If you are an in-service Tier III, IV, or VI member, you may submit a partial lump-sum payment on a QPP and/or TDA loan and thus reduce the amount of your regular loan payments. This payment would be made in addition to your regularly scheduled periodic payments.

To make a partial lump-sum payment, please submit a check payable to the "Teachers' Retirement System of the City of New York" with a written request to have your repayment period changed (if it would not exceed 60 months) and/or to change the amount of your regularly scheduled payments. Once TRS receives your payment and written request, your loan balance would be recalculated and your subsequent loan payments would be reduced accordingly.

If you have not elected the five-year maximum repayment period for your loan, you can change your repayment amount by requesting that TRS recalculate your loan for the maximum repayment period. Since you will be repaying the loan over a longer period of time, the amount of each regular loan payment would be reduced. Alternatively, you can ask TRS to recalculate your loan for a shorter repayment period, so that you can repay your loan faster.

Please note that a $30 service charge would apply to any recalculation or change in your loan repayment period, and TRS would send you a recalculated loan statement indicating your new loan terms.

When you have an outstanding loan and you take a new loan, Internal Revenue Service (IRS) regulations require that any new loan requested be treated as a separate loan balance. Each loan balance is subject to the interest, insurance charges, and repayment terms in effect when the loan is issued.