OFF-CAMPUS FINANCIAL AID PROGRAMS

FEDERAL SUBSIDIZED STAFFORD LOAN

Eligibility and Program Description - Effective for enrollment periods beginning October 1, 1993, Medical students can now borrow a maximum of $8,500. per year up to an aggregate limit of $65,000. for undergraduate and graduate study. This is a need based loan program, and eligibility is determined by the information provided by the student on the FAFSA. The total amount received cannot exceed the cost of education for the year, minus all other financial aid received and expected family contribution for the period of the loan. Costs that may be covered include tuition and fees, room and board, travel and an allowance for personal expenses.

Interest Rate and Charges - The Deficit Reduction Act of 2005 established a fixed rate of 6.8% for the life of the loan (i.e., in-school and periods of deferment and repayment). A federal default fee of up to 1% of the loanprincipal may be taken out of each new Stafford loan.  An origination fee of 2% of the loan may be due at the time the check is disbursed.  Fees will vary by lender.

Repayment - There is a six month grace period after program completion before the repayment period commences. Effective for borrowers whose first Stafford disbursement is made after July 1, 1993, the two year deferment for medical interns and residents is eliminated.

There is a 3 year deferment based on "economic hardship" for borrowers whose first disbursement is made after July 1, 1993. Economic hardship will be defined by the Secretary of Education, with income and debt to income ratio as primary factors.

Lenders will grant forbearance, renewable at 12 month intervals for the duration of internship or residency. The form of forbearance will be the temporary cessation of payments, unless the borrower indicates otherwise.

The maximum repayment period of 10 years will exclude authorized deferment periods (which also include full-time study or approved graduate fellowship program; military service; Peace Corps service; service under the Domestic Volunteer Service Act (e.g., VISTA); rehabilitation training programs for disabled individuals; unemployment; Commissioned Corps of the Public Health Service; volunteer for a tax-exempt organization; and temporary disability) and periods of forbearance.

Lenders are required to offer borrowers a graduated or income sensitive repayment schedule.

FEDERAL UNSUBSIDIZED STAFFORD LOANS

Aggregate loan limit: There is a combined aggregate loan limit of $189,125 for Subsidized and Unsubsidized Stafford loans.  The Unsubsidized loan limit is less any Subsidized loan amount.

Interest rate and charges: The interest rate is the same as for the Subsidized Stafford Loan; fixed at 6.8% for the life of the loan. Unlike the Subsidized Stafford Loan, the student is responsible for the interest while in school and during any periods of grace or deferment.  The option exists to have the interest deferred during the in-school period. This interest is capitalized once, at program completion. Capitalization policies will vary by lender.  There is a 2% origination fee and a 1% federal default fee, which may be deducted from the loan proceeds at the time of disbursement.  These fees will vary by lender.

Repayment Terms, Application Procedure and Disbursement Procedure: these conditions are the same for both the Subsidized and Unsubsidized Stafford loans. Please see above.

GRADUATE PLUS LOAN

Eligibility and Program Description:  Effective for enrollment periods begining July 1, 2006, medical students who are enrolled at least half time in an eligible school may participate in the Grad PLUS program.  Borrowers must meet credit eligibility criteria as indicated in the Federal PLUS loan Master Promissory Note.  The annual loan limit is the cost of attendance minus other aid received; there is no aggregate limit.

Interest rate and charges:  For loans first disbursed after July 1, 2006, the interest rate is fixed at 8.5% for the life of the loan.  This is an unsubsidized loan, the accrued interest will capitalize once at repayment.  There is no federal default fee. A 3% originaiton fee will be deducted from the loan proceeds at the time of disbursement.

Repayment:  Repayment begins on the final date of disbursement of after leaving school, or changing to less than half-time status.  In-school deferments are available, and deferment and forbearance options are available for residency.  Borrowers have a maximum of 10 years to repay.

Eligibility and Program Description - TAP is an entitlement grant program funded by New York State. There is neither a qualifying examination nor a limited number of awards. The applicant must be:

1. a New York State resident;


2. a United States citizen, permanent resident alien, refugee, or paroled refugee or conditional entrant;


3. enrolled full-time and matriculated in a graduate or undergraduate degree program in an approved institution in New York State;


4. in good academic standing;


5. if financially dependent of parents, have a family net taxable State income below $20,000 for the prior tax year. If independent of parents and single with no tax dependents, have a net taxable income below $5667 (The rules for being considered independent of parents are detailed in the TAP Student Payment Application booklet).


6. not in default on a Stafford Loan or ALAS loan.

Application and Disbursement - New York State residents may file the standard Student Payment Application with the New York State Higher Education Services Corporation, 99 Washington Avenue, Albany, NY 12255. This application must be postmarked no later than March 31 of the academic year for which the student applies. The academic year starts July 1 and ends June 30.

The TAP funds are forwarded by the New York State Higher Education Services Corporation directly to the University's Bursar's Office. This office will verify the student status and apply the TAP funds to the student's account if previously deferred, or forward the funds to the student.

As with other forms of financial aid, the application and disbursement processes take at least four months.

Range of Awards -Eligible medical students receive a maximum of $275 per semester and a minimum of $75.00 per semester.

VETERANS EDUCATIONAL BENEFITS

Students who are eligible for veterans' benefits should obtain an application from the Veterans Affairs Office on campus, Room 347 Administration Building. Incoming students who are veterans are advised to contact the Veterans Affairs Office concerning these benefits as soon as possible.

These benefits are available to veterans who were in the U.S. Armed Forces between 1955 and 1977. There is also aid for children, spouses, and survivors if the veteran suffered a service-connected death or disability, or is missing in action.

Deferments based on veteran's benefits may be obtained by submitting to the Bursar's Office a copy of the deferment form prepared and signed by the University Veterans Affairs Office. Veterans, whose educational benefits are paid directly to the University, must present an Eligibility Award Certificate from the Veterans Administration to the Bursar's Office.

REGENTS HEALTH CARE SCHOLARSHIPS

Legal residents of New York State enrolled in Medicine and Dental Medicine are eligible to apply for Regents Health Care Scholarships. Awards range from $1,000 to $10,000 per year for up to four years of study. Awards shall not exceed the actual cost of attendance.

These scholarships are made to eligible candidates in the following order: First priority will be given to any candidate who is both economically disadvantaged and a minority group member historically underrepresented in the profession; second priority will be given to any candidate who is a minority group member underrepresented in the profession; third priority will be given to any candidate who is graduate of one of these State sponsored opportunity programs: SEEK or College Discovery at City University, EOP in the State System or HEOP at an independent college.

An agreement to satisfy a service commitment is required to receive the above scholarship. Health Care Scholarship recipients must agree to practice in an area or a facility within New York State designated by the Regents as having a shortage of physicians.

Applications are available from the School of Medicine, Office of Student Affairs or directly from the Bureau of Higher and Professional Educational Testing, telephone number (518) 474-6394. The application deadline is June 1 of the year for which you are applying.