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Types of Aid

The following pertains to students enrolled in these Graduate School of Biomedical Sciences Programs:

  • Accelerated Masters Program
  • Clinical Laboratory Sciences Program
  • Dental Linker Program
  • Two-Year M.S Block Program
  • Per Credit Programs

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.

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:

  1. 2024-2025 Free Application for Federal Student Aid (FAFSA)
  2. Annual Student Loan Acknowledgment
  3. Direct Subsidized/Unsubsidized Loan Master Promissory Note (Loan Agreement), if required
  4. Direct Subsidized/Unsubsidized Loan Entrance Counseling, if required
  5. No previous student loan default problems
  6. Register classes and maintain at least half-time enrollment in courses that fulfill degree requirements
  7. Maintain satisfactory academic progress
  8. US Citizen or Eligible Noncitizen

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 loans first disbursed on or after July 1, 2023 – June 30, 2024, 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 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.

Graduation deferments for new borrowers as of 7/1/93 are limited to: 

  1. In school
  2. Economic hardship
  3. Unemployment

Direct PLUS Loan for Graduate/Professional Students

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.

Loans first disbursed on or after July 1, 2023 – June 30, 2024, 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 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 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 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. 

College 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. 

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.