Below are policies and procedures related to tuition, financial aid, and student health insurance. To learn more about tuition and fees, please visit the Office of Student Financial Services.
Payment may be made by personal check, bank draft, wire transfer or money order, drawn to the order of Icahn School of Medicine at Mount Sinai. Payment must be made by each term’s invoice due date.
Domestic Students—A payment plan option is available through Nelnet Campus Commerce. Information is available on the Student Financial Services website.
Domestic International Students—PayMyTuition PayMyTuition is available for students interested in paying by wire transfer. Information is available on the Student Financial Services website. The Board of Trustees reserves the right to revise tuition and fees at any time.
All financial obligations must be cleared prior to the completion of each academic term. Students who have not cleared their account by the due date will not be allowed to register for upcoming terms, receive an official transcript or letter of recommendation, have academic credits certified, receive a leave of absence, receive other student services, attend class/clerkship for the current academic term, or have a degree conferred. Late fees of $100 will be charged on balances, if deemed delinquent. Unpaid balances will be turned over to an outside collection agency at the end of each academic year..
Tuition Refund Policy
Students who withdraw from the Institution during an academic term will receive a tuition refund based on the below institutional schedule. Tuition refunds will be calculated based on the date the student scompletes the withdrawl process with 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
For students receiving federal financial aid processed through the Office of Student Financial Services, be advised that all funds from federal Title IV programs will be returned to the government according to federal regulations. Returned funds previously credited towards tuition will leave an outstanding balance that students are personally responsible for paying. Students are advised to understand the above tuition schedule as withdrawing after the first week of class creates a financial obligation which, if not cleared by the end of the academic year, will be referred to an outside collection agency. No refunds will be granted to students dismissed or suspended. The Institution reserves the right to dismiss a student whose academic standing or general conduct is considered unsatisfactory.
Repetition of Course Work
For medical students repeating work in their medical school curriculum, a student permitted to repeat deficient work must pay full tuition and other regular fees in effect at the time of the repetition. Financial Aid is not available for students repeating coursework. A student who requires a special matriculation will be charged 1 to 2 additional semesters of tuition to complete their education. Additional tuition is determined by the administration in terms of the amount of coursework being repeated.
The Icahn School of Medicine at Mount Sinai consistently provides 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 in order to attend the School. Admission to the School of Medicine is completely independent of financial requirements. Financial aid decisions are made on the basis of 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 Application Process
All students, both entering and returning, are furnished application information in January of each year.
Application materials from returning MD students must be completed and submitted by April 15th prior to the start of the fall academic year to be considered for Icahn School of Medicine grant and scholarship aid. Entering new MD students are also expected to complete the application process by March 15th. Information on the financial aid application process is available on the Student Financial Services website Reapplication is required annually for all loan and scholarship recipients.
Financial Aid Appeal Process
Students may submit a need-based Reconsideration Request, if changes have occurred that may change a student’s financial aid eligibility. If after Reconsideration Request a student wishes to make an appeal of the financial aid decision, they may request a Financial Aid Appeal. Information regarding both of these processes is found on the Office of Student Financial Services web page.
Entrance Counseling (required)
As part of their financial aid process package, all students requesting student loans must complete entrance counseling. The Office of Student Financial Services will provide information to new borrowers on how to complete this process.
Exit Counseling (required)
Student loan borrowers are required to complete exit counseling prior to separating from Icahn School of Medicine. Students who have been issued loans from the Icahn School of Medicine. Each exit counseling will provide loan balances; terms of repayment, deferment and forbearance options available to borrowers. Students must complete all required exit counseling prior to being cleared for graduation. The Office of Student Financial Services will provide information to students on how to complete this process.
Throughout medical school the Office of Student Financial Services is available to discuss indebtedness, career choices, and money management issues. 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. The extent that loan indebtedness will impact future expense budgeting can be considerable. In order to assist students in tracking loans, interest rates and various conditions of the loans, the Student Financial Services suggests that one of the websites below be consulted for debt-management information and encourages students to avail themselves of these tools. The methodology converts cumulative educational debts into estimates of approximate periodic repayments over a ten-year period. AAMC FIRST can be accessed here.
Satisfactory Academic Progress for Financial Aid
Federal Regulations require all students receiving federal financial assistance to maintain standards of Satisfactory Academic Progress (SAP). SAP is the successful completion of degree requirements according to established increments that lead to awarding the degree within published time limits. The SAP policy applies to all MD students enrolled at the Icahn School of Medicine at Mount Sinai. Information on SAP is presented in the ‘Academic Difficulty’ section on this handbook.