While the Medical College enjoys one of the largest internal scholarship and loan programs of any private medical school, many students are entering with considerable debt and costs increase every year. Students without the calculated parent contribution or with dependent expenses borrowed more. Most loan programs offer forbearance and graduated or income-based repayment.
Financial Planning Sessions
The Financial Aid Office conducts a number of financial planning and debt management sessions to help our students with understanding the landscape of the direct lending programs and our institutional loans. In addition to the annual workshops below, you can request individual counseling sessions with our financial aid officers.
September - Orientation Workshop
October & November - "Money Talk Series"
March & April - Exit Counseling (individual sessions)
May - Financial Planning and Budgeting for Graduating Students
Debt Management Options
Annual Debt Letter
The office of Financial Aid provides all borrowers with their annual debt letter listing the amount of loans borrowed to date, as well as the average class debt to date. Students are encouraged to track their debt via online resources, such as the MedLoans Organizer & Calculator and The National Student Loans Data System (NSLDS).
The Department of Education and other lenders offer programs in which all your federal loans may be consolidated into one loan with graduated or more manageable income-based repayments, if eligible.
In-School Loan Deferment
Deferment is a postponement of payment on a loan that is allowed under certain conditions and during which interest does not accrue on Direct Subsidized Loans, Subsidized Federal Stafford Loans, and Federal Perkins Loans. All other federal student loans that are deferred will continue to accrue interest. Any unpaid interest that accrued during the deferment period may be added to the principal balance (capitalized) of the loan(s). Source: www.studentaid.ed.gov
Instructions to request in-school loan deferment
If you have prior loans that are currently in repayment, you may request an in-school deferment through your lender.
- Contact your lender/loan servicer and request they send you their Deferment Form.
- Complete student information sections, signature, and authorization.
- Bring your form to the Registrar's Office located at 1300 York Avenue, Room C-114.
- Email questions and inquires to Registrar@med.cornell.edu
Resources and Links
For All Students
Medloans Organizer and Calculator (MLOC)
Developed for medical students and residents, the MLOC provides a secure location to organize and track your loans and then calculate custom repayment plans using your own loan information to help you make smart choices about repayment. The basic service is free to medical students.
Popular Financial Aid Calculators from FinAid.org
National Student Loan Data System (NSLDS)
Based on provided information, calculates expected per-period or annual salary pay
Online resource on financial process, loan consolidation, loan forgiveness, repayments, student debt, etc.
AAMC info for medical students
National Medical Student Debt Statistics
Tax Matters for Students
Federal Direct Loan Exit Counseling
Information for students going into residency
Loan Forgiveness/Repayment Program