Student Financial Planning

Introduction

Funding a medical education is a noteworthy investment that utilizes a great deal of time and energy. The financial planning staff is eager to assist students in planning personal financial aid packages to help find and understand the financial resources available and how these resources will impact their lives, during medical school and even after graduation. They can discuss savings, budgeting, debt management procedures and future financial planning concepts with students. Financial aid programs are intended to help students pay the difference between the annual cost of their education and the available total family contribution. Increases in tuition are inevitable during enrollment in medical school and financial planning should take this into account. The family contribution is determined by a federally approved uniform financial analysis system. The Free Application for Federal Student Aid (FAFSA) or Renewal form is the primary document utilized for this purpose. Any student wishing to be considered for all sources of financial aid must process a FAFSA. The financial aid process considers the family to be the initial and primary source of funding for a medical education.

The Financial Aid Committee

The Financial Aid Committee annually reviews the policies and procedures for awarding financial aid to students at New York Medical College. In addition, the committee approves student budgets used for awarding this aid. The Financial Aid Committee consists of members of the faculty, administration and student body. The latter are elected each year by the Student Senate. New York Medical College awards financial aid funds without regard to race, gender, color, national or ethnic origin, religion, age or physical handicap.

For a full description of of all Student Financial Planning resources please visit the Office of Student Financial Planning.