New York Medical College

A student must be matriculated, registered for half-time status, maintain satisfactory academic progress in a degree-granting program and either a US citizen or eligible noncitizen to qualify for Financial Aid.

Half-Time status is 2 credits in the Summer and 4 credits in Fall and Spring.
Full-Time status is 4 credits in the Summer and 8 credits in Fall and Spring.

Credits taken must meet degree requirements to qualify for federal aid.

For 2026/2027, there are federal loan proration requirements for students who are less than full time. If you plan to enroll part time, these new requirements will apply to you.

Sources of Federal Financial Aid are only for citizens and eligible noncitizens. International students should contact the Bursar's Office for payment arrangements.

The following information regarding sources of financial aid is 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. The Office of Student Financial Planning will review any outside aid a student receives to determine if the total amount of aid received, exceeds the maximum assigned financial aid Cost of Attendance (budget).

Federal Loans

(Direct Unsubsidized Loan and Direct PLUS Loan for Graduate/Professional Students)

Requirements:

2026-2027 Free Application for Federal Student Aid (FAFSA)
Annual Student Loan Acknowledgment
Direct Subsidized/Unsubsidized Loan Master Promissory Note (Loan Agreement), if required
Direct Subsidized/Unsubsidized Loan Entrance Counseling, if required
No previous student loan default
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

As of 7/1/2026, there are new annual loan limits and lifetime loan limits.

If you are borrowing for the first time in your current program of study and your loan will disburse after 7/1/2026, the new rules will apply to you.
If you are a continuing student that has borrowed federal loans in your current program of study prior to 7/1/2026, you will be grandfathered into the old rules for 3-years or until complete your program of study, whichever is shorter.

Annual Loan Limit Amount: $20,500 per academic year

Additional information: Interest will accrue while the student is in school and only when the money is disbursed.

**Adhering to new federal regulations, the annual federal loan amount will be prorated for students who enroll part-time**

Lifetime Loan Limits:

Lifetime Unsubsidized Loan Limits	Have Taken Unsub Loan in Program Prior to 7/1/26	First Unsub Loan in Program After 7/1/26
Total	$138,500 (Not including Grad Plus loans)	$100,000 (Grad Plus loans are eliminated)

Additional information: Interest will accrue while the student is in school and only when the money is disbursed.

For the Academic Year 2025-2026, for loans first disbursed on or after July 1, 2025, the interest rate will be 7.94%

For the Academic Year 2026-2027, for loans first disbursed on or after July 1, 2026, the interest rate has not yet been determined by the US Department of Education

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 according to the semesters you are registered for within an academic year. If the academic year has two semesters (fall and spring) the loan will be disbursed in two installments; if the academic year has three semesters (summer, fall, spring) the loan will be disbursed in three installments. See GSBMS disbursement dates.

Repayment begins 6 months after the grace period, or an authorized deferment period has finished.

Direct PLUS Loan for Graduate/Professional Students

There are new Federal Loan Regulations as of 7/1/2026.

Graduate Plus loans will only be available to students who have had a federal loan disbursed prior to 7/1/2026 in their current program of study. These students will be grandfathered into the old rules and can continue to apply for Graduate Plus loans for 3-years or until you complete your program of study, whichever is shorter.

Students who have not borrowed a federal loan in their current program of study as of 7/1/2026 will be ineligible as Graduate Plus loans are being eliminated by the Department of Education. Students who need additional loan funding after utilizing the Unsubsidized loan, can apply for Private Student Loans, which are described further down this page.

For Students Grandfathered into the Old Rules:

Credit approval is based on the student not having an adverse credit history. To request a copy of your current credit reports and credit scores, please see the helpful financial aid links on NYMC Financial Aid.

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.

Interest will accrue while the student is in school and only when the money is disbursed. The Graduate 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 2025-2026, loans first disbursed on or after July 1, 2025, the interest rate will be 8.94%.

For the Academic Year 2026-2027, loans first disbursed on or after July 1, 2026, the interest rate has not yet been determined by the US Department of Education.

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.

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.

Private Student Loans

Review our Private Student Loan Information page for a comprehensive guide to private student loans.

Please note that the private student loan application process can take up to 30 days or more.

The student's credit score determines the interest rate and fees for Private Student Loans. We advise students to obtain their credit report to verify that the information used to determine their rate is accurate and up to date. It is always important to ensure that information reported to credit bureaus is correct. You can obtain your free credit report at: AnnualCreditReport.com

New York Medical College provides access to ELM Select, a free comparison tool that allows you to review and compare private loan terms and rates side-by-side before submitting an application or undergoing a credit check.

You are not required to use any of the lenders listed on ELM Select. Borrowers have the right to select any participating lender or loan program they prefer.

We believe the information presented on this site is unbiased, thorough, and clearly presented but you may choose any participating program or lender you wish. Please note that neither New York Medical College nor any of its employees have received benefits of any kind in exchange for providing this list of lenders on the website.

Collective Bargaining with Juno

Touro University does not sponsor Juno, and students have no obligation to utilize their services. Touro is providing access to these services strictly as an independent resource for students to evaluate all options in their ability to obtain loans to fund their education. The links provided are solely provided as a courtesy; Touro University does not endorse any lender included and cannot recommend specific lenders. Borrowers may select the lender of their choice.

Juno organizes large groups of students to negotiate better loan terms and lower interest rates with lenders. Borrowers complete a brief questionnaire with no impact on their credit score. More students signing up generates more negotiation power.

The winning lender (or lenders) agree to provide Juno members with lower cost options, including exclusive discounts or cash back on standard rates. These terms are often significantly more competitive than what students could secure on their own and there is no obligation to accept the loan offered. The listing through Juno represents lenders who have negotiated better terms for their members and is not inclusive of all private loan lenders available to students.

Juno also provides free 1:1 guidance to thousands of borrowers each year, helping them compare options with confidence.

Visit the Juno website or schedule time with a Juno advisor.

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 2026-2027 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.

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.