Your detailed information:
School of Medicine
Newly accepted Student in the School of Medicine applying for Financial Aid for the first time at New York Medical College
Class of 2019
At New York Medical College, we use the 2015-2016 Free Application for Federal Student Aid (FAFSA). This Needs Analysis System, created by Congress, will determine what a student's and their spouse's contribution should be, based on their income and assets for the previous tax year. THIS AMOUNT IS NOT CALCULATED BY THE OFFICE OF STUDENT FINANCIAL PLANNING, it is calculated by the Department of Education.
Once a contribution amount is established, the Office of Student Financial Planning can determine how much assistance will come from each loan category.
Federal regulations require ALL borrowers to read and sign an entrance counseling form. The purpose of the counseling is to acquaint you with your rights, responsibilities and obligations under the loan programs.
All students are encouraged to make an appointment, once in school, with a counselor to further discuss Financial Aid issues/needs.
It is mandated that students apply for the Federal Direct Unsubsidized Stafford Loan, before applying for the Federal Direct Graduate PLUS Loan.
Students should be aware that loans are disbursed in two installments. For example, a student requests an $44,944 Federal Direct Unsubsidized Stafford Loan. For the first semester, the Department of Education will release half the requested amount, minus any federal mandated origination fees. For the second semester, the Department of Education will release the second disbursement for half the requested amount, minus any federal mandated origination fees.
Independence is recognized when applying for the Federal Direct Unsubsidized Stafford Loan and Federal Direct Graduate PLUS Loan. However, the Office of Student Financial Planning requires parental information for NYMC Institutional funds. Students should include parental income and asset information on the 2015-2016 FAFSA and provide a copy of the parents', signed, 2014 US Federal Income Tax returns, to the Office of Student Financial Planning, if the FAFSA IRS Data Retrieval feature was not used when including the parental income information on the FAFSA.
Please view the NYMC Scholarship and Need-Based Grants policy
Page Updated: March 3, 2015