Student Services

You are here

Types of Financial Aid

Grant Funding

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

Interest

Rate

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
3rd/4th yr
  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 2019-20 Academic Year rates): 6.08% to 7.08%

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 6.08% after 7/1/19 and before 7/1/20; fixed 1.062% after 10/1/18 and before 10/1/19;1.059% after 10/1/19 and before 10/1/20 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 7.08% after 7/1/19 and before 7/1/20; fixed 4.248% after 10/1/18 and before 10/1/19; 4.236% after 10/1/19 and before 10/1/20 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

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.

Federal Direct Loans (current 2019-20 Academic Year rates): 6.08% to 7.08%

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 = $138,500 including previous subsidized
Yes 6.08% after 7/1/19 and before 7/1/20; fixed 1.062% after 10/1/18 and before 10/1/19;1.059% after 10/1/19 and before 10/1/20 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 7.08% after 7/1/19 and before 7/1/20; fixed 4.248% after 10/1/18 and before 10/1/19; 4.236% after 10/1/19 and before 10/1/20 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. Email the Office of Financial Aid (finaid@med.cornell.edu) to self-identify yourself as a Veteran student interested in using your education benefits.
  3. When you receive your certification of eligibility letter, please forward it to Becky Hertig, VA Certifying Official at beh2016@med.cornell.edu or finaid@med.cornell.edu
  4. Upon review of your request, your enrollment will be verified for VA Education Benefits.
  5. A Financial Aid Award Letter will be sent to you confirming the antipacted benefit allotment for the academic year. Payment is expected from the VA in 2-6 weeks. 

Yellow Ribbon Program

Weill Cornell Medicine 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.

"GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at www.benefits.va.gov/gibill.”

 

 

Contact Information

Office of Financial Aid

1300 York Avenue, Room C-114
New York, NY 10065
Telephone: (646) 962-3479
Fax: (212) 746-5981