EXHIBIT 10.1


                                 PROMISSORY NOTE
                                 ---------------

$550,000.00                                                       July 12, 2002
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FOR VALUE RECEIVED, EVCI CAREER COLLEGES INCORPORATED. a Delaware Corporation
(the "Company"), hereby promises to pay to the order of ROSENTHAL & ROSENTHAL,
INC., a New York Corporation (the "Lender"), at its office at 1370 Broadway, New
York, NY 10018, or at such other place as the holder hereof may from time to
time designate in writing, the sum of FIVE HUNDRED FIFTY THOUSAND DOLLARS
($550,000), to be paid in twenty four (24) consecutive monthly installments,
commencing July 1, 2003, and monthly thereafter on the first day of each month
(the first twenty three (23) installments each in the amount of $13,043.48 and a
twenty fourth (24th) installment in the amount of all outstanding principal)
together with interest, from the date hereof, on unpaid balances of principal at
the rate of ten percent (10 %) per annum (the "Interest Rate") to be paid
monthly on the first day of each month, commencing August 1, 2002 until
maturity. On or after the earlier to occur of (a) June 30, 2005 or (b) a Default
(as hereinafter defined) the Interest Rate shall be 1.5% per month until the
unpaid balances of principal of this Note and accrued interest thereon have been
paid in full. Notwithstanding the foregoing, in no event shall the rate of
interest agreed to by or charged to you hereunder exceed the maximum rate of
interest permitted to be so agreed or charged under the law of the jurisdiction
whose laws are applicable to such rate of interest.

Upon the occurrence of a Default, the entire principal amount hereof (or the
unpaid balance thereof) together with interest thereon, shall immediately become
due and payable. "Default" shall mean and include (a) the failure by the Company
to make payment of any installment of principal or of interest as aforesaid,
which failure remains uncured (in whole or in part) for a period of fifteen (15)
days from the due date of any such payment, (b) the insolvency or inability of
the Company or Interboro Institute Inc. ("Interboro") to meet its debts as they
mature, (c) the going out of business by the Company or Interboro, (d) the
application for, consent to or suffering of the appointment of a receiver,
trustee or custodian (or similar person) for any of the property of the Company
or Interboro or the making of an assignment for the benefit of creditors of, or
the commencement by or the becoming of the subject of a case or proceeding under
any Federal or State Bankruptcy or Insolvency Law by the Company or Interboro
provided that with respect to any such application suffering of, case or
proceeding which has not been commenced by or consented to by the Company, a
period of sixty (60) days has elapsed since the commencement thereof and the
same has not been vacated or dismissed, (e) a default by the Company under any
other Note or agreement with Rosenthal, which such default entitles Rosenthal to
accelerate the due date of any payment pursuant any such Note or the payment of
any of the obligations pursuant to any such agreement and which such default
remains uncured for a period of fifteen (15) days from the date of the
occurrence thereof, (f) a change in the Chairman (currently Dr. Arol I.
Buntzman) or the President (currently Dr. John J. McGrath) of the Company, (g)
the failure by the Company to maintain its listing on NASDAQ or (h) the failure
of Interboro to maintain its eligibility for participation in federal and state
financial aid programs.

This Note may be prepaid in whole or in part in multiples of $25,000 upon not
less than three business days prior written notice to the holder hereof, and
upon payment of accrued interest together with the payment of principal. All
partial prepayments, shall be applied to the principal balance of installments
due upon this Note in inverse order of maturity.

In the event the Lender or any holder hereof shall retain or engage an attorney
or attorneys to collect or enforce this Note or to protect its rights with
respect thereto, the Company shall pay all of the costs and expenses thereof
including, without limitation, reasonable attorneys' (whether in-house or
outside)fees, whether or not suit be instituted, and the Lender or such holder
may, without limitation, take judgment for all such amounts.

The Company and all guarantors and endorsers of this Note, severally waive
diligence, demand, presentment, notice of non-payment and protest, and assent to
extensions of the time of payment, surrender or substitution of security, or
forbearance, or other indulgence, without notice.



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This Note shall be governed, interpreted and construed in accordance with the
laws of the State of New York.

TRIAL BY JURY IS HEREBY WAIVED BY THE COMPANY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ON ANY MATTERS WHATSOEVER ARISING OUT OF OR IN ANY WAY CONNECTED
WITH THIS NOTE AND THE COMPANY HEREBY CONSENTS TO THE JURISDICTION OF THE
SUPREME COURT OF THE STATE OF NEW YORK, NEW YORK COUNTY (OR THE CIVIL COURT OF
THE CITY OF NEW YORK IF SUCH MATTERS BE WITHIN ITS JURISDICTION) AND OF ANY
FEDERAL COURT IN THE STATE OF NEW YORK, FOR A DETERMINATION OF ANY DISPUTE AS TO
ANY SUCH MATTERS.

                                     EVCI CAREER COLLEGES INCORPORATED


                                     BY:/s/ Dr. Arol I. Buntzman
                                        ________________________________________
                                            Dr. Arol I. Buntzman
                                            Chairman and Chief Executive Officer