How to Apply for Financial Aid

Step 1. Create an FSA ID account

Go to the FSA ID website and create and FSA ID account. An FSA ID gives you access to Federal Student Aid’s online systems and can serve as your legal signature. If you already have an FSA ID, you do not have to register again.

Step 2. Complete and submit the Free Application for Federal Student Aid (FAFSA)

On the 2024-2025 FAFSA, students (spouses and parents, if applicable) will have to report income from the Prior Year, which is the 2022 US income and tax information.

You must consent to use the Direct Data Exchange (DDX) to import 2022 IRS income and tax information onto the FAFSA. The DDX is available to use within FAFSA application. Consent must be provided even if you did not earn income in 2022. If you do not provide consent, your FAFSA will be rejected, which will delay the processing of your aid and disbursements.

You must complete a FAFSA for every year you wish to receive financial aid. 

New York Medical College’s Federal School Code is G02784.

Step 3. Complete and submit the online Need-Based Grant Application

If you are not applying for the Need-Based Grant, you can proceed to step 5.

Due to unprecedented FAFSA delays, our office has decided that If you received the Need-Based Grant in 2023-2024, you can receive the grant again in 2024-2025 (without needing to submit the Need-Based Grant application), providing you complete the 2024-2025 FAFSA AND borrow the minimum unit loan amount.

Submitting the Need-Based Grant Application is still required for:

• The incoming Class of 2028
• Continuing Medical Students who did NOT receive the Need-Based Grant in 2023-2024, but would like to be considered for 2024-2025.

Complete and submit the online Need-Based Grant Application.

To be considered for a Need-Based Grant, 2022 US income is required to be provided for the:

• Student,
• Student’s spouse (if married),
• AND parents

Beginning with the 2024-2025 FAFSA, as medical students, the FAFSA will no longer allow you to input parental data on the FAFSA. If you want to be considered for the Need-Based Grant, 2022 US parental data must still be provided to our office. Your parents can request a 2022 IRS Tax Return Transcript directly from the IRS Transcript Request website. The Need-Based Grant Application will provide further instructions to upload IRS Transcripts to our office.

If you (and your spouse if married) earned income in 2022 and the IRS is unable to transfer your 2022 income via DDX while completing the FAFSA, then a 2022 IRS Return Transcript for you (the student/spouse if married) must also be requested and submitted to the Office of Student Financial Planning. To request the 2022 IRS Return Transcript, please access the IRS Transcript Request website.

Only 2022 IRS Tax Return Transcripts will be accepted. The 1040 Federal IRS form is not verified by the IRS and therefore is not an acceptable document.

Need-Based Grant Applications are reviewed for those who submit a complete application before the Financial Aid Deadline. Need-Based Grant applications received after the Financial Aid Deadline will continue to be reviewed as long as funding remains.

If you ONLY want to be considered for the Direct Unsubsidized loan and the Direct PLUS Loan for Graduate/Professional Students, you DO NOT need to provide parental data.

Step 4.  Annual Student Loan Acknowledgement

This new process allows students to view how much they currently owe in federal student loans and to acknowledge that they have seen this amount.

Please access the StudentAid.gov website, to complete the Annual Student Loan Acknowledgement.

Step 5.  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 Stafford loan amount 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.

Not completing the Master Promissory Note will delay the disbursement of your federal loan funds.

Step 6.  Entrance Counseling(s).

Borrowers who have not completed 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.

Not completing entrance counseling will delay the disbursement of your federal loan funds.

Step 7: Financial Aid Offer Notification

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.

In some cases, you may need to 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.