Financial Aid

Policies and Procedures

Rights & Responsibilities

Your Rights

As a student you have the following rights:

• To be informed of the cost of attendance
• Procedures and deadlines for submitting applications for financial aid.
• The different types of financial assistance available from federal, state, and institutional sources
• Who the financial aid personnel are and the location of the Office of Student Financial Planning

As a borrower you have certain rights. Once the US Department of Education approves your loan, you will receive in the mail a Disclosure Statement providing you with the following information:

• The full amount of the loan
• The interest rate of the loan
• The servicer, assigned by the US Department of Education to service your loan, must return your promissory note when the loan is paid in full.
• When you must start repaying the loan

Before you begin repayment of your loan, the servicer of your loan, is required to give you a repayment schedule and detailed information regarding interest rates, fees, your outstanding balance and available repayment options.

• You have the right to defer repayment for certain defined periods after the grace period, if you qualify
• You have the right to request a forbearance, if you qualify
• You may prepay your loan in whole or in part at any time without penalty.

Your Responsibilities

• One of the major aspects in financial aid is for a student to understand the responsibilities attached to receiving aid. By accepting the Aid offered, a student must realize that they are expected to:
• Know and understand the terms and conditions of all financial aid programs from which aid was awarded.
• Know all deadlines for applying for aid and meet them. Provide all required documentation, corrections, and/or information requested by the Office of Student Financial Planning
• Understand that the proceeds from the loan can only be used for tuition, fees, living expenses and other reasonable related educational living expenses, as outlined in the budget.
• Repay loans with all accrued interest and deducted fees, even if you do not complete your education, are unable to find employment or are dissatisfied with the education you received.
• Repay loans within the time allocated by the lender or designated agency.
• Notify the lender or designated agency in writing within 10 days if the following occur:
  • Change of name
  • Change of address
  • Change of phone number
  • Change of graduation date
  • Transfer to another school
  • Enroll less than half time
  • Withdraw from school
• Complete the paperwork to have loans deferred or placed on forbearance.
• Not be in default on any loans or owe a refund on any grant.
• Inform the Office of Student Financial Planning of any grants, scholarships or any other form of assistance that you may receive.

Helpful Financial Aid links

Below you will find important and helpful financial aid links. These are links that will assist you in applying for financial aid at New York Medical College, as well as links to websites that will be helpful in learning about various financial wellness topics. 

• Federal Student Aid - The new StudentAid.gov website, incorporates content and resources from StudentLoans.gov, fsaid.ed.gov, and nslds.ed.gov to streamline the way students learn about and apply for federal student loans and the repayment of the federal student loans.
• Student FSA ID - Students may use this site to create their own personal FSA ID. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature.
• Free Application for Federal Student Aid (FAFSA) - REMINDER: In addition to completing the FAFSA, ALL students are required to complete and submit the required financial aid forms found on the Apply for Financial Aid link of the New York Medical College website.
• IRS Tax Return Transcript Request - Students may use this site to request a copy of a tax return transcript. A tax return transcript shows most line items from the filed tax return (Form 1040, 1040A or 1040EZ) as it was originally filed, including any accompanying forms and schedules.
• Direct Subsidized/Unsubsidized and or Direct PLUS Loans for Graduate/Professional Students Master Promissory Note (Loan Agreement) - Students may use this web site to complete the Direct Loan Master Promissory Note(s) (Loan Agreement) for Subsidized/Unsubsidized and/or the Direct PLUS Loan for Graduate/Professional Students.
• myFICO - Students may obtain a copy of their credit reports and credit scores from the two national credit reporting companies, there is a fee.
• annualcreditreport - Students may obtain a free copy of their credit reports from the three national credit reporting companies. Credit scores must be requested, individually, from each of the three national credit reporting companies, there is a fee for the credit scores.
• US Department of Education Scholarship Search - Students may search for scholarships from the US Department of Education Federal Government website.
• National Graduate Scholarships and Fellowships - Highly competitive and prestigious scholarship, fellowship and internship awards for college study, graduate school and postgraduate research.
• Bureau of Primary Health Care
• NIH Loan Repayment Programs - Loan repayment options for health professionals, pursuing a qualified research field.
• Loan Calculators

Additional Information for Medical Students:

• The AAMC Electronic Resource Manual - An electronic resources manual for medical doctors.  
• The AAMC Fellowship and Grants Supplement
• The AAMC Scholarship Supplement
• Armed Forces Health Professions Scholarships (AIRFORCE) - The scholarship provides payment of direct educational costs (tuition, fees, books, etc.,) and a stipend for living expenses.
• Armed Forces Health Professions Scholarships (ARMY) - The scholarship provides payment of direct educational costs (tuition, fees, books, etc.,) and a stipend for living expenses.
• Armed Forces Health Professions Scholarships (NAVY) - The scholarship provides payment of direct educational costs (tuition, fees, books, etc.,) and a stipend for living expenses.