Before you calculate a TDA loan, please review the TDA Loans brochure for the eligibility requirements, as well as the terms and conditions governing TDA loans. A $30 service charge (for administrative costs) would be included in your new TDA loan amount.

Please check the applicable button to calculate either your maximum TDA loan amount or a specific dollar amount and click "Calculate." A table showing your payment options will appear. You may then print this page for your reference.

Generally, the minimum TDA loan amount that you may borrow is $1,000. However, you may borrow a minimum of $250 if you have a previous outstanding TDA loan. Your new TDA loan amount, plus your existing TDA loan balance, must total at least $1,000.

Maximum TDA loan amount: This amount may change if you currently have a DCP loan balance, or if you apply for loans from both your QPP and TDA accounts.

Requested TDA loan amount: If you specify a dollar amount, the amount must not exceed your maximum TDA loan amount available. Please do not enter a dollar sign, comma, or decimal point (e.g., enter 2000 if you want to borrow two thousand dollars). A specified loan amount must be a multiple of $10, expressed as a whole-dollar amount.

Leave of Absence: If you are on a leave of absence, you are eligible for a 12-month grace period when loan payments need not be made. TRS would indicate the due date of your first loan payment on your TDA loan check stub. During the grace period, interest on your outstanding loan balance would continue to accrue. If your leave of absence exceeds the 12-month grace period, or if you opt not to take advantage of the grace period, you must make periodic payments directly to TRS each month.

Payment Period by Months: With the exception of a loan taken at annuitization, your TDA loan must be repaid within five years (60 months) of the date the loan was issued. If you are an in-service member, loans are normally repaid through payroll deductions of at least 2% of your contractual salary. If you have vested rights when you separate from service, you may maintain an outstanding TDA loan balance and avoid a taxable distribution (that would be reported to the Internal Revenue Service) by electing TDA Deferral status. Monthly direct payments to TRS would then be required.

Number of Payments: If you are a member with TDA Deferral status, your TDA loan payments are due by the 15th of each month. For all other members with a TDA loan, generally, the number of payments for a loan payment period is two per month through automatic payroll deductions. Therefore, if your loan calculations indicate an option of 96 payments, you would make TDA loan payments through automatic payroll deductions twice a month, for a total of 48 months.

However, TRS would receive payment for only one TDA loan through automatic payroll deductions if you meet the following conditions:

• You are an active TRS member who is not on a leave of absence;
• You are employed by the City University of New York; and
• Your paychecks are issued to you through the New York State payroll.

For any additional TDA loan(s), you must submit loan payments directly to TRS based on your payment schedule.

Payment Amount Per Period: Your TDA loan payment amounts include annual interest and a nonrefundable service charge of $30 (for administrative costs). The interest rate is equal to the annual rate of return that you would receive on TDA investments in the Fixed Return Fund. Therefore, for members serving in (or retired/resigned from) a UFT-covered title, the interest rate on TDA loans would be 7%; for other members, the interest rate would be 8.25%.