New York Medical College

Admissions & Financial Aid

Types of Aid

Your detailed information:

School of Health Sciences and Practice

Class of 2014 Continuing Student in the Speech Language Pathology Program applying for Financial Aid for the first time at New York Medical College

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The following information regarding sources of Financial Aid 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
     Need-Based Loans
     Non Need-Based Loans 
Grants
College Work Study

 

NEED-BASED LOANS 

Perkins   

Requirements:

  1. 2013-2014 Free Application for Federal Student Aid (FAFSA)
  2. 2012 US Income non-filing statement, signed
  3. NYMC Application for Financial Aid 
  4. Borrow the minimum “unit loan”, amount will be designated each year 
  5. Signed Promissory Note (further instructions will be given when completing Step 2 of the On-Line Financial Aid Process)
  6. No previous student loan default problems
  7. Maintaining good academic progress
  8. US Citizen or Eligible Noncitizen

 

Amount: Awards are based on need and availability of funds

Additional information: These are long-term loans. A student may borrow up to a life time total of $60,000 not to exceed $8,000 per year, based on demonstrated need, including any amount borrowed through Perkins for undergraduate study. Interest on this loan for continuing borrowers is at a rate of 5% and is deferred while the student attends school. There is a 9 month grace period before repayment begins. Independence is not recognized. Parents' US income must be included on the FAFSA application. Loan disbursement is the same as the Federal Direct Unsubsidized Stafford loan.

New borrowers who receive Perkins as of 7/1/93, deferment provisions are the same as the Federal Direct Unsubsidized Stafford loan.

 

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.

 

 

NON NEED-BASED LOANS

Federal Direct Unsubsidized Stafford Loan

Requirements:

  1. 2013-2014 Free Application for Federal Student Aid (FAFSA)
  2. 2012 US Income non-filing statement, signed
  3. NYMC Application for Financial Aid
  4. Federal Direct Stafford Loan Master Promissory Note (refer to Phase 3 of  How to Apply for explanation)
  5. No previous student loan default problems
  6. Maintaining good academic progress
  7. US Citizen or 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. The interest rate will be a fixed rate of 6.8%. 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.

The U.S. Department of Education will deduct a 1.05% 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

 

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. 2013-2014 Free Application for Federal Student Aid (FAFSA)
  2. 2012 US Income non-filing statement, signed
  3. NYMC Application for Financial Aid  
  4. Federal Direct Graduate PLUS Loan Master Promissory Note  (further instructions will be given when completing Step 2 of the On-Line Financial Aid Process)
  5. No previous student loan default problems
  6. Maintaining good academic progress
  7. 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. The loan has a fixed 7.9% interest rate.  Loan disbursement is the same as the Federal Direct Unsubsidized Stafford loan.

The U.S. Department of Education will deduct a 4.20% 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.


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 2013-2014 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: March 6, 2013