STUDENT FINANCIAL AID

Please visit the Office of Student Financial Planning for specific Financial Aid information regarding the Graduate School of Basic Medical Sciences Admission.

Summary Information

Eligibility

Students and their families are considered to be the initial and primary source of funding for education. Financial aid programs are intended to help students pay the difference between the costs of their education and the available total family contribution. Unfortunately, financial aid sources are limited and aid funds may not be available to cover the entire education expense. The family contribution is determined by a federally approved uniform financial analysis form known as the FREE Form, the Free Application for Federal Student Assistance (FAFSA). All students wishing to be considered for any source of financial aid must begin by completing a FAFSA form.

Federal law permits receipt of certain funds only by U.S. citizens and permanent residents. A permanent resident is issued an unconditional 1-151 green card. International applicants must be able to document that they have sufficient support monies available in the United States at the time of application.

Financial aid is only available to matriculating students who are enrolled at least half-time per term and who are in good academic standing.

Students are encouraged to apply for financial aid well in advance of the upcoming academic year or semester.

The Financial Aid staff is eager to assist students in planning personal financial aid packages and can also discuss savings, budgeting and debt management procedures with students.

Financial aid is renewable on an annual basis. A student receiving any type of financial aid must reapply annually. Application should be made in the spring for fall registration and in the fall for spring registration. Any delay in processing the FAFSA application or any other financial aid form may significantly decrease the chances of receiving aid in time to pay tuition.

Student Rights and Responsibilities

Rights of Students

According to federal regulations, a student has the right to know the following:

1. What financial aid programs are available.
2. The deadlines for submitting applications for each of the available financial aid programs.
3. How financial aid is distributed.
4. How a student’s financial need is determined.
5. How much of the financial need has been met.
6. An explanation of the various programs in a student’s financial aid package.
7. The School’s tuition refund policy.
8. 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.
9. The interest rate, the total amount that must be repaid, the repayment procedures, the length of time to repay the loan, and when the repayment is to begin for loans awarded.
10. How the School determines satisfactory academic progress and the consequences of not achieving this.
11. All documents submitted to the Office of Student Financial Planning are confidential.

Students are responsible for the following:

1. Reading all the information provided by the Office of Student Financial Planning
2. Completing all documents required for awarding financial aid accurately and on time before deadlines expire.
3. Providing correct information. Inaccurate financial data, in most cases, is a violation of federal law subject to federal penalty.
4. Supplying 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.
5. Starting a personal financial aid file to keep copies of signed forms, other documentation, and all pertinent correspondence.
6. Becoming aware of the terms of all the financial aid funds received.
7. Understanding the responsibility for all signed documents.
8. Promptly notifying the Office of Student Financial Planning in writing of any changes in their financial situation since first completing the financial aid application.
9. Understanding fully the School’s refund policy regarding withdrawal, leave of absence and dismissal. These can be discussed with the Bursar’s Office.
10. Being aware of the School’s standards for satisfactory academic progress.The Higher Education Amendments of 1992 require that federal funds regulated by the U.S. Commissioner of Education be denied to students who are not making satisfactory progress toward a degree.
11. All students who received financial aid are required to attend an exit interview upon program completion

All applicants 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.

Student Loan Deferments

Under certain circumstances, previous student loan payments may be postponed for full-time enrolled students. Students must submit an In-School Loan Deferment form obtained from their Lender to the Registrar’s Office.

For Students who are enrolled between six and 11 credits per term, the following deferment provisions apply for previous and current loans:

• Students who borrowed from the Stafford loan program after July 1, 1987 can defer principal and interest payments during part-time enrollment status.
• Students who borrowed form the Stafford loan program before July 1, 1987 must pay principal and interest on loans during part-time enrollment status.
• Students who borrowed from the Supplemental Loan for Students (SLS) program after July 1, 1987 do not have to pay the principal, but will be charged interest payments. These interest payments may be capitalized.
• Students who borrowed from the Supplemental Loan for Students (SLS) program before July 1, 1987 must pay principal and interest while enrolled in school.
• Students who borrowed from the Perkins Loan Program/NDSL prior to 1993, can defer principal and interest payments.
• Students who borrow from the Unsubsidized Stafford after October 1, 1993 will receive a 6-month grace period after leaving school before beginning repayment.

For new borrowers on or after July 1, 1993, periods of deferment are limited to: 1) in school; 2) graduate fellowship/rehabilitation training; 3) unemployment; 4) economic hardship.

Students who are enrolled less than half-time are not eligible for a deferment of student loan interest and principal payment or any type of financial aid.

Types of Aid

Stafford Loan Program

The Federal Stafford Loan program has been expanded to include both subsidized and unsubsidized loans.

Subsidized Stafford loans enable qualified students in Federally approved schools to borrow up to $8,500 a year. Lifetime total Subsidized Stafford borrowing cannot exceed $65,500.

Subsidized Stafford loans are based on need, as determined from filing in the FASFA form, and the federal government will pay all interest on the loan while the student is enrolled or during an approved deferment period. The maximum Subsidized Stafford is $8,500 per year.

Unsubsidized Stafford loans will be made available to students who do not qualify for a need-based subsidized Stafford. The amount of the Unsubsidized Federal Stafford loan is $18,500, minus any other aid that has been awarded. Loan amounts cannot exceed the Cost of Education budget established by the College. The student is responsible for paying the interest charges on the Unsubsidized Stafford from the date the loan is disbursed. Interest payments may be postponed until completion of a program of study or until the student drops below half-time status.

A student may apply for both Subsidized and Unsubsidized Federal Stafford loans during the same academic year; however, the total amount borrowed from both programs cannot exceed the annual limits set for the Stafford program. The limit for Graduate Students is $18,500.

A lender may charge up to a 4% origination fee.

Income-sensitive, graduated repayment and income contingent repayment plans are available to assist borrowers in meeting repayment obligations.

College Work Study (CWS):

After enrollment of at least half-time, an application can be made through the Office of Student Financial Planning for College Work Study (CWS), where eligibility and work arrangements are determined. A FAFSA form must be filed to demonstrate qualifications for Work Study. NYMC will make employment reasonably available to all eligible students who are in need of financial aid. If more students apply for CWS than there are available funds, preference is given to students who have a greater financial need. The College arranges jobs on campus for a maximum of 20 hours per week during the school year.

Veterans Administration Educational Benefits:

To be eligible for these benefits, an applicant must have served in the Armed Forces for more than 180 days between January 31, 1955 and January 1, 1977. In addition, the applicant must either continue active duty, have been honorably discharged at the end of his or her duty, or qualify because of service-connected disabilities. Veterans are entitled to benefits for full time study at an approved institution for 1.5 months for each month of active service, up to 45 months. Eligibility extends for 10 years after release from service for those released prior to December 31, 1989.

Children, spouses and survivors of veterans whose death or permanent total disabilities were service connected or who are listed as missing in action, may be eligible for benefits under the same conditions as veterans.

Application forms are available at all VA Offices, active duty stations and American embassies. Completed forms should be submitted to the nearest VA Office.

Tuition Assistance Program (TAP):

Applicants to this program must be New York State residents for at least one year before applying for TAP. Applicants must be U.S. citizens or permanent resident aliens enrolled full time and matriculated at an approved New York State post-secondary institution. If a dependent, the applicant must have a family net taxable income below $20,000 or, if independent and single with no dependents, a net taxable income below $5,667. The maximum amount of a TAP award is determined by the State Legislature. Application is made through the Financial Aid Office.

Financial Planning

The Office of Student Financial Planning advises that students carefully monitor their monthly expenses and plan well for their yearly financial needs. Students who plan and spend well will not run out of money before the end of the academic year. It is wise to consult with a financial aid counselor to plan ahead.

PLEASE NOTE THAT ALL FEDERAL AND STATE FINANCIAL AID PROGRAMS ARE SUBJECT TO LEGISTLATIVE CHANGE.

Applicants and students are encouraged to explore the Office of Student Financial Aid’s web site at: (/studentlife/sfs.htm)  The site can also be accessed from the Graduate School’s web site (/gsbms/index.asp) The Financial Aid site contains more information about the various loan and aid programs available, sample budgets for graduate students, and links to useful sites where you can download a FAFSA form or other pertinent information.