Applying for Financial Aid as an MD Student
The majority of students who enroll in NYU School of Medicine’s MD degree programs apply for financial aid. Just two applications—the Free Application for Federal Student Aid® (FAFSA®) and a College Board CSS/Financial Aid PROFILE®—are required to be considered for all types of institutional and federal aid available, including scholarships and loans.
To complete the applications, you submit financial information about yourself, your parents, and if applicable, your spouse. You need the following items:
- federal income tax returns: all pages and schedules filed
- W-2 form(s)
- NYU School of Medicine FAFSA® institutional code, 002785
- College Board CSS/Financial Aid PROFILE® institutional code, 2234
- a federal student aid identification number (FSA ID), issued by the U.S. Department of Education’s Federal Student Aid office
We consider each student’s entire financial situation when determining the appropriate financial aid package. Because you are a graduate student, you are considered an independent applicant under federal guidelines. That means that your parents’ financial information is not required to complete the FAFSA®.
However, as is the case with many other medical schools, parental and spousal financial information is required for a student to be considered for NYU School of Medicine need-based institutional financial aid and should be reported on the College Board CSS/Financial Aid PROFILE®. In cases of divorced, separated, widowed, or unmarried parents, we require students to provide financial information for both biological and custodial parents.
We ask for this information because the time commitment required to complete medical training is so great that most medical students don’t earn an income (although work-study options may be available). If we considered only applicants’ personal financial information, everyone would look similar. Collecting parents’ and spouses’ financial information helps us determine which students have a safety net if an emergency arises and which have the greatest need for supporting funds.
If your family has experienced a major change in financial circumstances that you believe is not represented on current income tax forms, schedule an appointment with a financial aid staff member to discuss how the change may affect the aid you receive.
Financial Aid Tax Information, Dates, and Deadlines
The U.S. Department of Education recently changed the federal financial aid application process to make it easier for students to apply for aid earlier and with fewer errors.
In previous years, the FAFSA® became available January 1 and was due by March 1 for new students and April 1 for returning students. Students were required to submit tax information from the year prior to the year they intended to enroll in college. As a result, students often used income and tax estimates to complete the FAFSA® and then replaced the estimates with actual amounts after they filed their taxes.
Under the new rules, you use older income and tax information, which can be imported automatically into the FAFSA® using the Internal Revenue Service Data Retrieval Tool. Also, these new rules allow students planning to attend NYU School of Medicine in the 2017–18 academic year to start the FAFSA® application process as early as October 1, 2016, using income and tax information from 2015. New and returning students can submit for the 2017–18 school year through June 30, 2018.
Students planning to attend school in the 2018–19 academic year can submit the FAFSA® as early as October 1, 2017, using income and tax information from 2016. New and returning students can submit for the 2018–19 school year through June 30, 2019.
We recommend that you submit your FAFSA® as early as possible, and no later than our March 1 deadline, so that the broadest range of funds is available.
The deadline for completing your College Board CSS/Financial Aid PROFILE® in order to be considered for NYU School of Medicine loans and need-based scholarships is March 1 of each year.
If you are not planning on filing a tax return, you must submit a tax waiver form as part of your application materials to declare exemption.
Other Factors That Influence Financial Aid Awards
Certain federal loan programs place a cap on the amount students are allowed to borrow over the course of their education. Prior loans for undergraduate and other graduate degrees are assessed as part of the financial aid process to determine whether students are within the borrowing limits of a particular loan program.
Additional institutional funds may be available for students who belong to a single household with more than one student enrolled in college at the same time. That information can be included in your financial aid application materials.
Undergraduate Loan Deferment
After classes begin, the Office of Registration and Student Records at NYU School of Medicine notifies the National Student Clearinghouse, a centralized student database, that you are a full-time graduate student. Most lending agencies automatically check this database and place your undergraduate loans on “in-school” deferment.
However, if you have lenders who do not use the National Student Clearinghouse, you may need to fill out deferment paperwork. If you are not sure how to defer existing loans, make an appointment with the financial aid office for help.
For questions about the financial aid process or to schedule a counseling session, contact the Office of Financial Aid at firstname.lastname@example.org or 212-263-5286.