New York Medical College

Admissions & Financial Aid

Types of Aid

Your detailed information:

Pre-Internship Program

Graduating in the July Class of 2014

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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

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. For the Academic Year 2013-2014, 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.

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. For the Academic Year 2013-2014, 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.

 

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.

 

Page updated: October 24, 2013

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