The Office of Student Financial Planning recommends the financial aid paperwork should be completed and submitted to the office, before registering for classes. The Office of Student Financial Planning suggests you access the TouroOne Portal to confirm all requirements have been satisfied.
A student must be matriculated, registered for half-time status (at least 2 credits in the Summer semester and at least 4 credits in the Fall semester and 4 credits in the Spring semester), maintain satisfactory academic progress in a degree granting program and either a US citizen or eligible noncitizen to qualify for Financial Aid.
STEP 1. Create a FSA ID account by accessing the FSA ID website. A FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. If you already have a FSA ID, you do not have to register again.
STEP 2. Complete and submit the 2021-2022 Free Application for Federal Student Aid (FAFSA). On the 2021-2022 FAFSA, students and spouses (if applicable) will have to report the 2019 US income and tax information, rather than the 2020 US income and tax information, this is known as Prior-Prior Year. The IRS Data Retrieval Tool for the 2019 income and tax information is available to use with the 2021-2022 FAFSA form.
Please access the FAFSA website with your FSA ID username and password to complete the 2021-2022 FAFSA.
You must complete a FAFSA every year if you wish to receive financial aid.
New York Medical College’s Federal School Code is G02784.
STEP 3. Review the Cost of Attendance (Budgets), to determine the amount of loans you will need to borrow.
STEP 4. Complete and submit the 2021-2022 NYMC Financial Aid Information Form (link found below).
STEP 5. NEW and IMPORTANT PROCESS: Annual Student Loan Acknowledgement
Starting with the 2021-2022 Academic Year. The Department of Education has implemented the Annual Student Loan Acknowledgement process. The new process will now require students to view how much they currently owe in federal student loans and to acknowledge that they have seen this amount before New York Medical College can make a first disbursement of the first Direct Loan that a student receives for each new Academic year.
Please access the StudentAid.gov website, to complete the Annual Student Loan Acknowledgement requirement.
STEP 6. Master Promissory Note(s)
STUDENTS who have not received Direct Unsubsidized loan funds, must complete a Direct Subsidized Loans/Direct Unsubsidized Loans Master Promissory Note. Please access the Student Loan website to complete the Direct Subsidized Loans/Direct Unsubsidized Loans Master Promissory Note. You will need your FSA ID to log in.
If you are accepting more than the maximum Direct Unsubsidized loan amount of $20,500, you will also need to borrow the Direct PLUS Loan for Graduate/Professional Students. The approval of the Direct PLUS Loan is based on the student not having an adverse credit history.
STUDENTS who have not received Direct PLUS loan funds, must complete a Direct PLUS Loan Master Promissory Note for Graduate/Professional Students. Please access the Student Loan website to complete the Direct PLUS Loan Master Promissory Note. You will need your FSA ID to log in.
STEP 7. Entrance Counseling(s).
BORROWERS who have not completed an Entrance Counseling must access the Student Loan website to complete the federal mandated Entrance Counseling. As a graduate or professional student, the Entrance Counseling will fulfill counseling requirements for the Direct Subsidized Loans/Direct Unsubsidized Loans and Direct PLUS Loans.
Once you have submitted the appropriate accurate financial aid paperwork, your financial aid eligibility will be determined. You will be notified via email, to access the TouroOne Portal, with instructions on how to accept, decline, or reduce your offered aid. The Award Notification will be sent to your official NYMC email account.
Provide any additional documents requested by the Office of Student Financial Planning.
It is the student’s responsibility to submit the required financial aid paperwork to the Office of Student Financial Planning, by the financial aid deadline and to follow up if financial aid expected to be received was not awarded or disbursed.