The following pertains to students enrolled in the following programs in the School of Health Sciences and Practice:
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.
Sources of Federal Financial Aid are only for citizens and eligible noncitizens. International students should contact the Bursar's Office for payment arrangements.
Details of Federal Student Aid programs are subject to legislative and regulatory changes without prior notice.
The Office of Student Financial Planning reserves the right to modify financial aid offers, when required, due to changes in a student’s financial aid eligibility. If there are changes to a student’s offer, an email notification will be sent to the student’s official NYMC email account.
During the Academic Year, a student may receive additional funding that exceeds the maximum assigned financial aid Cost of Attendance/Budget. If this occurs, the Office of Student Financial Planning is required to return the excess amount to the highest interest-bearing loan first, if applicable.
FEDERAL LOANS
(Direct Unsubsidized Loan and Direct PLUS Loan for Graduate/Professional Students)
Requirements:
Direct Unsubsidized Loan
Amount: $20,500 per academic year
Additional information: Interest will accrue while the student is in school and only when the money is disbursed.
For the Academic Year 2023-2024, for loans first disbursed on or after July 1, 2023, the interest rate will be 7.05%
For the Academic Year 2024-2025, for loans first disbursed on or after July 1, 2024, the interest rate has not yet been determined.
For loans first disbursed on or after October 1, 2020, the U.S. Department of Education will deduct a 1.057% origination fee from each loan disbursement. 2023-2024 origination fees have not changed.
The loan will be disbursed according to the number of semesters you are registered for within an Academic Year.
Repayment begins 6 months after the grace period, or an authorized deferment period has finished.
Graduation deferments for new borrowers as of 7/1/93 are limited to:
Direct PLUS Loan for Graduate/Professional Students
The Direct PLUS Loan for Graduate/Professional Students requires credit approval based on the student not having an adverse credit history. To request a copy of your current credit reports and credit scores, please refer to Financial Aid Links.
Federal laws mandate that students must first borrow the maximum annual Direct Unsubsidized loan amount before borrowing the Direct PLUS Loan for Graduate/Professional Students.
Students may request a Graduate PLUS loan amount up to the Cost of Attendance/Budget for the academic year.
Interest will accrue while the student is in school and only when the money is disbursed. The Direct PLUS Loan for Graduate/Professional Students allows students to borrow up to the total Cost of Attendance (budget) minus any financial aid resources received for the Academic Year. The student must be enrolled at least as a half-time student in an eligible program of study.
For the Academic Year 2023-2024, loans first disbursed on or after July 1, 2023, the interest rate will be 8.05%.
For the Academic Year 2024-2025, loans first disbursed on or after July 1, 2024, the interest rate has not yet been determined.
For loans first disbursed on or after October 1, 2020, the U.S. Department of Education will deduct a 4.228% origination fee from each loan disbursement. 2023-2024 origination fees have not changed.
The loan will be disbursed according to the semesters you are registered for within an Academic Year minus any applicable federal mandated origination fees.
Repayment of principal 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.
Federal laws mandate that students must first borrow the maximum annual Direct Unsubsidized loan amount before borrowing the Direct PLUS Loan for Graduate/Professional Students.
Federal Work Study
The Federal Work Study Program is a federally funded employment program. Employment opportunities are available to students who have demonstrated financial need according to the 2024-2025 Free Application for Federal Student Aid (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 $19.00 per hour.
Private Loans
Federal laws require students must review Federal student loan options with the Office of Student Financial Planning before considering applying for a Private Loan. Federal student loans include many benefits not typically offered by Private Lenders. In comparison, private loans are generally more expensive than federal student loans. Please contact the Office of Student Financial Planning at 914-594-4492 for additional advice.
The Veterans Administration Yellow Ribbon Program
The Veterans Administration Yellow Ribbon Program is an extension of the Post 9/11 GI Bill. It enables the VA and private, degree-granting institutions, like New York Medical College, to assist and possibly cover the tuition balance not covered by the Post 9/11 GI Bill benefit. If you have you have any questions about the Yellow Ribbon Program, please contact the SHSP Office of Admissions at 914-594-4510 or visit the Veterans Affairs webpage.