Application for Financial Aid New York Medical College School of Basic Medical Sciences

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1 Application for Financial Aid New York Medical College School of Basic Medical Sciences New York Medical College, Office of Student Financial Planning, Room 125 C 40 Sunshine Cottage Road, Administration Building, Valhalla, NY IMPORTANT MESSAGES: Students applying for the Payment Plan, through the Bursar s Office, for the current semester, are not eligible to apply for Financial Aid (student loans) AND Students applying for Financial Aid (student loans) MUST be matriculated, attending school at least half-time and a citizen or eligible non-citizen Answer ALL questions, DO NOT leave any blank Are you a continuing student who previously received student loans at New York Medical College? YES NO Are you a NEW matriculated student for the Academic Year? YES NO (Please see message above) If Yes, a copy of the letter from the Admissions Office stating the acceptance as a MATRICULATED student, must be submitted along with your financial aid paperwork. Only NEW matriculated students for the Academic year MUST submit the copy of the acceptance letter. Student s Legal Name Social Security No. Mailing Address Telephone #: Address What MONTH/YEAR will you begin your studies in ? Month Year Semester(s) you will be attending? Fall Spring Fall Only Spring Only What will be your expected date of Graduation? Are you: Male Female Single Married Divorced Number of children While in school, will you: Live off campus Live with parents Live on campus If covered by NYMC Health Insurance, which plan? Single Plan Family Plan Family Plan with Children For NYMC Health Insurance, paperwork must be completed with the Bursar s Office Are you a U.S. Citizen Yes No, Eligible Non-Citizen Number A (Please attach copy of front and back, required EVERY YEAR) (Legal Name) Date

2 Provide the number of people in your household, who you will support between July 1, 2015 and June 30, 2016 and who will also attend college, at least half-time, between July 1, 2015 and June 30, Include yourself on line 1. Relationship to Name student Age Name of Institution 1. self By signing this form, I certify that: 1. I will use student loan funds to pay only for the cost of educational related expenses at this institution 2. I am not in default on a federal student loan or have made satisfactory repayment arrangements 3. Do not owe money back on a federal student grant or have made satisfactory arrangements for repayment and 4. I will notify my school if I default on a student loan TITLE IV FUNDS REFUND POLICY (Federal Loans) New York Medical College s refund policy follows Federal regulations guidelines. If a student withdraws from the College and does not complete 60% of any semester, Federal regulations require that Title IV funds (Federal Loans) be returned to the appropriate Federal loan program. The return of funds will be calculated on a prorated schedule. I have read and understand the above statement. 2

3 READ CAREFULLY, PLEASE ONLY MAKE ONE SELECTION: 1. I have a Federal Direct Stafford Loan Master Promissory Note from having attended AND having received student loan funds at New York Medical College for the Academic Year (A copy of the promissory note does NOT have to be provided to the Office of Student Financial Planning) 2. I have a Federal Direct Stafford Loan Master Promissory Note, from having attended AND having received student loan funds at a previous institution for the Academic Year I am providing the Office of Student Financial Planning with a copy of my previous Promissory Note. I understand the Office of Student Financial Planning WILL NOT continue to process my paperwork until I submit the Federal Direct Stafford Loan Master Promissory Note. To print a copy of your previous Federal Direct Stafford Loan Master Promissory Note, please access the Federal Direct Stafford Loan Master Promissory Note's website, sign into your account, under My Loan Documents choose Completed MPNs. Print and submit, to the Office of Student Financial Planning, page 1 of the promissory note in the PDF format. If NO student loan funds were received for the Academic Year , a new Federal Direct Stafford Loan Master Promissory must be completed and submitted to the Office of Student Financial Planning. Please access the Federal Direct Stafford Loan Master Promissory Note's website to complete the Federal Direct Stafford Loan Master Promissory. 3. I have never borrowed student loan funds. I will access the Federal Direct Stafford Loan Master Promissory Note's website and complete the Federal Direct Stafford Loan Master Promissory. I will submit, page 1 of the promissory note in the PDF format, to the Office of Student Financial Planning, along with my financial aid paperwork. 3

4 STUDENT ENTRANCE COUNSELING SHEET In accordance with the Higher Education Amendment and HEOA, the Office of Student Financial Planning is providing students with information concerning Loan Programs. I UNDERSTAND THE FOLLOWING INFORMATION REGARDING MY STUDENT LOAN(S). 1. I must repay my loans with all accrued interest and deducted fees. 2. I must repay loans within 10 years or the appropriate repayment terms (unless my loans are consolidated). 3. I may prepay all or part of my loan without penalty. 4. The minimum monthly payment for the loan is $50.00 but can be more depending on the total amount borrowed. Repayment will begin as follows: Subsidized and Unsubsidized Stafford following a 6 month grace period, Grad PLUS days after the loan has been fully disbursed or unless a deferment(s) have been arranged. 5. A Master Promissory Note (MPN) is a legal document that may be used for consecutive loan disbursements for up to 10 years. 6. I have read my rights and responsibilities, as stated in the MPN and also found in the Financial Aid website, as it pertains to student loans. 7. The interest rate for my loan(s) is specified in the Promissory Note(s). 8. I must notify my lender or designated agency in writing within 10 days if: Change of name Change of address Change of phone number Change of Graduation date Transfer to another school Enroll less than half time Withdraw from school 9. As at least a half-time student, I am aware that I qualify for an in school deferment a. Half time enrollment: School of H S & Practice at least 6 Credits BMS: At least 4 Credits 10. If I do not qualify for a deferment and I am unable to make payments on my loan (s), I may request a forbearance from the holder (s) of my loan (s) 11. I will be notified in writing if my loans are transferred to a new holder. All future correspondence will then be directed to the new holder. 12. If I fail to repay my student loans, I will be considered in default and the following may result: I may be reported to the National Credit Bureau and have negative credit I may be ineligible to receive any additional Federal/State aid funds My Federal and State tax refund may be withheld My wages may be garnished Liability for collection and legal costs Referral to a collection agency Lost of deferment options Exposure to civil suit 13. I understand how loan funds will be disbursed. 14. I understand the NYMC policy concerning satisfactory academic progress found in the appropriate schools website. 15. I understand that loan repayment is required, regardless of whether I complete my studies. 16. I am aware of the NYMC refund policy. 17. I have read and understand ALL the different loan programs and their terms listed in the NYMC Financial Aid Website, such as, Federal Stafford, Federal Graduate Plus, Perkins loans. 18. I understand that if I withdraw from the school I am currently attending I will contact the appropriate offices; Ex. School of HS & Practice, BMS, Etc. I have read through the information and understand my obligations regarding repayment of my student loans and possible consequences in the event I should default. Date 4

5 Submit this page with pages 1-4 Loan Entrance (continued) New Federal regulations mandate that additional entrance counseling be conducted for those students borrowing Federal Stafford Loans and Federal Graduate PLUS loans by providing sample Maximum Annual Loan Amounts, Aggregate Loan Limits, Average Student Loan Indebtedness. Program of Study Medicine DPT, SL and all other Graduates Maximum Annual Loan Amounts Unsubsidized Grad Plus Total Amount $44,944 * Financial Aid Budget minus any $44,944 + other financial aid received for $20,500 the year $20,500 + *Medical students, only, are eligible for increased Unsubsidized Stafford Loans amounts due to the fact the Federal Heal Program was phased out in 1996 Students must first apply for their annual loan maximum eligibility of the Federal Unsubsidized Stafford Loan before applying for the Federal Graduate PLUS Medicine Aggregate Loan Limits Program of Study Total Unsubsidized Grad PLUS $224,000 No Limit DPT, SL and all other Graduates $138,500 No Limit Program of Study Average Student Loan Indebtedness Estimated Maximum Stafford Borrowing Estimated Maximum Grad PLUS Borrowing Estimated Stafford Monthly Payment* Estimated Grad PLUS Monthly Payment* Medicine $179,776 $104,224 $1,372 $866 DPT $61,500 $91,500 $470 $760 SL** $41,000 $61,000 $472 $737 All other Graduates** $41,000 $25,000 $472 $302 *Based on the Stafford interest rate of 6.8% and Grad Plus of 7.9% and a 20 year repayment **Based on 10 year repayment 5 Date

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