NEWLY ACCEPTED STUDENTS AND ENROLLED STUDENTS: Please visit the FINANCIAL AID page under STUDENTS for the instructions and links you need to apply online for financial aid, access your award letter, complete entrance and exit interviews, etc. Continue to refer to this page for general information.
Financial Aid at NYCPM is awarded on the basis of demonstrated financial need; the availability of Federal resources and the amount of institutional scholarship money available. All students applying for financial aid should also attempt to secure assistance through outside lending institutions. NYCPM is eligible to participate in the following loan programs:
· Subsidized Stafford/Direct Lending Program
· Unsubsidized Stafford/Direct Lending Program
· Federal Perkins Loans
· Federal College Work Study (CWS)
· Health Professions Student Loans (HPSL)
· Loans for Disadvantaged Students (LDS)
· Scholarships for Disadvantaged Students (SDS)
Guidelines for Financial Aid
The Department of Financial Aid follows the guidelines established by the Federal Government for awarding student aid. Virtually all student aid programs require that the student establish a need for financial assistance before being considered. At present, 95% of NYCPM students receive some form of financial aid. A student’s need is determined by a standard procedure in order to assume equity in the treatment of all borrowers. For this purpose, the New York College of Podiatric Medicine employs what is called the “Needs Analysis System” which requires the submission of the Free Application for Federal Student Aid (FAFSA).
Financial Aid is awarded on the basis of an academic year which consists of two semesters. Generally, for upperclassmen, the first semester begins in June/July and the second in January, ending the academic year in May. The academic year for First-Year students begins in September and ends in May.
Student financial assistance is never automatically renewed. Students are expected to file an application for renewal of student aid each academic year. The amount of financial assistance is subject to adjustment, each year, depending upon the student’s financial need and the availability of student aid funds. It is the prerogative of the Financial Aid Office to adjust awards or alter the composition of the student’s package as circumstances dictate.
When the College has reviewed a student’s application and all its supporting documentation, the student will receive notification of his/her eligibility for financial aid. An award letter is mailed to the student with further instructions to ensure proper credit of the financial aid award to be applied toward the student’s tuition and other education expenses.
Students may wish to provide the Financial Aid Office with information beyond that requested on the FAFSA which would be helpful in the College’s consideration of his/her request for aid. Such requests should be submitted in letter form to the Financial Aid Office no later than three weeks after the date of filing these reports. Although the College will accept material after that time, there is no guarantee that the level of funding of college commitments at the later date will permit adjustment of awards.
All documents, correspondence and conversations with the applicant, the applicant’s family and the Financial Aid Office are strictly confidential. The Financial Aid Office provides advice and assistance in the development of a student’s financial plan and also participates in the awarding of scholarships, loans, and work study employment to qualifying students. All awards are based on financial need and availability of funds.
Additional information is available from the Financial Aid Office.
General Requirements for Eligibility
To be eligible for Federal financial aid, the student must:
· be an enrolled student attending at least half time.
· be a citizen of the United States, or a permanent resident with the appropriate documented authorization from the U.S. Immigration Service.
· not be in default or owe a refund on any U.S. Department of Education Title IV grant or educational loan, and provide written certification of that fact.
· have financial need as determined by an approved Needs Analysis System.
· maintain satisfactory academic progress.
· file a statement of educational purpose stating that all financial aid funds received will be used for educational purposes.
· file a statement of Selective Service Registration Status to indicate compliance with Selective Service regulation.
· complete a student loan Entrance Interview. Those students borrowing for the first time at NYCPM are required to complete an Entrance Interview for all loan programs.
· complete a student loan Exit Interview conducted by the Financial Aid Office at the time the student graduates and/or ceases to be a student.
Federal student aid is always awarded on the basis of need. Need is the difference between the student’s Cost of Education (educational expenses) and the amount the student can afford to pay, as determined by the Needs Analysis System and calculated by a standard formula. This amount, after calculations, is called the Expected Family Contribution (EFC). Need is determined by evaluating the information the student files on his/her FAFSA application. Factors such as income, assets, and benefits are all considered in determining the student’s Need for financial assistance. Parent’s income information is required in order to evaluate a student’s folder for the purpose of awarding funds from the Health Professions Student Loan (HPSL) and Loans for Disadvantaged Students (LDS). For further information, please contact the Financial Aid Office.
If you are a handicapped student, your educational expenses may be higher and your Need therefore greater because of costs associated with the handicap. Therefore, the Financial Aid Office, along with a State representative, will work with you to make sure these added expenses are recognized.
A student’s application may be selected for a process called Verification. If a student is selected, the student will be asked to submit proof of income, proof of citizenship, verification of his/her household size and the value of assets owned. If there is a discrepancy between the document(s) submitted and the information reported on the FAFSA, the student will be required to correct it and have the application reprocessed. Failure to provide proof will result in the cancellation of aid from the U.S. Department of Education as well as aid from other funding sources.
If a student receives Federal financial aid because of information reported incorrectly, the student is required to repay any portion of aid he/she should not have received.
Any person who intentionally makes false statements or misrepresentations on a Federal Aid Application is violating the law and is subject to a fine and/or imprisonment under provisions of the Criminal Code.