For the MD Program, beginning the 2019-20 academic year, financial need is met with 100% grant funding.
Grants are 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.
To be considered, student applicants must submit all need-based application requirements including the CSS Profile and FAFSA each academic year. Students have the option to borrow federal or alternative loans to cover the family contribution or to meet other educational costs not included in the standard cost of attendance. Current federal loan rates and terms listed below.
If not applying for need-based aid consideration, students may finance up to their full cost of attendance with federal or alternative loans.
A FAFSA application is required to request a federal loan(s). Students can borrow up to the annual maximum for health profession students (limited to doctoral degrees) in the Direct Unsubsidized Loan (up to $47,167 - dependent on year in school), and supplement any deficit with Graduate PLUS Loans up to the full cost of attendance. Current federal loan rates and terms listed below.
Current annual maximum federal loan limits for Medical students:
$42,722 – First & Second Year
$47,167 – Third Year
$44,944 – Fourth Year
For application materials, visit the Forms & Resources page.
Institutional Loans (Prior to 2019-20 academic year)
Prior to the 2019-20 academic year, institutional loans were offered as need-based loans and formed part of the “unit loan” in addition to a federal loan portion. The Need-based loans offered as the “unit loan” at Weill Cornell Medicine prior to the 2019-20 academic year included several federal loan programs and a portfolio of Weill Cornell loans that were created through the generosity of donors and alumni as well as repayments from graduates. These loans typically have deferred interest while “in-school” and low interest rates with very favorable repayment terms that do not start until after residency. For reference, the chart below lists loan terms for institutional loans issued prior to the 2019-20 AY.
|Loan Type||Loan Programs||Lender||Eligibility Reqs||Limit||Interest in School||
|Loan Fees||Repayment/Deferment Terms|
|WCMC||WCMC #1 (various)||School||Need Based||No||5.00%||None||Deferred after residency & fellowship; 10 yr repayment|
|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; no other deferment; 10 yr repayment|
|WCMC||Harrower||School||Need Based||No||5.00%||None||Deferred after residency & fellowship; 10 yr repayment|
|WCMC||Class of '70||School||Need Based||No||5.00%||None||3 years after graduation; no other deferment; 10 yr repayment|
|WCMC||Kinley||School||Need Based or
|No||2.00%||None||Deferred after residency & fellowship; 10 yr repayment|
|WCMC||Class of '23||School||Need Based||No||4.00%||None||Deferred after residency & fellowship; 10 yr repayment|
|Federal||Primary Care Loan (PCL)||DHHS HRSA/School||If available: 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||Loans for Disadvantaged Students (LDS)||DHHS HRSA/School||If available; *Disadvantaged - income & "educationally" disadvantaged criteria*||No||5% Fixed||None||Deferred after residency & fellowship|
* As determined by HRSA; see site at http://www.hrsa.gov/loanscholarships/loans/disadvantaged.html
Federal Direct Loans (current 2020-21 Academic Year rates): 4.3% to 5.3%
|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 = $47,167
Aggregate max = $224,000 including previous subsidized
|Yes||4.3% after 7/1/20 and before 7/1/21; fixed||1.059% after 10/1/19 and before 10/1/20; TBA after 10/1/20 and before 10/1/21||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||5.3% after 7/1/20 and before 7/1/21; fixed||4.236% after 10/1/19 and before 10/1/20; TBA after 10/1/20 and before 10/1/21||Deferred while enrolled + 6 months Standard & Income-Based repayment from 10 to 25 years|
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.