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.
Important Information
- Federal financial aid regulations may change without notice.
- Financial aid awards may be adjusted if eligibility changes.
- Students will be notified of award changes through their official NYMC email.
- If total aid exceeds the Cost of Attendance, excess funds must be returned to the highest-interest federal loan first.
Federal Student Loans
Eligibility Requirements
Before receiving federal loans, students must:
- Complete the 2026–2027 FAFSA
- Complete the Annual Student Loan Acknowledgment
- Complete required Master Promissory Notes (if applicable)
- Complete Entrance Counseling (if required)
- Not be in default on previous federal student loans
- Enroll at least half-time
- Maintain satisfactory academic progress
- Be a U.S. citizen or eligible noncitizen
Direct Unsubsidized Loans
Beginning July 1, 2026, new federal borrowing limits take effect.
If you are:
New borrower in your current program (first federal loan after July 1, 2026)
- New annual limits apply
- New lifetime limits apply
Continuing borrower
If you borrowed federal loans in your current program before July 1, 2026, you are grandfathered under the previous rules for:
- up to three years, or
- until your published program length ends,
whichever comes first.
Continuous enrollment is required to maintain grandfathered status.
Annual Loan Limits
|
Year |
Grandfathered Status |
New Rules |
|---|---|---|
|
First Year |
N/A |
$50,000 |
|
Second Year |
$47,167 |
$50,000 |
|
Third Year |
$47,167 |
$50,000 |
|
Fourth Year |
$47,167 |
$50,000 |
**Students enrolled part-time will have annual loan limits prorated under federal regulations.
Lifetime Loan Limits
|
Status |
Lifetime Limit |
|---|---|
|
Grandfathered |
$224,000 |
|
New Rules |
$200,000 ($257,500 combined undergrad/grad/professional limit) |
Interest Rates & Repayment
- 2025–2026 interest rate: 7.94%
- 2026–2027 interest rate: 8.07%
- Origination fee: 1.057%
- Loans are disbursed in two installments (fall and spring). See SOM disbursement dates.
- Repayment begins six months after the grace period or deferment ends.
Direct PLUS Loan for Graduate/Professional Students
Important: Graduate PLUS Loans Are Being Phased Out
Beginning July 1, 2026:
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
will be 9.07%.
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.
Eligible
- Students who borrowed federal loans in their current program before July 1, 2026.
Not Eligible
- Students whose first federal loan in their current program is after July 1, 2026.
- Students who need additional funding should explore Private Student Loans.
Grandfathered Students
- Credit approval required
- Must borrow maximum Unsubsidized Loan first
- May borrow up to Cost of Attendance
- Interest accrues while enrolled
- Interest rates
- Origination fee
- Repayment timeline
Institutional Need-Based Grant (NBG)
Requirements:
- 2026-2027 FAFSA, student (spouse if applicable), and parental income information
- Need-Based Grant Application Form
- Borrow at least the minimum unit loan.
- 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
Before You Apply
- Applications may take 30+ days
- Rates depend on your credit history
- Review your credit report before applying
Review our Private Student Loan Information page for a comprehensive guide to private student loans.
Compare Lenders
Student credit score determines the interest rate and fees. Obtain your free credit report at: AnnualCreditReport.com
ELM Select 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.
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.
Juno Loan Negotiation Program
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.
What is Juno?
A free service that negotiates lower private loan rates by leveraging group purchasing power. Juno provides free 1:1 guidance to thousands of borrowers each year, helping them compare options with confidence.
To note:
- Juno is optional
- There's no credit impact to compare offers
- May provide lower negotiated rates
- No obligation to accept an offer
- Includes one-on-one advising
- NYMC/Touro does not sponsor or endorse Juno
Visit the Juno website or schedule time with a Juno advisor.
Contact the Office of Student Financial Planning at (914) 594-4492 if you have any questions.
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
