Types of Aid
The following information regarding sources of 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 financial aid, 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.
Loans
(Direct Unsubsidized Loan and Direct PLUS Loan for Graduate/Professional Students)
Requirements:
- 2024-2025 Free Application for Federal Student Aid (FAFSA)
- Annual Student Loan Acknowledgment
- Direct Unsubsidized Loan Master Promissory Note and PLUS Master Promissory Note (Loan Agreement), if required
- Direct Subsidized/Unsubsidized Loan Entrance Counseling, if required
- No previous student loan default problems
- Register classes and maintain at least half-time enrollment in courses that fulfill degree requirements
- Maintain satisfactory academic progress
- US Citizen or Eligible Noncitizen
Direct Unsubsidized Loan
Based on the number of months established in the academic calendar, students will be able to borrow up to the following amounts in the Direct Unsubsidized loan.
- First Year (class of 2028): up to $42,772 in the Direct Unsubsidized loan.
- Second Year (class of 2027): up to $44,944 in the Direct Unsubsidized loan.
- Third Year (class of 2026) up to $47,167 in the Direct Unsubsidized loan.
- Fourth Year (class of 2025) up to $47,167 in the Direct Unsubsidized loan.
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 will be 8.083%
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. Origination fees have not changed.
The loan will be disbursed in two installments. This means you will receive half of your loan for the fall semester and half for the spring semester, minus any applicable federal-mandated origination fees. See SOM disbursement dates.
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:
- In school
- Economic hardship
- Unemployment
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 will be 9.083%.
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. Origination fees have not changed.
The loan will be disbursed in two installments. This means that you will receive half of your loan for the fall semester and half for the spring semester, minus any applicable federal mandated origination fees. See SOM disbursement dates.
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.
Institutional Need-Based Grant (NBG)
Requirements:
- 2024-2025 Free Application for Federal Student Aid (FAFSA) including student (spouse if applicable) and parental US
- Income and asset information
- Need-Based Grant Application Form
- Borrow at least the minimum “unit loan”, the amount will be designated each year.
- Provide any additional paperwork required by the Office of Student Financial Planning
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New York Medical College provides funding for scholarships and need-based grants for a limited number of qualified students. Eligible students must meet the requirements of satisfactory academic progress. Funding is available for no more than 4 years of medical education. For more information, please access the NYMC Scholarship and Need Based Grants.
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.
Federal Work Study
The Federal College 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.
External Scholarships
National Medical Fellowships (NMF)
To qualify, an applicant must be a US citizen from one of the following underrepresented minority groups as defined by NMF: American Black, Mexican American, American Indian and mainland Puerto Rican. NMF is a non-profit organization which provides grants-in-aid for first- and second-year students judged by NMF to be in need of financial assistance. Application may be obtained from the National Medical Fellowships Inc., 347 Fifth Ave., Suite 510, New York, New York 10016. For further information call (212) 483-8880 or visit the National Medical Fellowships website.
National Health Service Corps Scholarships
The scholarship pays tuition, fees, other educational costs and provides a stipend for living expenses, in return for a service commitment at an NHSC approved site in a medically underserved area. For further information call 1-800-638-0824 or visit the National Health Service Corps Scholarships website.
Armed Forces Health Professions Scholarships
The scholarships provide payment of direct educational costs (tuition, fees, books, etc.,) and a stipend for living expenses. Each carries a service commitment. For additional information, visit the respective armed services branch websites’:
Army website or 1-800-872-2769
