Financial Aid Information

Stony Brook University

School of Medicine

Office of Student Affairs

Financial Aid Information

Welcome to the Stony Brook University Financial Aid information page!    The information provided below is comprehensive, and should provide you with a good understanding of all aspects of financing your medical education.  You will likely have questions, so please don’t hesitate to contact the Student Affairs Office at 631-444-2341.  If you prefer e-mail,   Diane Piscitelli can be reached at diane.piscitelli@stonybrook.edu. Mary Jean Allen can be reached at mallen@notes.cc.sunysb.edu.

It is the responsibility of the Student Affairs Office to insure that concerns over finances do not impact your ability to succeed in medical school and to give you a foundation for long term financial success.   Responsibility for financing your education rests primarily with the you, the student and your family.  Federal, State and Institutional financial aid programs are meant to supplement student and family resources. 

It is your responsibility to become and educated and responsible borrower; and to maintain a lifestyle consistent with being a student.  This will help ensure a strong financial future.    Working together, we can each achieve these goals.

We look forward to working with you.

First Year Cost of Attendance 2009-10

Application Process

• Free Application for Federal Student Aid (FAFSA).  Available after January 1 at “fafsa.ed.gov”
• Institutional Application – Available Spring 2010
• Credit Policy Statement
• Supporting documents as requested
• Master Promissory Note for Federal Direct Stafford Loans/Grad PLUS

Financial Aid Programs

Federal Direct Subsidized Stafford Loan

Federal Direct Unsubsidized Stafford Loan

Federal Direct Grad PLUS

Private Educational Loans

NYS Tuition Assistance Program (TAP)

NYS Disadvantaged Student Tuition Waiver Program

Need based Scholarship

Service Scholarships: National Health Service Corps, NYS Regents Health Service, Armed Forces Scholarships

Outside private scholarships: Union memberships, civic associations, heritage societies, etc.

Federal Direct Loan Program

www.dlenote.ed.gov

No need to select a lender

Borrowing directly from the Federal Government

Loan Program Descriptions

Subsidized Stafford Loan

$8500 annual maximum

Fixed, 6.8% interest rate for the life of the loan

Federal Government pays the interest costs during in-school, grace and deferment periods

Simple interest, no capitalization

Unsubsidized Stafford Loan

$32,000 annual maximum

6.8% fixed interest rate

“Unsubsidized “ = No interest subsidy.  Interest accrues, but does not “capitalize” (compound), while you are in school. 

Interest capitalizes once, after uninterrupted periods of grace and deferment

Aggregate maximum of Sub and Unsub Stafford = $224,000

Grad PLUS

Annual limit:  Cost of Attendance less other aid received

Fixed interest rate of 8.5%

No interest subsidy

Interest is capitalized once at repayment (repayment begins after in-school period)

Credit check required – minimal requirements

Co-signer option

Private Educational Loans

Annual Limit: CoA less other aid

Variable interest rate, adjusted monthly or quarterly, no cap

No interest subsidy.  Capitalization varies by lender. 

More stringent credit requirements

Some offer co-signer option

Can be used for some expenses not allowable under federal loan regulations

Sample Award

NYS Resident Student Expenses Budget = $47,328

Subsidized Stafford                        $ 8,500

Unsubsidized Stafford                    $32,000

Grad PLUS                                    $ 6,828

 Total:                 $47,328                

Out of state Resident Student Expense Budget:  $65,168

Subsidized Stafford                       $8,500

Unsubsidized Stafford                    $32,000

Grad PLUS                                    $24,668

 Total:                                            $65,168 

Stony Brook University School of Medicine offers a limited amount of need based financial aid grants/scholarships.  These programs require additional financial information from applicants.  If you wish to be considered for one of these awards, you should contact the Student Affairs Office at 631-444-2341 prior to completing your financial aid applications.

Comparison Shopping

Range of budgets of private med schools:  $59,000 - $72,000

Scholarship would have to equal or exceed $13,000-$20,000 to significantly impact debt.

Additional Resources

FIRST For Medical Education (Financial Information, Resources, Services and Tools)

http://www.aamc.org/programs/first/start.htm

FinAid.org

http://www.finaid.org