ISMMS is a Direct Lending Institution. The maximum amount of Stafford loan varies for each academic program. Consult the Director of Financial Aid for specific information. Typically, we create a financial aid package for each applicant, based on the federally approved guidelines, including the Federal Stafford Unsubsidized Loan. If you need additional loans, we may be able to arrange to award the GradPlus loan. The GradPlus loan requires a credit check.
Impact of Withdrawal on Financial Aid
Students who receive Title IV federal aid and officially withdraw from all courses prior to completing 60% of the academic term will have their federal financial aid pro-rated according to the Federal Return to Title IV (R2T4) refund calculation.
In accordance with federal regulations, students who totally withdraw from the Icahn School of Medicine at Mount Sinai and received Federal Title IV financial assistance (Perkins Loans, Direct Loans, or GradPlus Loans) will be subject to the Federal Refund Policy on the possible return of funds awarded. The amount of the semester’s unearned Federal Aid must be returned to its source. The amounts to be returned are based on the federal R2T4 refund calculation.
When returning Title IV funds, the federally mandated priority listing will be used: Federal Direct Unsubsidized Loan, Perkins Loan, Federal Direct GradPlus Loan.
If a student has an account balance resulting from these adjustments, the student is responsible for payment.
Students who withdraw from school without notification to the school (stop attending) will have their student loan refunds calculated by using the midpoint of the semester that the student stop attending or in the case of circumstances beyond the students control, the school will use the date related to that circumstance.
In the case where a student does not return from an approved leave of absence, does not notify the school, does not attend the next scheduled semester for which student is registered, students will be deregistered, tuition not charged, and federal students loans will not be disbursed.