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 all required documents from you and your spouse (if married). If you are under 35 years of age, we will also require your parental financial information, such as 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) must also complete the CSS PROFILE application.
- All student applicants seeking aid from ISMMS use the relevant ISMMS Institutional Application for Financial Assistance form.
Requested by Student Financial Services on case by case basis
Financial Aid Appeal
Medical students whose family has experienced a financial change in circumstances may submit an appeal for need-based reconsideration. Appeals are not garanteed, and when approved, generally not renewable.
Final Submission Date: August 31st
Students who face higher education-related costs due to extenuating circumstances may request a budget increase by submitting a budget appeal. If approved, the budget increase would allow students to borrow additional loan funds, subject to credit approval.
Incomplete budget appeal requests will not be processed until all supporting documentation is received. It is highly recommended that you submit one budget appeal for the requested academic year as subsequent appeals may not be approved. Be sure to plan your expenses accordingly in case your budget appeal is not fully approved.
Form: Budget Appeal Request
Entrance Loan Counseling
Entrance Counseling must be completed before loans can be disbursed. The Department of Education requires students to complete entrance counseling to ensure student understand the responsibilities and obligations you are assuming.
Exit Loan Counseling
Exit counseling is required for students with loans. Students must complete exit counseling each time you drop below half-time enrollment, leave school or graduate.
For both entrance and exit loan counseling, students have the option of making an appointment with Student Financial Services for counseling. You can send an email to firstname.lastname@example.org to make an appointment.
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
Information for Active Military and Veterans
The School Certifying Official is located in the Office of Student Financial Services and is available to advise active military and veterans on the enrollment process at Icahn School of Medicine at Mount Sinai.
Application Deadlines for Financial Aid:
For students admitted to the MD program or a graduate program, the preferred application deadline is March 15th, but applications may be submitted on a rolling basis until the first day of the term.
Returning students are asked to submit applications for the new academic year by May 1st, but applications will be accepted on a rolling basis until the first day of the term.
For students admitted to a graduate program, applications may be submitted on a rolling basis until the first day of the term.
Return from Military Service:
Students returning from a leave of absence due to military service, will be readmitted for any term within a year after the student’s release from active service without a need to reapply for admission or pay an application fee. The student must be free of any previously acquired holds and eligible to register for courses. Students should direct any questions about the return from active service process to their student affairs dean or the veteran certifying official located in the Office of Student Financial Services. All efforts will be made to facilitate the financial aid application process to support a student's return.