Financial Services

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.

Student Billing:Tuition

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. If a student is not receiving financial aid then his/her tuition and fees must be paid upon receipt of their billing invoice, no later than two weeks after the first day of classes.

Domestic Students - Tuition Management System (TMS) payment plan and affordability counseling portal. For information, call 800-356-8329 or visit the website.

International Students - Icahn School of Medicine at Mount Sinai has partnered with PayMyTuition for international tuition payments. With PayMyTuition, you can pay your tuition payments from any bank, in any country, in any currency at better than bank exchange rates. PayMyTuition is fast, simple and cost effective.

The Board of Trustees reserves the right to revise tuition and fees each academic year.

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 a 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 Moratorium

The tuition moratorium is no longer available. Those students who are currently on scholarly year in 2018-2019 will be the last group using this tuition discount.  Starting Spring of 2019, students applying for Scholarly Year will be charged the tuition rate in effect at the time of their return from scholarly year. Billing notifications will be sent in June and December.

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 submits their 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

For students receiving federal financial aid processed through the Office of 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.

General Policy

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. Entering students admitted over the summer will be allowed additional time to complete their files. The “ISMMS Institutional Application for Financial Assistance” is returned to the Office of Student Financial Services along with signed copies of prior year tax returns, tax return transcripts, and W2s. The CSS Profile and FAFSA information is submitted via the web. Medical students who are interested in applying only for Federal Stafford loans (up to annual totals of $42,722 for years 1, 2, and 4, and $47,167 for year 3) can supply FAFSA data on the Federal Student Aid website. Reapplication is required annually for all loan and scholarship recipients.

Financial Aid Reconsideration Process

Students may submit a Reconsideration Request, if changes have occurred that may change a student’s financial aid eligibility.  If after Reconsideration 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.

Determination of Need

Financial need reflects the difference between a student and his/her family's calculated resources and financial strength and the total anticipated school related expenses for a given academic year. The Icahn School of Medicine at Mount Sinai utilizes our own formula for determining financial aid eligibility reviewing total income and assets supplied by student/parent(s). Funds will be made available through the School according to demonstrated proof of financial need. The Icahn School of Medicine at Mount Sinai reserves the right to reconsider its offer and commitments of financial assistance in the event of a financial award made from an outside source. (Required adjustments will be applied to the loan portion of the financial aid package wherever possible.) All Cost of Attendance Budgets cover the student only. Federal law prohibits using federal funds for the support of anyone other than the student.

CSS Profile: Institutional Application

The CSS Profile application is used for medical students who want to apply for need-based scholarships, institutional and Title IV funds. In determining financial need, the Financial Aid Committee requires students to submit information via the College Board. The data provides a complete financial picture for each student so that every applicant can be reviewed individually, but uniformly. The CSS Profile collects information about the student, the student's spouse, and the student's parent(s)/stepparent(s) including a detailed description of resources, assets, and income, as well as liabilities, expenses and special circumstances. The information provides an estimate of the student's financial strength and resources, as well as an estimate of the amount the student and his/her family may 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 a student's cost of education falls upon the student and his/her family.

Entrance Counseling (required)

 As part of their financial aid package, all students requesting student loans must complete online entrance counseling on the website studentloans.gov. This requirement is imposed by the Department of Education as a form of financial literacy for first-time borrowers.  This counselling will cover loan basics, type of federal student loans and loan limits.  Students will have a clear understanding of their rights and responsibilities at the completion of online entrance counseling. 

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 (Perkins, Mount Sinai Loan.) Studets must complete online exit counseling on mycampusloan.com.  Direct Loan borrowers must complete online exit counseling on studentloans.gov.  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.  

Debt Management

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 Enrollment Services Office 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.

Outside Scholarships for Medical Students

Outside scholarships funds will substitute for loan funds in the standard financial aid package. A combination of external and internal scholarships cannot exceed the cost of attendance. In the event that the combination exceeds the cost of attendance, the ISMMS institutional scholarships will be lowered.

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.

I. Frequency of SAP – The Office of Enrollment Services and the Promotions Committee will assess each student’s academic progress on an annual basis. Each academic year includes two payment periods.

II. Quantitative Measures of SAP (pace and progression) - The timeframe to complete the MD program is 4 years of full-time enrollment, and many students elect to do a 5th year of Scholarly Year. The maximum time limit a student may be enrolled to meet their degree requirements is 7.5 years. A Scholarly Year or a decelerated year will count in the assessment of pace. Leave of absence and Extended Scholarly Status will not be counted in the assessment of pace.

III. Qualitative Measures of SAP (successful completion)- Academic progress is not measured by a cumulative grade point average. In Years 1 and 2, academic progress is measured by grades of Pass/Fail. In Years 3 and 4, academic progress is measured by grades of Honors, High Pass, Pass, Fail in selected courses.

  • Year 1: All courses must be completed with a grade of pass to advance to year 2.
  • Year 2: All courses must be completed with a grade of pass and take USMLE Step 1 to advance to year 3.
  • Year 3: All third year clerkships must be taken and completed with a grade of Pass or higher to advance to year 4.
  • Year 4: All fourth year rotations must be taken and completed with a grade of Pass or higher.  Students must pass Step 2 CK and CS as well as complete 28 weeks of elective credit prior to graduation.

IV. Failure to Meet the Requirements for SAP- A student who fails to meet one or more of the standards for SAP is ineligible for institutional and federal financial aid beginning with the term immediately following the term in which the SAP requirements were not met.

V. Appeals- Students who do not meet the minimum standards for Satisfactory Academic Progress may appeal to an ad hoc committee comprised of representatives from Enrollment Services, Curricular Affairs and Student Affairs for reinstatement of financial aid eligibility. The appeal must first be submitted in writing to the Associate Dean for Enrollment Services within 10 days of notification of ineligibility. The appeal must include what has changed in the student’s situation that will allow him or her to meet the requirements for SAP at the next evaluation. Circumstances which may be considered as a basis for an appeal may include family emergency, death in the student’s immediate family, a student’s medical illness or injury, or other undue hardships. If the committee determines that the student’s appeal should be approved, the student’s financial aid will be reinstated.

VI. Financial Aid Probation- Once an appeal has been approved, a student is placed on financial aid probation and is eligible for financial aid. The Promotions Committee will develop an academic plan for the student that will ensure, if followed, that the student is able to meet SAP standards. A student must be enrolled in at least 50 percent of course load to remain eligible for financial aid.  A student shall become eligible again for financial aid when he or she has successfully completed sufficient coursework to meet the standards of progress within the maximum time frames delineated above.

VII. Loss of Financial Aid Eligibility- A student who does not meet the SAP requirements by the end of the financial aid probationary period is ineligible for financial aid. The loss of financial aid eligibility will continue until the student has met both the qualitative and quantitative standards established for their level of study.