Policy on Payment of Tuition and Fees by Foreign Medical Students in the School of Medicine

I. PURPOSE 

To establish guidelines for the payment of tuition and fees by medical students matriculating in the New York Medical College (NYMC) School of Medicine (SOM) who are not United States citizens or permanent residents. 

II. POLICY 

It is the policy of NYMC to request payment, in advance, for tuition, health insurance and fees for the four (4) year course of study in the NYMC SOM. 

III. SCOPE 

This policy applies to all foreign medical students. 

IV. DEFINITION 

Foreign Students – Those students who are not United States citizens or permanent residents. These students are not eligible for federal student aid under the Higher Education Act of 1965, as amended. 

V. PROCEDURES 

A. Any applicant for admission to the NYMC SOM who is not a United States citizen or permanent resident of the United States will be accepted for admission only under the following conditions: 

1. On or before July 1 of the year of matriculation, the accepted applicant must prepay a sum of money equal to the estimated tuition, health insurance and fees for the full four (4) year course of study at New York Medical College; or 

2. On or before July 1 of the year of matriculation, the accepted applicant must prepay a sum of money equal to the estimated tuition, health insurance and fees for the first two (2) years of the four (4) year course of study at NYMC SOM and the applicant agrees to prepay a sum of money equal to the estimated tuition, health insurance and fees for an additional year of the four-year course of study at the College on or before July 1 of each successive year; and the applicant provides a signed guarantee from a U.S. citizen, with credit worthiness acceptable to NYMC, to take responsibility for payment of any unpaid tuition, health insurance and fees if the applicant does not meet his/her obligation for additional prepayments before the start of the second and/or third years of the program. 

B. Details of this requirement will be sent in the applicant's Letter of Conditional Acceptance. 

C. The amount paid to NYMC will be recorded and tracked by the Accounting Department and Bursar’s Office.

D. Funds will be applied to the student’s account each term to cover the tuition, health insurance, and fees by the Bursar’s Office as they become due.  

E. Interest will be calculated and credited to the student's balance biannually (in December and June) based on the current 6-month CD rates as provided by the College’s financial institution.  

F. A Tuition Deposit Agreement and Guarantor Agreement, if applicable, will be drafted and approved by the Office of the General Counsel. The student and the obligor must sign the agreement(s) and remit with payment.  

G. On July 1, the Bursar Office will inform the SOM Office of Admissions and Office of International Students of any applicant who has not met the escrow requirements.  The applicants will be withdrawn by admissions, and any documentation issued through the Office of International Students will be voided.

H. If the student withdraws or is dismissed from NYMC SOM, any balance existing will be refunded to the student after all obligations for tuition, health insurance, fees, and housing are satisfied. 

I. The Bursar’s Office will review the student balances of fourth-year students, prior to the beginning of the academic year, to determine that the balance is sufficient to pay for tuition and fees. Payment will be requested from any student whose account is insufficient. 

J. The SOM Office of Admissions will:

1. notify the Bursar’s Office , by memo, indicating those students who have been conditionally accepted with a foreign student status; and

2. Send the applicant a Letter of Conditional Acceptance.

VI. EFFECTIVE DATE

This policy is effective immediately.

VII. POLICY MANAGEMENT

Executive Stakeholder: Dean, School of Medicine
Oversight Office: SOM Office of Admissions