NYMC > Current Students > Office of Student Financial Planning > Types of Aid > Graduate School of Basic Medical Sciences > Non-Accelerated GSBMS Students

Non-Accelerated GSBMS Students

A student must be matriculated, attending at least half-timemaintaining satisfactory academic progress in a degree granting program and either a US citizen or eligible noncitizen to qualify for Financial Aid (student loans).

The following information regarding sources of Financial Aid (student loans) are only for citizens and eligible noncitizens. International students should contact the Bursar's Office for payment arrangements.

Details of Federal Student Aid programs are subject to legislative and regulatory changes without prior notice.

The Office of Student Financial Planning reserves the right to modify financial aid awards, when required, due to changes in a student’s financial aid eligibility. If there are changes to a student’s award(s), an email notification will be sent to the student’s official NYMC email account.

 

Loans

Non Need Based Loans 

College Work Study

 

NON NEED BASED LOANS

Federal Direct Unsubsidized Stafford Loan

Requirements:

  1. 2017-2018 Free Application for Federal Student Aid (FAFSA)
  2. NYMC Application for Financial Aid
  3. Loan Amount Request Sheet
  4. Federal Direct Stafford Loan Master Promissory Note, if required (refer to Step 6 of  Apply for Financial Aid for explanation)
  5. No previous student loan default problems
  6. Matriculated status
  7. Registered for at least half-time credits (4 credits or more per semester)
  8. Maintain satisfactory academic progress
  9. 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 2017-2018, for loans first disbursed on or after July 1, 2016 the interest rate will be 5.31%. For loans first disbursed on or after July 1, 2017 the interest rate will be 6%. The loan will be disbursed according to the semesters you are registered for within an Academic Year.  For example: If registered for the Fall and Spring you will receive half of your loan for the Fall semester and half for the Spring semester, minus any applicable federal mandated origination fees.

For loans first disbursed on or after October 1, 2016, the U.S. Department of Education will deduct a 1.069% origination fee from each loan disbursement. 

For loans first disbursed on or after October 1, 2017, the U.S. Department of Education will deduct a 1.066% 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

 

PLEASE NOTE:

During the course of the Academic Year, a student may receive additional funding that exceeds the maximum assigned financial aid Cost of Attendance (budget). If this occurs, the Office of Student Financial Planning is required to return the over award amount to the highest interest bearing loan first, if applicable.

 

Federal Direct Graduate PLUS Loan

Credit approval based on the student not having an adverse credit history. To request a copy of your current credit reports and credit scores, please see Financial Aid Links.

Requirements:

  1. 2017-2018 Free Application for Federal Student Aid (FAFSA)
  2. NYMC Application for Financial Aid 
  3. Loan Amount Request Sheet
  4. Federal Direct Graduate PLUS Loan Master Promissory Note, (refer to Step 6 of  Apply for Financial Aid for explanation)
  5. No previous student loan default problems
  6. Matriculated status
  7. Registered for at least half-time credits (4 credits or more per semester)
  8. Maintain satisfactory academic progress
  9. US Citizen or Eligible Noncitizen

Additional information: Interest will accrue while the student is in school and only when the money is disbursed. The Federal Direct Graduate PLUS loan, allows students to borrow up to the total Cost of Attendance (budget) minus any financial aid resources received for the Academic Year. The student must be enrolled at least as a half-time student in an eligible program of study.

For the Academic Year 2017-2018, for loans first disbursed on or after July 1, 2016, the interest rate will be 6.31%. For loans first disbursed on or after July 1, 2017 the interest rate will be 7%. The loan will be disbursed according to the semesters you are registered for within an Academic Year. For example: If registered for the Fall and Spring you will receive half of your loan for the Fall semester and half for the Spring semester, minus any applicable federal mandated origination fees.

For loans first disbursed on or after October 1, 2016, the U.S. Department of Education will deduct a 4.276% origination fee from each loan disbursement.

For loans first disbursed on or after October 1, 2017, the U.S. Department of Education will deduct a 4.264% 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.

 

PLEASE NOTE:

During the course of the Academic Year, a student may receive additional funding that exceeds the maximum assigned financial aid Cost of Attendance (budget). If this occurs, the Office of Student Financial Planning is required to return the over award amount to the highest interest bearing loan first, if applicable.

 

PRIVATE LOANS

Federal laws require students must review Federal student loan options, with the Office of Student Financial Planning before considering applying for a Private Loan. Please contact the Office of Student Financial Planning at 914-594-4492.

 

PLEASE NOTE:

During the course of the Academic Year, a student may receive additional funding that exceeds the maximum assigned financial aid Cost of Attendance (budget). If this occurs, the Office of Student Financial Planning is required to return the over award amount to the highest interest bearing loan first, if applicable.

 

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 2017-2018 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 $15.00 per hour. 

  

PLEASE NOTE:

During the course of the Academic Year, a student may receive additional funding that exceeds the maximum assigned financial aid Cost of Attendance (budget). If this occurs, the Office of Student Financial Planning is required to return the over award amount to the highest interest bearing loan first, if applicable.