan payments. You can check your payoff balance, make a payment, review your payment history or change your payment amount. You can also use a calculator to estimate a payment amount based on a payoff date, or estimate a payoff date based on a payment amount. Sign in to your account and select ‘Manage my Loans’ to see a list of your loans and to choose which one you want to pay.

      You can also mail a check or money order payable to the New York State and Local Retirement System, with “loan payment” and your NYSLRS ID number (or last four digits of your Social Security number) written on the payment. The mailing address is NYSLRS, Attn: Accounts Receivable, 110 State Street, Albany, NY 12244-0001. You can check your current loan balance by using our automated phone system. Call 866-805-0990, press 2, then follow the prompts.

    1. NYSLRS Post author

      Tier 3-6 members with less than ten years of service may withdraw their mandatory contributions, plus interest, 15 days after leaving public service. However, if you withdraw your contributions, you will not be eligible for any Retirement System benefits. Members with more than ten years of service cannot withdraw their contributions, but they will be eligible for a retirement benefit when they reach retirement age.

      To withdraw your membership, sign in to your Retirement Online account, go to the My Account Summary area of your Account Homepage and click Withdraw My Membership. You can also apply by mail by submitting the Withdrawal Application (RS5014).

      If you have questions about withdrawing your contributions, please also email our customer service representatives using the secure email form on our website ( Filling out the secure form allows them to safely contact you about your personal account information.

  1. Marcia Noel

    Hi I’m a member and want to continue receiving these news letter. Please keep me on mailing list. In error I may have done something. This is the main
    new I always get. It seems as though there is another BLOG that replaces this one. I don’t want to
    replace this one. Thanks

    1. NYSLRS

      We’re glad to hear you’re enjoying our blog.

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