At the Icahn School of Medicine at Mount Sinai (ISMMS), we are dedicated to meeting the demonstrated financial needs of students, as determined by federal and institutional policies, to the best of our ability. Our overriding philosophy for student financial aid is that you – the applicant – bear the primary responsibility for financing any educational and living expenses while pursuing your degree.
The first step in awarding financial aid is determining your financial need. Financial need is the difference between your calculated available resources and total anticipated school-related and basic living expenses for a given academic year. We award need-based financial assistance solely on the basis of verified financial need, as determined by our institutional need analysis formula
You should begin submitting financial aid applications in January, in order to receive timely notification of financial aid rewards – and to be considered for all possible forms of aid. Some applications cannot be completed without tax verification documents, so please plan accordingly.
We cannot process MD student financial aid applications without your transcripts, and completed tax returns and W2s from you and your spouse (if married). If you are under 35 years of age, we will also require your parents’ tax returns and W2s.
To apply for financial aid, you must complete several forms, depending on the type of aid you are requesting.
- All students applying for federal loans file the FAFSA. Entering students must file the form by June 15, while returning students must complete it by May 1st, prior to the start of the fall academic year.
- MD students applying for ISMMS institutional aid (need-based scholarships and institutional loans) use the Need Access form.
- All student applicants seeking aid from ISMMS use the ISMMS Institutional Application for Financial Assistance form
Please note that the FAFSA and Application for Financial Assistance Forms require submission of appropriate tax return transcripts; since application deadlines are early in the year, please plan accordingly.
If you have extenuating circumstances that require funds beyond what is established here, you may petition the financial aid committee and provide documentation of expenses. The federal government establishes the guidelines within which the committee may operate. We encourage you to visit the Determination of Need section of this site and direct any questions to the Director of Financial Aid prior to the beginning of the petition process.
Any approved additional funds will be filled with Federal Stafford and/or GradPlus loans. You must pass a credit check to qualify for a GradPlus loan.
All students who receive federal or institutional loans must file an entrance interview form before their loan can be processed. This form includes an itemized list of your rights and responsibilities, as they pertain to the loans.
We also conduct exit interviews with loan recipients when you are ready to graduate or discontinue enrollment. For May graduates, we hold exit interviews in the spring. If you are leaving ISMMS prior to graduation or if you are graduating in the summer or fall, you must schedule an exit interview with the Director of Financial Aid. During the interview, we discuss the amount of money borrowed, the repayment terms, deferments, and your rights and responsibilities, as they pertain to the loans.
We highly encourage you to minimize your debt throughout your entire education. The first step in doing so is to live within a budget during medical school. The Office of Financial Aid has created a budget worksheet to help you think about the cost of attending medical school and managing the funds you have available.
Additional medical student resources include the following:
- Association of American Medical Colleges (AAMC) offers tools to pick a specialty, develop your career, create a financial plan, and apply for residency programs
- American Academy of Family Physicians provides information on developing a career in family medicine as well as scholarship details.
- Free Credit Report.com offers a free credit report or a $1 credit report and FICO score.