New York Medical College

Admissions & Financial Aid

Types of Aid

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 2018

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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 

 

Institutional Funds
NYMC Scholarships and Need-Based Grants

External Scholarships

College Work Study

 

NEED-BASED LOANS 

Perkins
The Federal Government requires that we distribute need-based, low interest loans to the MOST NEEDY STUDENTS

Requirements:

  1. 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. Signed Promissory Note, must be completed every year (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

 

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. 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 (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

 

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 5.41%*. 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.

Due to a legislative reprieve students entering the First Year Class will be able to borrow up to $44,944 in Federal Direct Unsubsidized Stafford loan.

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. 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  (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. For the Academic Year 2014-2015, the interest rate will be 6.41%*.  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.

 

 

INSTITUTIONAL FUNDS

Institutional Scholarships and Need-Based Grants (NBG)

Requirements:

  1. 2014-2015 Free Application for Federal Student Aid (FAFSA), including both student and  parental US Income information
  2. Borrow the minimum “unit loan” amount designated each year
  3. Completion of any additional application process required by the Office of Student Financial Planning

 

Additional Information: New York Medical College provides funding for scholarships and need-based grants for a limited number of qualified students. Eligible students must be in good academic standing.  Funding is available for no more than 4 years of medical education. For more information please access, the NYMC Scholarship and NBG Policy.

 

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.

 

 

EXTERNAL SCHOLARSHIPS

 

National Medical Fellowship (NMF) 

To qualify, an applicant must be a US citizen from one of the following underrepresented minority groups as defined by NMF: American Black, Mexican American, American Indian and mainland Puerto Rican. NMF is a non-profit organization which provides grants-in-aid for first and second year students judged by NMF to be in need of financial assistance. Application may be obtained from the National Medical Fellowships Inc., 347 Fifth Ave., Suite 510, New York, New York 10016. For further information call (212) 483-8880.

 

National Public Health Scholarships

The Federal Government sponsors the National Public Health Service Scholarships. These very competitive awards carry a service commitment after your residency in an underserved area in the United States. The award covers full tuition, fees, books and supplies plus a stipend for living expenses. Early submission is recommended. For further information call 1-(800)-638-0824.

 

Armed Forces Health Professions Scholarships

These scholarships are available to a limited number of applicants. The scholarship provides full payment of direct (tuition, fees, books, etc.,) educational costs and a stipend for living expenses. Each carries a service commitment. Students interested in applying for these programs are encouraged to discuss options at the Office of Student Financial Planning before making a commitment. You may obtain descriptive brochures and applications for these programs by contacting their respective recruiter at:

goarmy.com   or 1-800-872-2769

navy.com      or 1-800-872-6289

airforce.com  or 1-800-588-5260


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: March 21, 2014