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 award all matriculated MD students with three-year Full-Tuition Scholarships, regardless of financial need or merit. We also offer additional need-based Debt-Free Scholarships to those who financially qualify. The annual amount of need-based scholarship funding is determined using required student, parental, and spousal (if applicable) financial information from the Free Application for Federal Student Aid (FAFSA) and CSS Profile and verified by the Office of Financial Aid.

NYU Long Island School of Medicine Scholarships

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

Students who wish to be considered for additional need-based financial support to cover attendance costs that exceed tuition can apply for our Debt-Free Scholarship. We use the combined FAFSA and CSS Profile calculations to determine your annual estimated family contribution (EFC). NYU Long Island School of Medicine will meet any shortfall between the EFC amount and the remaining costs of attendance that exceed tuition with a need-based Debt-Free Scholarship. Students who have an EFC that is calculated to be higher than the remaining cost of attendance are not eligible to receive our need-based Debt-Free Scholarship.

Federal Loans

Federal long-term, guaranteed loans directly from the U.S. Department of Education are available to qualified students who may not be eligible for our need-based Debt-Free scholarships, but who still need additional financial support to pay for their costs of attendance that exceed tuition. These loans can be used by students to cover educational expenses, regardless of financial need.

The interest rate is 6.54 percent for Direct Unsubsidized Loans disbursed from July 1, 2022 to July 1, 2023. Additionally, the U.S. Department of Education charges a 1.057 percent origination fee on all loans disbursed from October 1, 2020 to October 1, 2023. Interest rates for the 2023–24 academic year will be set in May 2023.

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 and international students may not apply for federal loans but are eligible to receive our Full-Tuition Scholarship and to apply for need-based Debt-Free Scholarships by completing the CSS Profile.

Federal Loan Repayment and Deferral

You begin repaying Direct Unsubsidized Loans and any 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.