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 March 15th, while returning students must complete it by April 15th, 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
- Budget Appeal Request Form
- Reconsideration Form
- Parents Non-Tax Filing Statement
- Student Non-Tax Filing Statement
- Non-Custodial Profile Waiver Request
- Icahn Federal Loan Change Form
Additional Forms 2018-2019
Requested by Student Financial Services on case by case basis
Financial Aid Appeal Process
The Office of Student Financial Services makes every attempt to award students the maximum level of financial aid for which they are eligible, based on current policies and resources. If there have been changes in an individual’s or family’s financial situation, or if there are special circumstances which should be taken into consideration, students may complete the “Reconsideration of Financial Aid Request” form below and email it to email@example.com . The Student Financial Services staff will reassess the student’s need and notify them of its decision within 10-15 business days.
Please complete form here: ISMMS INSTITUTIONAL FA RECONSIDERATION FORM
Please attach all supporting documentation with the financial aid reconsideration request. Please understand all financial aid reconsiderations requests are not guaranteed an approval. The final date to submit a reconsideration form is July 1st.
If a student wishes to appeal the “Reconsideration of Financial Aid” decision, they should notify the Office of Student Financial Services of this request as soon as possible. The appeal will be sent to the Financial Aid Appeals Subcommittee for review. The student should provide any additional documentation that was gathered since the “Reconsideration of Financial Aid Request” form was submitted as part of the appeal request. The Subcommittee’s decision is final.
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 firstname.lastname@example.org 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.
The final date to submit a reconsideration form is August 31st.
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 email@example.com 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.
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:
- AAMC FIRST: (AAMC) offers tools to pick a specialty, develop your career, create a financial plan, and apply for residency programs
- Check your credit score: Free Credit Report.com offers a free credit report or a $1 credit report and FICO score.
- Budget: Use a simple notebook or an excel spreadsheet to keep track of monthly expenses and spending.
- Mint - https://www.mint.com/
- YNAB – You need a budget - https://www.youneedabudget.com/
- AAMC SALT - https://students-residents.aamc.org/financial-aid/article/want-get-better-managing-your-money-salt-can-help/
- MedLoans Organizer and Calculator (MLOC) - https://students-residents.aamc.org/financial-aid/article/medloans-organizer-and-calculator-mloc/
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