Application Process

Icahn School of Medicine at Mount Sinai (ISMMS) are dedicated to meet the demonstrated financial need of students as determined by federal and institutional guidelines. All financial aid applicants are responsible for financing all educational mandatory (tuition and fees) and non-mandatory (living expenses, miscellaneous, etc.) fees while pursing your degree. We encourage applying for institutional and external scholarship to reduce loan debt.

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) should complete the CSS PROFILE application.
  • All student applicants seeking aid from ISMMS use the ISMMS Institutional Application for Financial Assistance form.

All forms can be accessed on the top right corner of this page.

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.

Additional Forms 2019-2020

Requested by Student Financial Services on case by case basis

Additional Forms 2018-2019

Requested by Student Financial Services on case by case basis

Financial Aid Reconsideration
Once you’ve received a financial award and you feel you have extenuating circumstances that changes your financial need for an institutional scholarship or loan, you may request a financial aid reconsideration.

Please complete form here:  ISMMS INSTITUTIONAL FA RECONSIDERATION FORM

Please attach all supporting documentation with the financial aid reconsideration request. Your information will not be sent to the financial aid decision committee unless all required documents are provided. All documents can be sent to studentfinancialservices@mssm.edu or faxed. Please title your email “Financial Aid Reconsideration”.

The Student Financial Services Financial Aid committee will review your request. You will be contacted in 10 -15 business days with a decision and explanation of the committee’s decision.

Please understand all financial aid reconsiderations requests are not guaranteed an approval.

Budget Increases
Icahn School of Medicine is able to offer you financial aid to offer you financial aid to cover the Cost of Attendance (COA) during the academic year.  The COA is a budget comprised of standard educational expenses incurred by students such as tuition, fees, housing, books, etc.  Icahn School of Medicine uses average amounts for all non-tuition and fee budget items based on statistical information.  This budget must reflect a modest student lifestyle. We strongly encourage students to plan and budget their expenses and aid so that they stay within the COA set by the school.

We do understand that in certain situations the COA does not accurately reflect the costs a student will incur during the academic year. 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 at www.studentloans.gov.

Please complete form here: BUDGET APPEAL REQUEST FORM

Please attach all supporting documentation with the budget increase form. Your information will not be sent to the SFS financial aid committee unless all required documents are provided. All documents can be sent to studentfinancialservices@mssm.edu or faxed. Please title your email “Budget Increase Request”.

The Student Financial Services Financial Aid committee will review your request. You will be contacted in 10 -15 business days with a decision and explanation of the committee’s decision.

Please understand all budget increase requests are not guaranteed an approval.

Entrance Loan Counseling
All students who receive federal or institutional loans must complete an online entrance counseling before their loans can be processed and disbursed to student bill.  This counseling is required by the Department of Education to ensures you understand your student responsibility when taking out student loans. Only students who plan to take out loans for the first time at ISMMS are required to complete this online form. 

Exit Loan Counseling
Exit counseling is also required for all students who took out loans her at ISMMS. Students must complete the Department of Education online counseling if received federal loans. Students must also complete the Campus Partners Institutional Loan counseling if received institutional loan funds.

If you are leaving ISMMS prior to graduation or if you are graduating in the summer or fall, you must complete an exit loan counseling. Included in the online exit counseling shows the amount of money borrowed, the repayment terms, deferments, and your rights and responsibilities, as they pertain to federal and institutional loans.

For both the entrance and exit loan counseling, students have the option of making an appointment with Student Financial Services for further financial aid counseling. You can send an email to studentfinancialservices@mssm.edu to make an appointment.

All online loan counseling for FEDERAL LOANS must be completed here: www.studentloans.gov. Make sure to sign in with your FSA ID and password.

All online loan counseling for INSTITUTIONAL LOAN must be complete here: https://www.mycampusloan.com/. For first time users, please make sure to register.

Debt Management

We highly encourage students to minimize loan and credit card debt during and post education. Here are few steps and resources to minimize debt. Additional medical student resources include the following:

Recognize your Needs vs. Wants
The difference between wants and needs is quite simple, at least on the surface:

  • Need: something you have to have
  • Want: something you would like to have

Tally up the damage caused by a few justifications like those mentioned previously, and suddenly you've spent far more than you intended. What's the solution? Start with an understanding of what a need really is and when something is a want.

More information go here: https://www.thebalance.com/wants-vs-needs-1388544