New York Medical College

Admissions & Financial Aid

Types of Aid

Your detailed information:

School of Health Sciences and Practice

Continuing Student or Newly Accepted Student in the M.P.H. Program or Dr. P.H. Program

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IMPORTANT MESSAGE:  Students applying for the Payment Plan, through the Bursar's Office,  for the current semester, are NOT eligible to apply for Financial Aid (student loans).

A student must be matriculated, attending at least half-time and either a US citizen or eligible noncitizen to qualify for Financial Aid (student loans).

The following information regarding sources of Financial Aid (student loans) are only for citizens and eligible noncitizens.  Foreign students, as per Federal regulations, are not eligible for Title IV funding. Foreign students, may contact the Bursar for payment arrangements.

Details of Federal Student Aid programs are subject to legislative and regulatory changes without prior notice.

 Loans
       Non Need-Based Loans 

Grants

College Work Study

 

NON NEED-BASED LOANS

Federal Direct Unsubsidized Stafford Loan

Requirements:

  1. Complete the 2014-2015 Free Application for Federal Student Aid (FAFSA)
  2. 2013 US Income non-filing statement, if applicable
  3. NYMC Application for Financial Aid
  4. Federal Direct Stafford Loan Master Promissory Note, if required (refer to Phase 3 of  How to Apply for explanation)
  5. No previous student loan default problems
  6. Matriculated status
  7. Registered for at least half-time credits
  8. Maintaining good academic progress
  9. Loan Amount Request Sheet
  10. US Citizen or an Eligible Noncitizen

 

Amount: $20,500 per academic year.

Additional information: Interest will accrue while the student is in school and only when the money is disbursed. For the Academic Year 2014-2015, the interest rate will be 6.21%*. Money will be disbursed in two installments. This means that you will receive half of your loan for the Fall semester and half for the Spring, minus any applicable fees.

For loans where the first disbursement is made on or after December 1, 2013, the U.S. Department of Education will deduct a 1.072% origination fee from each loan disbursement. 

Repayment begins 6 months after the grace period or an authorized deferment period has finished.

Graduation deferments for new borrowers as of 7/1/93 are limited to: 

  1. In school
  2. Economic hardship
  3. Unemployment

*The interest rate for future loans will change annually

 

BE AWARE:

During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the student must repay the overaward amount to either the source or to their highest interest bearing loan.

 

Federal Direct Graduate PLUS Loan
Credit approval based on federal standards, not credit scores. To request a copy of your current credit reports and credit scores, please see Financial Aid Links.

Requirements:

  1. Complete the 2014-2015 Free Application for Federal Student Aid (FAFSA)
  2. 2013 US Income non-filing statement, if applicable
  3. NYMC Application for Financial Aid
  4. Federal Direct Graduate PLUS Loan Master Promissory Note, if required 
  5. No previous student loan default problems
  6. Matriculated status
  7. Registered for at least half-time credits
  8. Maintaining good academic progress
  9. Loan Amount Request Sheet
  10. US Citizen or Eligible Noncitizen

 

Additional Information:  The Federal Direct Graduate PLUS loan, allows students to borrow up to the total Financial Aid Budget minus any financial aid resources received for the year. The student must be enrolled at least as a half-time student in an eligible program of study. For the Academic Year 2014-2015, the interest rate will be 7.21%*.  Loan disbursement is the same as the Federal Direct Unsubsidized Stafford loan.

For loans where the first disbursement is made on or after December 1, 2013, the U.S. Department of Education will deduct a 4.288% origination fee from each loan disbursement. 

Repayment of principle and interest begins 30-60 days after the loan is fully disbursed. Deferment options are  available while the student is enrolled at least half-time in an eligible program of study.

Federal laws mandate that students must first borrow the maximum annual Federal Direct Stafford loan amount before borrowing the Federal Direct Graduate PLUS.

*The interest rate for future loans will change annually

 

BE AWARE:

During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the student must repay the overaward amount to either the source or to their highest interest bearing loan.


PRIVATE LOANS

Federal laws require students must review Federal student loan options, with the Office of Student Financial Planning before considering appplying for a Private Loan. Please contact the Office of Student Financial Planning at 914-594-4491.

 

BE AWARE:

During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the student must repay the overaward amount to either the source or to their highest interest bearing loan.

 


GRANTS

 

The Veterans Administration Yellow Ribbon Program

The Yellow Ribbon Program is an extension of the Post 9/11 GI Bill.  It enables the VA and private, degree-granting institutions, like New York Medical College, to assist and possibly cover the tuition balance not covered by the Post 9/11 GI Bill benefit. 

 

BE AWARE:

During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the student must repay the overaward amount to either the source or to their highest interest bearing loan.

 

College Work Study

The Federal College Work Study Program is a federally funded employment program. Employment opportunities are available to students who have demonstrated financial need according to the 2014-2015 Free Application for Federal Student Aid (FAFSA). Awards are need-based and are part of the student's Financial Aid package. A student may inquire about employment after arriving on campus at the Office of Student Financial Planning. Students will be allowed to work up to 20 hours a week and will be paid $10.00 per hour. 

 

BE AWARE:

During the course of the school year, a student may receive additional funding beyond the budgeted amount. If this occurs, the student must repay the overaward amount to either the source or to their highest interest bearing loan.

 

Page Updated: May 9, 2014