Students 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.
New York Medical College uses the Free Application for Federal Student Aid (FAFSA). This Needs Analysis System, has been created by Congress.
Federal regulations require first time borrowers to complete a Direct Loan Master Promissory Note(s) (Loan Agreement) and an Entrance Counseling. Students should access the Student Loan website to complete the Direct Loan Master Promissory Note(s) (Loan Agreement). The purpose of the Entrance Counseling is to acquaint you with your rights, responsibilities and obligations under the loan programs. Students should access the Student Loan website to complete the Entrance Counseling.
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.
All students are encouraged to communicate with the Office of Student Financial Planning, to discuss any financial aid questions. Federal regulations require a student to apply for the Direct Unsubsidized Loan, before applying for the Direct PLUS Loan for Graduate/Professional Students.
Student loans are disbursed according to the number of semesters you are registered for within an Academic Year. For example, a student requests the maximum $20,500 Direct Unsubsidized Loan for the Fall and Spring semesters. For the first semester, the Department of Education will disburse $10,250, minus any applicable federal mandated origination fees. For the second semester, the Department of Education will disburse the second disbursement of $10,250, minus any applicable federal mandated origination fees.