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.
The following information regarding sources of Federal 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.
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 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
- 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.
|
Annual Unsubsidized Loan Limits |
Grandfathered Status: Have Taken Unsub Loan in Program Prior to 7/1/26 |
New Rules: First Unsub Loan in Program After 7/1/26 |
|
First Year (Class of 2030) |
N/A |
$50,000 |
|
Second Year (Class of 2029) |
$47,167 |
$50,000 |
|
Third Year (Class of 2028) |
$47,167 |
$50,000 |
|
Fourth Year (Class of 2027) |
$47,167 |
$50,000 |
**Adhering to new federal regulations, the annual federal loan amount will be prorated for students who enroll part-time**
|
Lifetime Unsubsidized Loan Limits |
Grandfathered Status: Have Taken Unsub Loan in Program Prior to 7/1/26 |
New Rules: First Unsub Loan in Program After 7/1/26 |
|
Total |
$224,000 |
$200,000 |
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 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.
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:
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 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.
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:
- 2026-2027 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
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 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 (opens in a new tab) or schedule time with a Juno advisor (opens in a new tab).
Please contact the Office of Student Financial Planning at (914) 594-4492 if you have any questions as you navigate this Private Student Loan process.
External Scholarships
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
