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Types of Financial Aid

Financial aid is available in the form of loans and scholarships/grants.

Federal and Institutional Loans

Need-Based Loans

These loans include Perkins (a federal subsidized loan), several federal loan programs, and a portfolio of Weill Cornell loans that were created through the generosity of donors and alumni and repayments from graduates. These loans typically have low interest rates and repayments do not start until graduation. 

Federal and Institutional Loans

Loan Type Loan Programs Lender Eligibility Reqs Limit Interest in School Interest Rate Loan Fees Repayment/Deferment Terms
WCMC WCMC #1 (various) School Need Based   No 5.00% None Deferred after residency & fellowship
WCMC WCMC #4 School Need Based   No 5.00% None After residency only; 5 yr repayment
WCMC Homan School Need Based   No 4.00% None 3 years after graduation
WCMC Harrower School Need Based   No 5.00% None Deferred after residency & fellowship
WCMC Class of '70 School Need Based   No 9.00% None 3 years after graduation; no other deferment
WCMC Kinley School Need Based or
3rd/4th yr
  No 2.00% None Deferred after residency & fellowship
Federal Primary Care Loan (PCL) DHHS HRSA Primary Care, Gen Int Med, Gen Pediatrics, Family Practice   0% in residency & up to 2 yrs
for PC fellowship only
5.00% None Deferred for PC residency. Penalty if grad fails to enter PC 4 yrs after graduation
Federal Perkins School Need Based; Full or Part time Up to $8,000 per yr or total $60,000 including undergrad No 5% Fixed None 9 months after graduation. Deferred during fellowship only. Military service/Peace Corps - 3 yr deferment
Federal Loans for Disadvantaged Students (LDS)   Disadvantaged - income & "educationally" disadvantaged criteria*   No 5% Fixed None Deferred after residency & fellowship
Federal Federal Direct Unsubsidized US DOE via loan servicer Non-Need Based Up to annual max = $47,164
Aggregate max = $224,000 including previous subsidized
Yes 5.31% after 7/1/16 and before 7/1/17; fixed 1.073% ; 1.068% after 10/1/15 and before 10/1/161.069% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years
Federal Federal Direct Grad Plus US DOE via loan servicer Non-Need Based
Credit report reviewed.
COA minus financial aid Yes 6.31% after 7/1/16 and before 7/1/17; fixed 4.276% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years

* As determined by HRSA; see site at http://www.hrsa.gov/loanscholarships/loans/disadvantaged.html


Non-Need Based Loans

Students can borrow up to the annual maximum for student health profession students (limited to doctoral degrees) in the Direct Unsubsidized loan (up to $47,164 - dependent on year in school), and supplement any deficit with Graduate PLUS loans up to the full cost of attendance.

Loan Type Loan Programs Lender Eligibility Reqs Limit Interest in School Interest Rate Loan Fees Repayment/Deferment Terms
Federal Federal Direct Unsubsidized US DOE via loan servicer Non-Need Based Annual max = $47,164
Aggregate max = $224,000 including previous subsidized
Yes 5.31% after 7/1/16 and before 7/1/17; fixed 1.069% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years
Federal Federal Direct Grad Plus US DOE via loan servicer Non-Need Based
Credit report reviewed.
COA minus financial aid Yes 6.31% after 7/1/16 and before 7/1/17; fixed 4.276% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years

More information is available on the Federal Student Aid Website:
Federal Direct Unsubsidized Loans
Grad Plus Loans

Grants and Scholarships

Grants and scholarships are all need-based and supported by the generosity of many donors, annual endowment income, and gifts. Awards are made on the basis of need and are allocated only to students who have been awarded need-based financial aid. Repayment is not expected.

Federal Work Study

The Medical College manages a Work Study program which is financially supported by federal and institutional funds.  The program affords need-based eligible medical degree students the opportunity to work in a non-profit institution/organization domestically or internationally. Funding is specifically earmarked for 1st year students during their summer off prior to the start of their 2nd year. Students requesting work study must qualify for federal aid.

 

Federal Loans

Students enrolled in the Weill Cornell Graduate School of Medical Sciences are eligible for Federal Direct Unsubsidized loans. Students can borrow up to the annual maximum in the Direct Unsubsidized loan ($20,500), and supplement any deficit with Graduate PLUS loans up to the full cost of attendance.

Non-Need Based Loans

Loan Type Loan Programs Lender Eligibility Reqs Limit Interest in School Interest Rate Loan Fees Repayment/Deferment Terms
Federal Federal Direct Unsubsidized US DOE via loan servicer Non-Need Based Annual max = $20,500
Aggregate max = $138,500 including previous subsidized
Yes 5.31% after 7/1/16 and before 7/1/17; fixed 1.069% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years
Federal Federal Direct Grad Plus US DOE via loan servicer Non-Need Based
Credit report reviewed.
COA minus financial aid Yes 6.31% after 7/1/16 and before 7/1/17; fixed 4.276% after 10/1/16 and before 10/1/17 Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years

Veterans Education Benefits

Veterans Education Benefits (e.g. Post 9/11 GI Bill, Montgomery GI Bill, NYS VA Tuition Assistance) are available to eligible full or part-time Weill Cornell students who are active duty or reserve military personnel, veterans, or in some cases, the child or spouse of a veteran.

  1. To learn more about the Veterans Education Benefit programs, visit this website.
  2. Complete the Supplemental Application Form and submit to the Office of Financial Aid.
  3. When you receive your certification of eligibility letter in approximately 2-3 weeks, please forward it to Ms. Becky Hertig, VA Certifying Official at beh2016@med.cornell.edu. Fax (212) 746-8211
  4. Upon review of your request, your enrollment will be verified for your VA Education Benefits. Payment is expected from the VA in 2-6 weeks. 

Yellow Ribbon Program

Weill Cornell Medical College is proud to be a participant in the Yellow Ribbon Program.  The Yellow Ribbon Program is a supplemental program to the Post-9/11 GI Bill. Under this program, an eligible veteran student can receive up to 50% of uncovered tuition costs paid for by the VA with matching funds from Medical College resources.  Yellow Ribbon is offered on a first-come basis.

If you have general questions concerning VA Education Benefits, please visit their website. You can also email Becky Hertig, VA Certifying Official, at beh2016@med.cornell.edu if you have additional questions or concerns. 

Contact Information

Student Finance & Records Office of Financial Aid

1300 York Avenue, C-114 New York, NY 10065 Phone: (212) 746-1065 Fax: (212) 746-8211