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
FINANCIAL AID DEADLINE, THURSDAY, APRIL 23, 2015
IMPORTANT NEW PROCEDURE FOR THE 2015-2016 ACADEMIC YEAR
Students filing a tax return for the 2014 year, must file their taxes BEFORE completing the 2015-2016 Free Application for Federal Student Aid (FAFSA). If a tax return was filed electronically, students should wait about 5 days before completing the 2015-2016 FAFSA. If a paper tax return was filed, students should wait about 2 weeks before completing the 2015-2016 FAFSA.
After the appropriate tax filing period has lapsed, students should access the FAFSA website and use the FAFSA IRS Data Retrieval feature. This feature will retrieve, directly, from the Internal Revenue Service (IRS) the income information reported on the 2014 federal income tax returns and transfer the information automatically to the 2015-2016 FAFSA application. By using this method, a 2014 IRS Tax Return Transcript will not have to be submitted to the Office of Student Financial Planning. If the FAFSA IRS Data Retrieval feature is not used, students must request an official IRS Tax Return Transcript, available on the IRS website. To request the transcript please complete the following instructions: IRS Tax Return Transcript Request Process.**
**Students may also go to a local IRS Office and request a copy of their IRS Tax Return Transcript. By requesting the Transcript in person, the IRS Office will be able to process your request on the same day.
**Copies of the Tax Return Transcript should be requested to be mailed directly to the student, NOT the Office of Student Financial Planning. Please submit the copy of the Tax Return Transcript along with the required documents from Phase 2 and Phase 3.
If you ONLY want to be considered for Federal Direct Unsubsidized Stafford loan and the Federal Direct Graduate PLUS loan, you DO NOT need to provide parental data on the FAFSA.
If you want to be considered for any possible Institutional Funds, US parental data must be included on the FAFSA. Parental data would only be used for consideration of Institutional Funds. Students have the choice to either use the FAFSA IRS Data Retrieval feature for parental income information (as long as the appropriate wait period has passed from the filing of the parental 2014 IRS tax returns) or student may manually input the parental income and asset information on the FAFSA.
Parental data will not be used for the above listed loan types.
Complete and submit the 2015-2016 Free Application for Federal Student Aid (FAFSA), after you have filed your tax returns with the IRS.
New York Medical College's Federal School Code is G02784
REMINDER: In addition to completing the 2015-2016 FAFSA, it is essential ALL students complete the On-Line Financial Aid Process, in order to receive any type of financial aid quickly and efficiently.
Everyone must complete and submit the Application for Financial Aid New York Medical College. This is part of Step 1 of the On-Line Financial Aid Process. If tax returns will not be filed, you must complete the 2014 US Income non-filing statement that is part of Step 1 of the On-Line Financial Aid Process.
If you want to be considered for Institutional Funds administered through New York Medical College, your parents’ signed 2014 US Federal Income Tax returns, must be mailed to the Office of Student Financial Planning if the FAFSA IRS Data Retrieval was not used. If the FAFSA IRS Data Retrieval was used, you do not have to submit the parental 2014 IRS Federal tax returns. If your parents will not be filing a tax return the 2014 US Income non-filing statement must be completed.
Loan Processing Steps PLEASE READ CAREFULLY
If you currently have a Federal Direct Stafford Loan Master Promissory Note, from having attended a previous institution, however, for the Academic Year 2014-2015 you did not borrow student loan funds, you MUST complete a new Federal Direct Stafford Loan Master Promissory Note, please access the Federal Direct Stafford Loan Master Promissory Note's website to complete the new promissory note. Print and submit, to the Office of Student Financial Planning, page 1 of the promissory note in the PDF format.
WHAT HAPPENS NEXT?
1) Once the 2015-2016 FAFSA is processed by the Department of Education, the Office of Student Financial Planning will receive an Institutional Student Information Record (ISIR). After you have submitted the required paperwork from Step 1 of the On-line Financial Aid Process, to the Office of Student Financial Planning and an accurate ISIR has been received for you, this combined information will be used to start a file on you.
2) The Office of Student Financial Planning will send you an Email message advising you when Step 2 of the On-Line Financial Aid Process is ready for you to complete. Once you access the email, you will be able to accept/decrease or decline your award(s).
3) Once you accept your award(s) and submit the electronic file to the Office of Student Financial Planning, you may be instructed to print additional promissory notes.
Supply any additional documents requested by the Office of Student Financial Planning.
It is the student’s responsibility to submit the appropriate forms to the Office of Student Financial Planning and to follow up if aid expected to be received was not awarded or disbursed.
Page Updated: March 3, 2015