If the date comes for your loan to be repaid is the total amount of repayment take out in one shot.

When you apply for a loan with NYCERS, the system automatically calculates the repayment schedule not to exceed 5 years. If you have registered your MyNYCERS.org profile, you can use the loan calculator to indicate the amount you want taken out of each paycheck. The calculator will also tell you if the new loan is subject to taxes. If so, you will get your full loan, minus the $30 fee and a 1099r at the end of that year (unless you opt to withhold taxes at the time of the loan). You can make additional payments toward your outstanding loan balance at any time online by clicking "Make a Payment," on the left side of your profile. Also, if you wish to make a lump sum payment, take a look at the "Payoff Amount" which gives you the total balance MINUS 2 payroll deductions. Which means you can expect just 2 more payroll deductions after submitting the payoff amount.

There is a set amount. Of payments example if you take a $1,000 loan tour be paying $50 a week for 20 payments .