Types of Financial Aid | NYU Long Island School of Medicine | NYU Langone Health

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Financial Aid for MD Students Types of Financial Aid

Types of Financial Aid

NYU Long Island School of Medicine is proud to provide all matriculated MD students a Full-Tuition Scholarship, regardless of financial need or merit. We also offer an additional need-based Debt-Free Scholarship to those who qualify.

Students must be in compliance with NYU Long Island School of Medicine’s Satisfactory Academic Progress Policy in order to maintain their Full-Tuition Scholarship eligibility.

NYU Long Island School of Medicine Scholarships

Every student admitted into the MD program at NYU Long Island School of Medicine automatically receives a scholarship to cover the full cost of our medical school tuition. No application is necessary to receive the Full-Tuition Scholarship.

Students who wish to be considered for additional need-based scholarship support for attendance costs beyond medical school tuition can apply for our new need-based Debt-Free Scholarship starting with the 2021–22 academic year. We use information from the Free Application for Federal Student Aid (FAFSA) and the College Scholarship Service (CSS) Profile to determine your individual and/or family contributions to finance your medical education. Our financial aid team then provides additional scholarship support to cover any unmet need.

Federal Loans

U.S. citizens and permanent residents may apply for Direct Unsubsidized Loans by completing the FAFSA. Students in the Deferred Action for Childhood Arrivals (DACA) program are not eligible for federal loans but receive a Full-Tuition Scholarship and may apply for our need-based Debt-Free Scholarship to assist with other educational expenses by completing a CSS Profile.

International students are not eligible for federal loans but receive a Full-Tuition Scholarship and may apply for our need-based Debt-Free Scholarship to assist with other educational expenses by completing a CSS Profile.

Types of Loans

Students seeking additional funds to cover medical school costs also have a few federal loan options. Federal loans are long-term, guaranteed loans directly from the U.S. Department of Education. These are used to cover educational expenses, regardless of financial need.

Direct Unsubsidized Loan Program

The interest rate for the 2021–22 academic year is 5.28 percent with a standard 10-year repayment term. The Department of Education charges a 1.057 percent origination fee at the time of disbursement.

Direct Graduate PLUS Loan Program

Students enrolled at least half-time can borrow up to the cost of attendance, excluding any other financial aid received, with Direct Graduate PLUS Loans. The interest rate for the 2021–22 academic year is 6.28 percent with a standard 10-year repayment term. The Department of Education charges a 4.228 percent origination fee at disbursement.

Direct Graduate PLUS Loans are credit ready, which means you undergo a credit analysis to be approved for this loan. However, these credit checks are less stringent than those you undergo for private loans.

Federal Loan Repayment and Deferral

You begin repaying Direct Unsubsidized Loans and Direct Graduate PLUS Loans six months after your enrollment as a full-time student ends. Interest on federal loans accrues while you’re in school and during grace and deferment periods, although you may postpone interest payments until the end of a grace period.

If you have any unpaid interest remaining at the end of the grace period, it is added into the principal balance. Your repayment plan is based on this new principal balance. Federal loans cannot be deferred during your residency training. However, you may opt-in to an income-adjusted payment plan to lower your initial loan payments or request forbearance. With a forbearance, you do not make any payments for the requested time period, but interest accrues and is added to the loan’s principal balance.

Federal Scholarship Programs

The U.S. government offers several different types of scholarships for students seeking financial assistance to attend medical school.

National Health Service Corps Scholarship Program
Indian Health Service Scholarship Program
Armed Forces Health Professions Scholarship Program

Other Scholarship Opportunities

Students may also be eligible for a variety private scholarships. As a starting point, we recommend searching the following resources to see if you meet eligibility requirements for additional funding:

AAMC’s Hebert W. Nickens Medical Student Scholarship
AMA Foundation Excellence in Medicine Awards
AMA Foundation Physicians of Tomorrow Scholarship
Berger and Green Heart Disease Scholarship
Fastweb Medical School and Pre-Med Scholarships
George Sink, P.A., Injury Lawyers Veterans and Military Family Scholarship
The Leopold Schepp Foundation
Medical Malpractice Help Community Service Scholarship
National Medical Fellowships’ Scholarships
Osmosis Raise the Line Scholarship
Scholarship from American Academy of CPR and First Aid, Inc.
Tylenol Future Care Scholarship
United Health Foundation/National Medical Fellowships Diverse Medical Scholars Program

This is not a comprehensive list of scholarships for medical students. In addition to the resources listed, applicants are encouraged to do their own research on funding sources.