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Scholarships and Need-Based Grants

New York Medical College (NYMC) provides funding for scholarships and need-based grants for a limited number of qualified students. These funds are provided from NYMC funds and contributions to the school, in particular, from alumni. Eligible students must be in good academic standing and or demonstrate need.

Scholarships

Admissions scholarships are awarded to advance programmatic or strategic initiatives of the College, which can change from year to year. A scholarship award may be made for one or a maximum of four years depending on the type of scholarship. Scholarships are subject to change based on financial awards made from other NYMC sources.

Need-Based Grants (NBG)

Need-Based Grants are awarded based on demonstrated financial need on an annual basis. Applications may be submitted each academic year. Eligibility for consideration for receipt of a NBG requires:

  • Completion of a current FAFSA, including student (spouse if applicable) US Income information and asset information
  • Completion of the Need-Based Grant Application for the current academic year
  • Parental U.S. income information provided via IRS Tax Return Transcript
  • Borrow, at least, the minimum unit loan amount* designated each year
  • Provide any additional paperwork required by the Office of Student Financial Planning

*Unit loan is the minimum amount of student loan required to be borrowed, to be considered for a NBG. The amount will be designated by the Office of Student Financial Planning each year.

NBG Information for 2024-2025

A student who will borrow a combined unit loan of at least $63,000 of federal loans ONLY (Ex: Direct Unsubsidized Stafford loan, Direct PLUS loan for Graduate Professional students), will be considered for a Need-Based Grant.

  • Final determination whether or not a student receives an award will be made when the student's file is complete.
  • A student can receive NBG award consideration only once per class year and only four times total as a medical student at NYMC.
  • Student and Spouse (if applicable) 2022 U.S. income and asset information must be included on the 2024-2025 FAFSA.
  • Parental U.S. income information provided via IRS Tax Return Transcript
  • Provide any additional documents requested by the Office of Student Financial Planning.

For the 2024-2025 award year, due to FAFSA delays, Continuing Medical Students who received the NBG in 2023-2024 may receive it again without submitting the Need-Based Grant Application, providing the student files a 2024-2025 FAFSA AND borrows the required unit loan amount. 

Need-Based Grant Applications are required to be submitted for the:

  • Incoming Class of 2028
  • Continuing students who did not receive the NBG is 2023-2024, but wants to apply for 2024-2025

NYMC admissions scholarships and NBG may not exceed a total of $30,000. This is to ensure more students can receive need-based funds, which is a limited resource. NBG offers may be reduced or removed so combined funding does not exceed $30,000.