Student Handbook
- Student Financial Planning
- Federal Family Loan Programs
- New York State Programs
- College Sources
- National Medical Fellowships
- Armed Forces
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 and even after they have graduated. They 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 cost of their annual 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, Sex, color, national or ethnic origin, religion, age or physical handicap.
Student Rights
According to federal regulations, a student has the right to know:
- What financial aid programs are available.
- The deadlines for submitting applications for each of the available financial aid programs.
- How financial aid is distributed.
- How a student’s financial need is determined.
- How much of the financial need has been met.
- An explanation of the various programs in a student’s aid package.
- The school’s tuition refund policy.
- What portion of the financial aid package is a loan and must be repaid, and what portion is a grant or scholarship and not repayable.
- The interest rate, the total amount that must be repaid, repayment procedures, the length of time to repay the loan and when repayment is to begin for loans awarded.
- How the school determines satisfactory academic progress and the consequences of not achieving this.
- All documents submitted to the Office of Student Financial Planning are confidential.
The student’s responsibilities are to:
- Maintain an excellent credit rating. Student loans are considered consumer loans and are contingent upon your credit rating.
- Read all information provided by the Office of Student Financial Planning.
- Complete all documents required for awarding financial aid accurately and on time, before deadlines expire.
- Provide correct information. Providing inaccurate financial data, in most cases, is a violation of federal law subject to penalty.
- Supply any and all additional documentation, verification, corrections and/or new information requested by the Office of Student Financial Planning or the agency to which the application is submitted.
- Start a personal financial aid file to keep copies of signed forms, other documentation and all pertinent correspondence.
- Become aware of the terms of all the financial aid funds received.
- Understand the responsibility for all signed documents.
- Promptly notify the Office of Student Financial Planning in writing of any changes in financial situation since first completing the financial aid application process.
- Understand fully the institution’s refund policy regarding withdrawal, leave of absence and dismissal. These can be discussed with the Student Finance (Bursar) Office.
- Be aware of institutional standards for satisfactory academic progress.
All applications for financial aid are required to submit a signed statement of educational purpose which indicates that financial aid funds will be used solely for educational expenses.
Registration with Selective Service will be checked through the Department of Education when the FAFSA is completed.
Application Deadlines
Financial aid is renewable on an annual basis. Each student receiving any type of financial aid must reapply annually. Continuing medical students must submit their FAFSA or a renewal form and other documents/loan applications by April 15. Any delay in processing the FAFSA application or any other financial aid form may significantly decrease the chance of receiving aid, due to the diminished availability of funds. Most, if not all, campus-based financial aid will be distributed before the fall semester begins. Those students who qualify to receive a NYMC award must sign the appropriate promissory notes in a timely manner. All promissory notes must be signed within three weeks or the student risks the loss of funds.
Federal Family Education Loan Programs (FFELP)
(Note: All federal programs are subject to legislative change).
Federal Subsidized Stafford Loan
Eligible students must be U.S. citizens or permanent resident aliens, enrolled in or accepted for enrollment as at least half-time students in an accredited Health Services University. These are long-term loans with no interest while a student. Upon graduation and a 6-month grace period a variable interest rate, determined according the federal 91-day Treasury Bill, and set every year on July 1 will be added. The maximum amount that may be borrowed is $8,500 per class year, to a combined lifetime total of $65,500, including any loans for undergraduate study. Students must demonstrate financial need on data submitted on FAFSA. A student may receive both Subsidized and Unsubsidized Federal Stafford Loans totaling the applicable Stafford loan limit set by Congress. However, if the student does not qualify for the full amount permitted under the Subsidized Stafford Loan Program, that amount may be converted into Unsubsidized Stafford Loan. A Master Promissory Application can be printed down from the NYMC On-line Financial Aid process.
All applicants must submit signed copies of their federal income tax returns. Stafford Loans will be disbursed in two installments, one in fall and one in spring.
Federal Unsubsidized Stafford Loan
This enables graduate or professional students at federally approved schools to borrow $10,000 annually, to an aggregate limit of $189,125. Graduate and professional students can borrow this loan in addition to their Subsidized Stafford. The annual interest rate is variable and based on a vote of Congress. Students are billed quarterly for interest payments while in school, and they may elect to accrue interest payments during this period. Repayment of loan principal is deferred only while students are attending school full-time. Firsttime borrowers may apply using the regular Stafford Loan application Master Promissory Note printable from the NYMC On-line Financial Aid process. Unsubsidized Stafford loans are disbursed in two installments, one in the fall and one in the spring.
Total Higher Education—T.H.E.—Loan Program
Along with the Stafford loans, a private loan called T.H.E. is available. This is a cost-based loan. It can be used to fund the expected family contribution. The interest rate is variable, determined by an act of Congress. Repayment of this loan can be deferred for 36 months after medical school. Loans are electronically transmitted, eliminating loan checks. Total Higher Education offers competitive loan terms and the opportunity for students to receive financial benefits during their repayment phase.
Medical students may borrow up to the cost of education, minus any other aid, during their four years of school.
Applications can be printed down from the NYMC On-line Financial Aid process and are also available in the Office of Student Financial Planning.
Perkins Loan Program
These are long-term loans available to students enrolled full-time in approved institutions, based on need. A student may borrow up to a lifetime total of $40,000, including any amount borrowed for undergraduate study. Interest on the unpaid balance is at the rate of five percent, deferred while a student attends school. Repayment begins nine months after graduation or leaving school and may extend up to ten years. Payment is not required for up to three years of active U.S. military service, or service in the Peace Corps, Volunteers In Service To America (VISTA) or a similar national program.
Primary Care Loan (PCL)
This loan provides long-term low interest loans to full-time students pursuing a degree in medicine. Under this program, funds are made available to schools for the establishment of revolving student loan funds. Students who obtain a PCL must agree to A) enter and complete residency training in Primary Care and B) practice Primary Care for the life of the loan. The school is responsible for selecting the recipients, making reasonable determinations of need and making loans that do not exceed the set limits. Selections are made after Match Day to qualified fourth-year medical students.
Students are eligible if they are a citizen, national, or a lawful permanent resident of the U.S.
College Work-Study Program (CWSP)
Application is made through the Office of Student Financial Planning, where eligibility is determined and work arrangements are made. An institution must make employment reasonably available to all eligible students in need of financial aid. In the event that there are more students eligible for CWSP than available funds, preference will be given to students who have the greater financial need and who must earn a part of their educational expenses. The College arranges jobs on-campus for up to ten hours per week during the school year and up to 40 hours per week during vacations.
Factors considered by the Office of Student Financial Planning in determining whether the applicant may work under this program are financial need, class schedule, academic progress, health status and the availability of funds.
New York State Programs
Tuition Assistance Program (TAP)
This is an entitlement program requiring no qualifying examination. An applicant must be a New York resident for at least one year prior to enrolling in school, and a U.S.citizen or permanent resident alien, enrolled full- time and matriculated at an approved New York State post-secondary Institution. If he/she is a dependent, the applicant must have a family net taxable income below $20,000, or if independent and single with no taxable dependents, a net taxable income below $5,667. The maximum annual TAP award is determined by NYS Department of Education. Application is automatic through the FAFSA.
Regents Healthcare Scholarship in Medicine
The legislature of the State of New York has established 100 Regents healthcare scholarships for students who are beginning or enrolled in an approved program in medicine. These scholarships require a service commitment after completion of the professional program.
Regents healthcare scholarship holders will receive $1,000 to $10,000 a year for up to four years of medical study in a medical school located in New York State. Awards may not exceed the actual cost of study.
There is a residency requirement. Candidates must have been legal residents of New York State for one year prior to September 1 of the academic year of the award and belong to an under-represented group or have a disadvantaged background. To qualify as legal residents, candidates must meet both of the following conditions:
- The student must maintain an actual residence in New York State and consider New York State their permanent home.
- The student must be:
- citizens of the United States, or
- aliens lawfully admitted for permanent residence in the United States, or
- individuals of a class of refugees paroled by the Attorney General of the United States under the parole authority pertaining to the admission of aliens of the United States.
Should an award recipient at any point before completion of his/her professional education program cancel or withdraw agreement to practice, or should the award be revoked for other cause, such person will not be eligible for further payment. If a recipient fails to comply with the requirements concerning approved practice, the full amount of the awards received plus a penalty may be recovered by the State. The amount recovered will be two times the amount of the award received plus interest at the maximum prevailing rate to be paid within a five-year period. Repayment may be excused if such repayment would represent a severe hardship to the recipient.
Within one year of completion of professional training, recipients must forward to the Higher Education Service Corporation, for approval, a proposal concerning their intended service.
College Sources
Through the gifts of friends of the College, a certain number of funds are available to be awarded to students in financial need. The funds are awarded in accordance with specified conditions and at the discretion of the Dean. All federal and state sources of financial aid are subject to legislative changes.
New York Medical College Scholarships
The Admissions Office will offer a number of half-scholarship, half- loan awards based on merit and financial need. The loan portion of these awards will remain interest free while a full-time student. Repayment will begin on the first day of the month following the third anniversary of graduation or termination as a full-time student at New York Medical College.
The amount of the award , the interest rate during repayment and the terms for repayment will be contained in the Promissory Notes to be signed by the student at the time of the offer from the Admissions Office.
Student Research Fellowship Program
The New York Medical College Student Research Program sponsors a limited number of students to pursue research projects under the direction and supervision of faculty mentors. This program is intended primarily for students who have successfully completed their first year and can carry out their research projects during the summer vacation period between their first and second years. However, it is possible for students entering their third or fourth year to participate if appropriate curricular arrangements can be made to provide for an eight-week period free of other commitments that can be devoted to a research project. The College provides funds for stipends of about $1,500 for up to 20 students per year approved for participation. Additional funds for student support are provided by the Medical Board of Metropolitan Hospital Center and the Departments of Medicine, Family Medicine, Pediatrics and Surgery for students engaged in research projects they sponsor. Research projects available for student participation are listed by department in a catalog prepared yearly. Application for financial support from the College program should be made to the Office of Student Affairs by submission of a research proposal approved by a faculty mentor. Financial support from departmental sources can be obtained through the sponsoring faculty mentor.
National Medical Fellowships
This program provides financial assistance to minority group students who are U.S. citizens and who demonstrate financial need and are members of a first or second-year class of a U.S. medical school. Information may be obtained by contacting:
The National Medical Fellowships, Inc.
5 Hanover Square 15th floor
New York, NY 10004
212-483-8880
www.NMFOnline.org
Outside Sources of Financial Aid
The Office of Student Financial Planning has obtained publications listing sources of financial aid from foundations and private individuals. This is available in the Office of Student Financial Planning. Research of outside sources through a reference library is also recommended.
Armed Forces
Health Professionals Scholarship Program
This scholarship program provides the Armed Forces (Army, Navy, and Air Force) with the majority of its physicians. The scholarships are competitive and require completion of an application, physical examination and an interview.
Scholarships are offered for two, three or four years. However, the minimum obligation is three years; therefore, students should apply before or during the first-year of medical school.
The scholarship pays tuition, student fees and mandatory health insurance premiums in full and reimburses students for all required texts, supplies and medical equipment. Upon acceptance of the scholarship, the recipient will be commissioned as an officer on reserve status and will be promoted upon graduation from medical school. Additionally, while in school, the student will receive a monthly stipend over $1,000.
Military scholarship recipients incur several obligations. They are required to serve one year of active duty for each year of scholarship support, an obligation usually served after residency. Additionally, participants must apply for a military internship, and if selected, must serve it. However, the military will not choose a student’s specialty. While in medical school, recipients must serve six weeks on active duty each year. This includes a mandatory officer indoctrination course and may include clerkship training in medicine, surgery or a military medical specialty (aerospace, submarine or field emergency medicine), depending on interest. Active duty training is both valuable and profitable.
It is advisable to apply to all three branches of the military. Remember, students may decline the scholarship if selected. Application deadlines are early in the fall. It is a good idea to speak with upperclassmen about suggestions for applying to and coping with the military bureaucracy. For further information contact:
U.S. Army: 53 Route 17 K, Time Plaza, Newburgh, NY 12550 (914) 565-2935
U.S. Navy: Navy Recruiting Command, OPO Metro, 170 Broadway, Suite 1408, New York, NY 10038. (212) 385-4457
U.S. Air Force: U.S. Air Force Recruiting Office, 6 Automation Lane, Albany, NY 12205. (518) 438-6973
Veteran Administration Educational Benefits (VA)
Eligible veterans are entitled to receive monthly educational benefits for full or part-time study under the provision of several veteran programs. Further information is available at all Veteran Affairs offices.
Persian Gulf and Vietnam Veterans Tuition Award
To be eligible, a student must be a New York State resident; discharged from the US Armed Forces under other than dishonorable conditions; be in a degree program institution in New York State; have applied for a Tuition Assistance Program (TAP).
Full-time applicants must apply annually by completing a Free Application for Federal Student Aid (FAFSA). In addition, the Persian Gulf Veterans Tuition Award Supplement must be completed.
Funding is available for students that have served in the US Armed Forces in the hostilities in the Persian Gulf from August 2, 1990 to November 30, 1995 or in Indochina Between December 22, 1961 to May 7, 1975.
Questions regarding eligible service or how to document service can be answered by calling a local office of the New York State Division of Veterans Affairs and/or a local County Veterans Service Agency. Or visit the website at www.VA.Gov/Education.
National Public Health Scholarship
The Federal Government sponsors the National Public health Service Scholarships. These very competitive awards carry a service commitment after residency in an underserved area in the United States. The award covers full tuition, fees, books and supplies plus a monthly stipend for living expenses. Early submission is recommended.
For further information call 1-800-638-0824.
