Mount Sinai School of Medicine has consistently provided as much financial assistance as possible to all students in good academic standing who maintain satisfactory academic progress and require financial assistance in order to attend the School. Admission to the School of Medicine is completely independent of financial requirements or status.

Mount Sinai School of Medicine is mindful of the rising level of student indebtedness. A concerted effort has been made to lower the debt load and to counsel students on money management during and after school. Substantial monetary commitments to scholarships and need-based aid have been allocated. For the graduating class of 2007, 80% of students received financial aid that included loans. Of the 80% that received any kind of aid, 42% received scholarship aid. The average indebtedness of those students who borrowed–including their undergraduate borrowing–was $143,899.

Both entering and currently enrolled students are instructed on how to complete aid applications. In these applications need must be documented. All returning student aid materials must be completed by May 1st prior to the start of the fall academic year, to be considered for Mount Sinai institutional loan and scholarship aid. Incoming students accepted later than May 1st will have an extension for applying. Award notices to returning students who have applied in a timely fashion are e-mailed to continuing students by midsummer. Incoming students awards are also sent by midsummer, or as soon as files are complete. Students may review their financial awards with the Office of Student Financial Services at any time during the academic year.

It is the responsibility of recipients of financial aid to keep the Office of Student Financial Services informed of any outside financial assistance received, or any other change in status. It should be understood that Mount Sinai School of Medicine reserves the right to reconsider its offer and commitments of financial assistance in the event of an award to any recipient from an outside source. As a general rule, such outside scholarships can be used to replace loan amounts in the package. Annual reapplication is required of all loan and scholarship recipients.

All decisions are made on the basis of financial need and without discrimination because of race, sex, color, creed, age, national origin, handicap, veteran status, marital status or sexual orientation.

The overriding philosophy for student financial aid is that the applicant bears the primary responsibility for financing any educational and living expenses while pursuing their degree.

Financial need is the difference between a student's calculated available resources, and total anticipated school-related and basic living expenses for a given academic year.

Financial aid may be offered in the form of scholarships and/or loans. Very limited College Work-Study may be offered. These various types of aid would be offered in accordance with individual requirements and the availability of funds.

Rigid criteria are adhered to in the awarding of Federal funds for all disciplines offered by Mount Sinai School of Medicine. Financial assistance is awarded solely on the basis of verified financial need, as determined using federally approved need analysis applications.

Financial aid for the disciplines of MD, PhD, Master's of Public Health, Master's of Genetic Counseling, Master's of Biological Sciences, Master's of Business Administration and Fifth Pathway may include Title IV Programs (Stafford Loans, GradPlus Loans and in limited cases College Work-Study Funds).

For students pursuing the MD only, if parents can assist, based on an approved application analysis, it is expected. Mount Sinai School of Medicine will not consider the awarding of institutional aid, the Perkins Loan, or the Title VII Scholarship for Disadvantaged Students without including parental information, regardless of the age of the applicant.

Title VII Super Primary Care Loans may be offered to graduating MD students going into Primary Care, for repayment of their educational loans.

Review by Financial Aid Office

Upon receipt of all required forms, the Office of Student Financial Services prepares a file for each student.

Review by Financial Aid Committee

The Financial Aid Committee reviews all data as well as any extenuating circumstances, including but not restricted to, parental unemployment, illness and other special situations. Students are notified of their financial aid package in an Award Letter.

Entrance and Exit Interviews

Students who have been issued loans from Mount Sinai School of Medicine controlled funds as well as recipients of Federal Stafford Loans must complete an entrance interview form when they sign their loan award. During exit interviews, the amount of money borrowed, the terms of repayment and deferments are discussed along with the rights and responsibilities that pertain to the loans.

International Students

Students who are not citizens or permanent residents of the United States are not eligible for federal student aid or for institutional need-based loans and grants. They will be considered for merit scholarships with the general pool of applicants. Any non-US citizen or permanent resident accepted for admission will be asked to comply with one of the following two requirements on or before July 1 prior to the year of matriculation:

1. Deposit in an escrow account established under terms acceptable to Mount Sinai School of Medicine funds to cover tuition for the four years of medical school. This is in accord with the declaration students must make on the I-20 form used to obtain a student visa.
2. The accepted student may pre-pay his or her four years of tuition by multiplying the current tuition at the time of matriculation by four, later tuition increases would not be applicable.

Mount Sinai Scholarships, Fellowships and Loans

Through generous gifts from many friends and Trustees the School of Medicine is able to make financial aid available in the form of scholarships and institutional loans to those students who qualify. These gifts help the School, as well as needy students, because they provide the opportunity to attract excellent students who might otherwise be unable to finance their education. Unless so stipulated by the terms of a restricted fund, academic standing alone shall not determine the recipient of a scholarship fund. These funds are awarded through the Mount Sinai School of Medicine Office of Student Financial Aid.