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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
| New York State Resident Tuition and Fees: $23,773 | |
| Tuition | $22,800 |
Fees | $973 |
| Out-of-State Resident Tuition and Fees: $41,613 | |
| Tuition | $40,640 |
| Fees | $973 |
| All Students: | |
| Room | $7785 |
| Board | $3100 |
Books and Supplies | $2,160 |
Transportation | $4,925 |
Personal/Miscellaneous Expenses | $5,615 |
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
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
Last updated by Webmaster on March 01, 2010
