Changes 2015-2016
You must complete the Free Application for Student Aid (FAFSA) at www.fafsa.ed.gov to apply for any loans, grants, Federal Work-Study or scholarships. It is very important you choose NYIT College of Osteopathic Medicine (code E00546) during the application process.  Without the correct school code, we will not receive your results and will be unable to process any grants or loans.
 
In addition to submitting the FAFSA, if you are interested in being considered for a grant you must submit documentation of parental and student income. You must submit documentation of your parents’ 2012, 2013, and 2014 income and your 2014 income.
 
Once the school receives the FAFSA results, you will receive an award letter with the maximum unsubsidized loan for which you are eligible. In order for the school to process your loans, you MUST complete the following steps:
 
1)    You must log on to https://my.nyit.edu/web/mycampus/home to accept, reduce or decline your Unsubsidized Loan.  Until you do this, the office will not be able to continue to process any of your loans.  After you log in, click on the link on the right “Click here for the services below (PeopleSoft)” and navigate to your loan information.
 
2)    All new students and students applying for Direct Loans for the first time MUST complete a Master Promissory Note (MPN) and an Entrance Interview for federal Direct Loans at www.studentloans.gov. Our school is listed as “NY Coll of Osteo Med @ NYIT. When completing the Entrance Interview after you select the school, click the “Add School” button then “Continue”. Please be sure to select “I am completing entrance counseling to receive Direct Loans as a graduate or professional student”.
 
3)    If you plan to borrow a Grad PLUS Loan, you must go to www.studentloans.gov and “Request a Direct PLUS Loan”. Completing this application will trigger the credit check.  If you are denied the loan, you must provide a valid endorser to the Direct Loan program or you will be required to pay your balance in full prior to your first day of class.  Students who utilized an endorser for their Direct Grad PLUS must complete a new MPN for each subsequent Grad PLUS loan. 
 
4)    In addition to the Grad PLUS application, you MUST complete a Master Promissory Note (MPN) and an Entrance Interview for federal Direct Grad PLUS Loans at www.studentloans.gov. Please see step 2 above. Once the Grad PLUS loan is approved, the financial aid office will receive notification of your application and will process your loan for the amount requested up to the amount of your cost of education.
 
Failure to complete the steps above will result in a delay of your credit balance.   NYITCOM will not issue any emergency funds. 

The current origination fee is 1.073% for Direct Unsubsidized Loans and 4.292% for Direct Grad PLUS loans.
 
The Bipartisan Student Loan Certainty Act of 2013 ties federal student loan interest rates to financial markets. Under this Act, interest rates will be determined each spring for new loans being made for the upcoming award year which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.
 
The interest rates for new Direct Loans made on or after July 1, 2015 and before July 1, 2016 are to be determined for Direct Unsubsidized Loans and for Direct Grad PLUS Loans. Most students in the NYITCOM Class of 2018 and 2019 will have loans with the new rates for 2015-2016.
 
The interest rates for loans disbursed before July 1, 2015 were 6.21% for Direct Unsubsidized Loans and 7.21% for Direct Grad PLUS Loans. Most students in the NYITCOM Class of 2016 and 2017 will have loans with these rates for 2015-16.
 
With the increased cost of education, your annual maximum Unsubsidized Loan will not cover the cost of tuition, fees and health insurance (see chart below). You must pay the balance out of pocket or obtain a Direct Grad PLUS or private loan to pay mandatory costs. If you decide to pay the balance on your own without a loan, your outstanding balance must be paid six weeks prior to your class start, unless you have already signed up for the school’s payment plan at http://MYNYIT.EDU
 
 
 
Class of 2019
Class of 2018
Class of 2017
Class of 2016
Tuition and fees
$55,340
$55,351
$55,201
$55,501
Medical/dental for student only (coverage for family, spouse, and/or child will cost more)
$ 5,442
$ 5,946
$ 5,946
$ 5,946
Total charges
$60,782
$61,297
$61,147
$61,447
Maximum Unsubsidized Loan - Net amount
$42,264
$42,264
$46,661
$44,462
Estimated outstanding balance with NYIT medical/dental coverage
$18,518
$19,033
$14,486
$16,985
Estimated outstanding balance if waived from NYIT medical/dental
$ 13,076
$13,087
$ 8,540
$ 11,039
 
 
All forms of student assistance (including private loans and Direct Grad PLUS Loans) are disbursed twice a year. Therefore, you will receive your credit balance in two lump sums, one at the beginning of the year and another at the midpoint of the year. The bursar has 14 days to return any excess funds to you.  The Office of the Bursar will coordinate with Higher One to deliver your credit balance to you.
 
The aggregate maximum borrowing limit for Direct Loans is $224,000 which includes all prior loans including undergraduate loans (Stafford and Direct Loans). The chart below shows the annual Direct Loan limits for the 2015-2016 academic year and the maximum estimated Direct Grad PLUS Loan you may request.
 
Direct Loan                                                                                                                       Max. Grad
Amount             Class Year           1st disbursement       2nd disbursement         PLUS loan
$42,722           Class of 2019             08/12/2015                     01/07/2016               $50,335
$42,722           Class of 2018             08/17/2015                     01/04/2016               $50,940           
$47,167           Class of 2017             06/22/2015                     12/10/2015               $48,805
$44,944           Class of 2016             06/22/2015                     11/30/2015               $53,928
           
If you have any questions regarding the above information or are interested in the Federal Work-Study program, please contact the Office of Financial Aid at 516-686-7960 or medicinefa@nyit.edu