Financial Services

To learn more about the cost of attendance, please see Tuition and Fees.

You can pay your tuition and fees by personal check, bank draft, wire transfer or money order, drawn to the order of Icahn School of Medicine at Mount Sinai. If you are not receiving financial aid, you must pay your tuition by the due date listed on the tuition bill. For payment plan and/or credit card payment arrangements, please contact Tuition Management Systems an independent company, at 800-356-8329. The Board of Trustees reserves the right to revise all fees, including tuition.

You must clear all financial obligations before the end of each academic term. If you have not done so, you will be unable to register for upcoming terms, request a transcript or letter of recommendation, have academic credits certified, receive a leave of absence, enjoy other student services, attend class/clerkship for the current academic term, or have a degree conferred. We charge a late fee of $100 on balances not covered by financial aid and/or tuition payment plan. At the end of the academic year, we turn any unpaid balances over to an outside collection agency.

Prepaid Tuition

If you wish to pre-pay four years of medical school tuition, you may do so at the tuition rate in effect when you matriculate. We will hold this money in a suspense account and credit it on a per-semester basis. If you prepay, we guarantee your tuition rate for the four years, but we will charge fees, medical insurance, and other incidental expenses at the prevalent rate for the year in question. Pre-payment is only an option for the full four years and you must coordinate with the bursar the month prior to enrolling at the Icahn School of Medicine.

We set tuition several months prior to the beginning of the new academic year. Tuition is subject to increase. Student budgets are based on the educational, personal, and professional needs of our students. You can obtain information regarding tuition and student budgets in the Enrollment Services Office, located in Annenberg Building, Room 12-70.

Tuition Refund Policy

If you withdraw from the medical school during an academic term, we will issue a tuition refund based on the below institutional schedule. We calculate tuition refunds based on the date you submit your withdrawal form to the Registrar’s Office.

Withdrawal through the first calendar week of the term:        100 percent of Tuition Only

Second calendar week of the term:                                        75 percent of Tuition Only

Third calendar week of the term:                                            50 percent of Tuition Only

Fourth calendar week of the term:                                          25 percent of Tuition Only

After the Fourth week of the term:                                          No Refund

If you receive federal financial aid processed through the Office of Financial Services, be advised that we will return all funds from federal Title IV programs to the government according to federal regulations. Returned funds previously credited towards tuition will leave an outstanding balance that you will be personally responsible for paying. We advise you to pay attention to this tuition schedule as withdrawing after the first week of class creates a financial obligation. If you do not clear this obligation by the end of the academic year, we will refer it to an outside collection agency.

We do not grant refunds to students who have been dismissed or suspended. We reserve the right to dismiss a student whose academic standing or general conduct is considered unsatisfactory.

Repetition of Course Work

Medical students repeating work in their medical school curriculum must pay full tuition and other regular fees in effect at the time of the repetition. If you require a special matriculation, we will charge one to two additional semesters of tuition so you can complete your education. We determine the cost of this additional tuition based on the amount of coursework that you are repeating.

Financial Aid

The Icahn School of Medicine at Mount Sinai consistently provide as much financial assistance as possible to all students who are in good academic standing, maintain satisfactory academic progress, meet filing deadlines, and require financial assistance to attend the School. Admission to the School of Medicine is completely independent of financial requirements. We make financial aid decisions based on documented need without discrimination due to age, race, color, language, religion, sex, sexual orientation, gender identity or expression, genetic disposition, ethnicity, culture, creed, national origin, citizenship, physical or mental disability, socioeconomic status, veteran status, military status, marital status, being the victim of spousal abuse, or based on any other characteristic protected by law.

Financial Aid Applications

We provide application information to all students, both entering and returning, early in February of each year. If you are a returning MD student, you must complete and submit your application materials by May 1 prior to the start of the fall academic year to be considered for Icahn School of Medicine grant and scholarship aid. If you are a new MD student, you must also complete the application process by May 1. If you are an entering students admitted over the summer, we will allow additional time to complete your files. Please return the Application for Financial Assistance to the Office of Student Financial Services along with signed copies of prior year tax returns, tax return transcripts, and W2s. You can submit the Need Access and FAFSA information via the web. Medical students who are interested in applying only for Federal Stafford loans (up to annual totals of $42,722.00 for years 1, 2, and 4, and $47,167.00 for year 3) can supply FAFSA data on the Federal Student Aid website. If you receive a loan or scholarship, you must reapply each year.

Determination of Need

Financial need reflects the difference between you and your family's calculated resources and financial strength and the total anticipated school related expenses for a given academic year. We use the standard federal formula for determining financial aid eligibility and make funds available for those who have demonstrated proof of financial need. We reserve the right to reconsider our offer and commitments of financial assistance in the event of a financial award made from an outside source. Whenever possible, we will apply these required adjustments to the loan portion of the financial aid package. Our financial aid covers students only. Federal law prohibits using federal funds for the support of anyone other than our students.

Need Access

We use the Need Access application for medical students who want to apply for need-based scholarships and Title VII and Institutional funds. Financial aid applicants must submit information via the Access Group. We use these data to individually and uniformly review each student. Need Access collects information about you, your spouse, and your parent(s)/stepparent(s) including a detailed description of resources, assets, and income as well as liabilities, expenses, and special circumstances. This information allows us to estimate your financial strength and resources and assess how much you and your family can reasonably be expected to contribute. Although the system acknowledges a shift in financial responsibilities at the professional school level, it nevertheless continues to recognize that the basic responsibility for financing the cost of your education falls upon you and your family.

Entrance Interviews

As part of your financial aid package, you will receive a Financial Aid Entrance Interview form listing your loan obligations upon graduation. You must sign the letter, indicating you understand these obligations. Each award letter will outline the terms (interest rates and repayment options) for the loans. Online tutorials related to debt management are a required part of the loan process.

Exit Interviews

If you receive a loan, either from the Icahn School of Medicine controlled funds (Perkins, Mount Sinai Endowments, etc.) or through the Stafford Loans or other federal loan program, you will meet with a representative of the Office of Student Financial Services prior to graduation or separation. We will summarize your loans, terms of repayment, deferment, and responsibility.

Debt Management and Counseling

Throughout medical school the Office of Student Financial Services is available to discuss indebtedness, career choices, and money management issues. When you are a graduating senior, you should be aware of the requirements of any external student loan programs you have participated in. It is important to maintain contact with Icahn School of Medicine at Mount Sinai and the appropriate lending institutions to understand the terms of each loan program and to plan for repayment. Timely loan repayments are essential in establishing a good credit rating. Your loan indebtedness could have a large effect on your future expense budgeting. To help you track loans, interest rates and various conditions of the loans, the following websites can be helpful. The methodology converts cumulative educational debts into estimates of approximate periodic repayments over a 10-year period.

Outside Scholarships for Medical Students

If you receive scholarship funds outside of the Icahn School of Medicine at Mount Sinai, we will do our best to substitute those monies for loans to decrease your financial obligation after graduation. Your external and internal scholarships combined cannot exceed the cost of attendance. If the combination exceeds the cost of attendance, we will lower the ISMMS institutional scholarships.

Satisfactory Academic Progress for Financial Aid

Academic Progress refers to the satisfactory completion of courses, clerkships, and relevant licensing examinations within the required timeframe established by the School of Medicine. Additionally, federal regulations require that students receiving federal aid make satisfactory academic progress (SAP) in accordance with these standards set by the School of Medicine.

If you are in the MD program, we expect you will complete eight semesters of full-time enrollment. You may complete no more than 12 semesters. You must complete Year 1 and Year 2 requirements within three years of active enrollment and you must complete Year 3 and Year 4 requirements during a second two- to three-year period. We do not count time dedicated to scholarly activity and leaves of absence when we assess your academic progress.

You must pass all Year 1 courses to move onto Year 2. Likewise, you must complete all Year 2 courses and take USMLE Step 1 to advance to Year 3. You must take and complete third-year clerkships in Year 3 to advance to year 4. Only the Anesthesia clerkship is potentially deferrable to Year 4. Similarly, you must pass Step 2 CK and CS and all Year 4 rotations, as well as complete 21 weeks of elective credit in order to graduate.

Enrollment Services and Student Affairs will assess your academic progress on an annual basis. If you are not making SAP, we will notify you in writing, laying out the reasons we have made this determination. We may require you to appear before the Promotions Committee.

If you fail to meet one or more of the standards for SAP, you are ineligible for financial aid beginning with the term immediately following the term in which you failed to meet the SAP requirements. We may place you on financial aid probation. You can receive aid if the Promotions Committee approves an academic plan for you that will get you back on track within a specified period of time, normally an academic year. You must be enrolled in at least 50 percent of a course load to remain eligible for financial aid. You can become eligible again for financial aid when you have satisfactorily completed sufficient coursework to meet the standards of progress within the stated time frames. If you do not meet the SAP requirements by the end of the financial aid probationary period, you will be ineligible for financial aid.

Length of Time to Complete Degree

The maximum amount of time in which you may complete your degree is as follows:

Degree

Normal Limit (Years)

Maximum Limit (Years)

MD

4

6

MD/PhD 8

8

10

PhD (Biological Sciences)

5

7

Master’s Programs

1.5

5

 

These time limits include any personal or medical leaves of absence, but do not include approved periods of Special Matriculation for research or remediation.

In the PhD, MD/PhD, and MS programs, you must reach the benchmarks of satisfactory progress as outlined by your specific program. If you are approaching the time limit for completion, we will review your situation, providing enough notice to develop a plan that will enable you to complete the requirements by the end of the time limit.

Completion of Course Requirements

You must receive passing grades in at least 75 percent of the full-time curriculum for each semester you are enrolled in. If you do not meet this standard, we will place you on financial aid probation for one term. If you have not met the standard by the end of that semester, we will suspend all aid until you reach all standards