The following information regarding sources of Financial Aid are only for citizens and eligible noncitizens. Foreign students, as per Federal regulations, are not eligible for Title IV funding. Foreign students, may contact the Bursar for payment arrangements.
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Students have the right to select any eligible federal/private lender for their student loans. New York Medical College has no agreements with lenders for student loan volume, does not share in the profits from student loans and does not receive and will not accept inducements from lenders.
Details of Federal Student Aid programs are subject to legislative and regulatory changes without prior notice.
Loans
Need-Based Loans
Non Need-Based Loans
Grants and External Scholarships
College Work Study
Federal Subsidized Stafford Loan
Requirements:
Amount: $8,500 per academic year.
Additional information: For Stafford loans first disbursed on or after July 1,
2006, the interest rate will be a
fixed rate of 6.8%. Money 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. This
loan is interest free as long as you remain enrolled at least
as a half-time student in an
eligible program of study, during the 6 month grace period and also during
authorized deferment periods.
Repayment begins 6 months after the grace period or an authorized deferment period has finished.
Legislation allows a Lender to deduct up to 2% fees from each loan disbursement.
Loan fees are subject to change. Contact your lender directly for any updated information and for any additional disclosure information.
Graduation deferments for new borrowers as of 7/1/93 are limited to:
1. In school
2. Economic hardship
3. Unemployment
4. One year graduate fellowship training, beyond residency
Perkins
Requirements:
1. 2009-2010 Renewal Free Application for Federal Student Aid (Renewal FAFSA)
2. 2008 US Federal tax returns for student, spouse and parents', signed OR the 2008 US Income non-filing statement, signed
3. NYMC Application for Financial Aid
4. Signed Promissory Note (further instructions will be given when completing Step 2 of the On-Line Financial Aid Process)
5. No previous student loan default problems
6. Maintaining good academic progress
7. US Citizen or Eligible Noncitizen
Amount: Amount will be determined by a computer calculation, based on need.
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Additional information: These are long-term loans. A student may borrow up to a life time total of $40,000 not to exceed $6,000 per year, based on demonstrated need, including any amount borrowed through Perkins for undergraduate study. Interest on this loan for continuing borrowers is at a rate of 5% and is deferred while the student attends school. There is a 9 month grace period following graduation before repayment. Independence is not recognized. Parents' income must be included on the Renewal FAFSA application. Loan disbursement is the same as the Stafford Loans.
New borrowers who receive Perkins as of 7/1/93, deferment provisions are the same as the Federal Subsidized Stafford Loan.
BE AWARE;
During the course of the school year, a
student may receive additional funding beyond the budgeted amount. If this
occurs, the student must repay the overaward amount to either the source or to
their highest interest bearing loan.
NON NEED-BASED LOANS
Federal Unsubsidized Stafford Loan
Requirements:
Amount: 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.
Additional Information: This loan has the same terms and conditions as
Subsidized Stafford Loans, except interest will accrue while the student is in
school and only when the money is disbursed. Accrued interest may be added to the principal amount of the loan.
Legislation allows a Lender to deduct up to 2%
fees from each loan
disbursement.
Loan fees are subject to change. Contact your lender directly for any updated information and for any additional disclosure information.
Due to recent legislative reprieve students entering the Second Year Class will
be able to borrow up to $36,444 in Unsubsidized Stafford Loan. The combined
total for Subsidized and Unsubsidized Stafford Loan for the year would be
$44,944.
Federal Graduate PLUS Loan
Credit approval based on federal standards, not credit
scores. To request a copy of your current credit reports and credit scores,
please see Helpful Links.
Requirements:
Additional Information: Due to recent legislative changes, this new Federal Loan Program has been made available to students. The Federal Graduate PLUS Loan, allows students to borrow up to the total Financial Aid Budget minus any financial aid resources received for the year. The student must be enrolled at least as a half-time student in an eligible program of study. The loan has a fixed 8.5% interest rate. Loan disbursement is the same as the Stafford Loans.
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.
To explore the possibility of aligning your repayment of Graduate PLUS and Stafford loans, contact your lender.
Federal laws mandate that students must first borrow the maximum annual Staffords loan amounts before borrowing the Federal Graduate PLUS.
The Federal Graduate PLUS has the same deferment and forbearance options as the Stafford loans.
Legislation allows a Lender to deduct up to 4% fees from each loan disbursement.
Loan fees are subject to change. Contact your lender directly for any updated information and for any additional disclosure information.
To compare the Graduate PLUS Loan vs. a Private Loan, click here.
Private Loan
Approval contingent on a student's positive credit score and
passing the Lender's credit check. To request a copy of your current credit reports and credit scores,
please see Helpful Links.
Requirements:
1. 2009-2010 Renewal Free Application for Federal Student Aid (Renewal FAFSA)
2. 2008 US Federal tax returns, signed OR the 2008 US Income non-filing statement, signed
3. NYMC Application for Financial Aid
4. Promissory Note (further instructions
will be given when completing
Step 2 of the On-Line Financial Aid Process)
5. No previous default problems on consumer or student loans
6. Maintaining good academic progress
7. US Citizen or Eligible Noncitizen
Amount: Students are allowed to borrow up to the
total Financial Aid Budget minus any financial aid resources received for the
year.
*Additional Information:
The student must be enrolled
at least as a half-time student in an eligible program of study.
Private loans have a variable interest rate.
The interest rate of
the loan is equal to the LIBOR Index plus a margin, the margin of
the loan varies according to lender. The interest rate may change
quarterly on the first day of each January, April,
July and October. There is no cap on the interest rate for Private loans. Interest accrues while the student
is in school and only when the money is disbursed. Most lenders may offer
deferments options while the student is in residency. Loan
disbursement is the same as the Stafford Loans.
*Contact your lender directly for any updated information and for any additional disclosure information.
To compare the Private Loan vs. a Graduate PLUS Loan, click here.
This loan is not forgivable due to disability or death while in repayment.
BE AWARE;
During the course of the school year, a student may receive additional funding
beyond the budgeted amount. If this occurs, the student must repay the overaward
amount to either the source or to their highest interest bearing loan.
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New York State Tuition Assistance Program (TAP)
To qualify the applicant must be a resident of New York State for twelve months
prior to application for funds. The conditions of financial independence are
established by New York State law and regulations may differ from those used by
other aid programs. This award is subject to New York State Legislative Law. As
with all grants and scholarships the award does not have to be repaid.
Requirements: Complete and submit the 2009-2010 Renewal Free Application
for Federal Student Aid (Renewal FAFSA). After you have
taken the above step, you will receive an Express TAP Application (ETA) in the
mail. Information gathered from the 2009-2010 Renewal FAFSA and your New York State Net
Taxable Income will be preprinted on the form. Review the information, change
any incorrect items, complete any missing items, sign and return the form to the
address indicated on the form. Award amounts for graduate students may range
from $75 to $550.
National Medical Fellowship (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., 5 Hanover Square, 15th Floor, New
York, New York 10004. For further information call (212) 483-8880.
National Public Health Scholarships
The Federal Government sponsors the National Public Health Service Scholarships.
These very competitive awards carry a service commitment after your residency in
an underserved area in the United States. The award covers full tuition, fees,
books and supplies plus a stipend for living expenses. Early submission is
recommended. For further information call 1-(800)-638-0824.
Armed Forces Health Professions Scholarships
These scholarships are available to a limited number of applicants. The
scholarship provides full payment of direct (tuition, fees, books, etc.,)
educational costs and a stipend for living expenses. Each carries a service
commitment. Students interested in applying for these programs are encouraged to
discuss options at the Office of Student Financial Planning before making a
commitment. You may obtain descriptive brochures and applications for these
programs by contacting their respective recruiter at:
goarmy.com or 1-800-872-2769
navy.com or 1-800-872-6289
airforce.com or 1-800-588-5260
New York State Regents Health Care
Scholarships for Medicine and Dentistry
Awards are available up to $10,000 per year. Applicants must be legal residents
of New York State for one year prior to applying for the scholarship. Applicants
must agree to practice medicine in an area of New York State designated as a
shortage area. See application for deadline date. Awards will be made to
eligible candidates in the following order: 1) Candidate is economically
disadvantaged and a minority group member historically under represented in the
profession. 2) Candidate completed undergraduate through assistance from the
HEOP, EOP, SEEK or College Discovery Opportunity Programs.
Applications may be obtained from the Office of Student Financial Planning.
BE AWARE;
During the course of the school year, a student may receive additional
funding beyond the budgeted amount. If this occurs, the student must repay the
overaward amount to either the source or to their highest interest bearing loan.
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 2009-2010 Renewal Free Application for
Federal Student Aid (Renewal 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 $10.00
per hour.
BE AWARE;
During the course of the school year, a student may receive additional
funding beyond the budgeted amount. If this occurs, the student must repay the
overaward amount to either the source or to their highest interest bearing loan.