NYMC > Current Students > Office of Student Financial Planning > Types of Aid > School of Medicine > Newly Accepted Student

Newly Accepted Student

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

Federal Direct Unsubsidized Stafford Loan

Requirements:

  1. 2018-2019 Free Application for Federal Student Aid (FAFSA)
  2. 2018-2019 NYMC Financial Aid Information Form
  3. Federal Direct Stafford Loan Master Promissory Note, if required (refer to Step 4 of Apply for Financial Aid for explanation)
  4. No previous student loan default problems
  5. Registered for classes
  6. Maintain satisfactory 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 2018-2019, for loans first disbursed on or after July 1, 2017 the interest rate will be 6%. For loans first disbursed on or after July 1, 2018 the interest will be 6.595%. The loan 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 semester, minus any applicable federal mandated origination fees.

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.    For loans first disbursed on or after October 1, 2018, the U.S. Department of Education will deduct a 1.062% 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

 

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 refer to Financial Aid Links.

Requirements:

  1. 2018-2019 Free Application for Federal Student Aid (FAFSA)
  2. 2018-2019 NYMC Financial Aid Information Form
  3. Federal Direct Graduate PLUS Loan Master Promissory Note, if required (refer to Step 4 of Apply for Financial Aid for explanation)
  4. No previous student loan default problems
  5. Registered for classes
  6. Maintain satisfactory 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. 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 2018-2019, for loans first disbursed on or after July 1, 2017 the interest rate will be 7%. For loans first disbursed on or after July 1, 2018 the interest will be 7.595%. The loan 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 semester, minus any applicable federal mandated origination fees.

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.    For loans first disbursed on or after October 1, 2018, the U.S. Department of Education will deduct a 4.248% 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. Federal student loans include many benefits not typically offered by Private Lenders. In comparison, private loans are generally more expensive than federal student loans. Please contact the Office of Student Financial Planning at 914-594-4492 for additional advice.

 

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.

 

INSTITUTIONAL FUNDS

Institutional Need Based Grant (NBG)

Requirements:

  1. 2018-2019 Free Application for Federal Student Aid (FAFSA) including student (spouse if applicable) and parental US Income and asset information
  2. 2018-2019 NYMC Financial Aid Information Form
  3. Borrow at least the minimum “unit loan”, the amount will be designated each year. Please access the NBG Award Policy
  4. Provide any additional paperwork 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 meet the requirements of satisfactory academic progress. Funding is available for no more than 4 years of medical education. For more information please access the NYMC Scholarship and NBG Policy.

 

NYMC Scholarships

New York Medical College provides funding for scholarships for a limited number of qualified students. These funds are provided from NYMC funds and from contributions to the school, in particular, from alumni. Eligible students must meet the requirements of satisfactory academic progress and demonstrate need.  Scholarships are awarded to advance programmatic or strategic initiatives of the College, which can change from year to year.  A scholarship award may be made for one or a maximum of four years depending on the type of scholarship.

 

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.

 

 

EXTERNAL SCHOLARSHIPS

National Medical Fellowships (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 or visit the National Medical Fellowships website.

 

National Health Service Corps Scholarships

The scholarship pays tuition, fees, other educational costs and provides a stipend for living expenses, in return for a service commitment at an NHSC approved site in a medically underserved area. For further information call 1-(800)-638-0824 or visit the National Health Service Corps Scholarships website.

 

Armed Forces Health Professions Scholarships

The scholarships provide payment of direct educational costs (tuition, fees, books, etc.,) and a stipend for living expenses. Each carries a service commitment. For additional information, visit the respective armed services branch websites’:

Army website  or 1-800-872-2769

Navy website or 1-800-872-6289

Airforce website or 1-800-588-5260

 

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 2018-2019 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.