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 firstname.lastname@example.org. Mary Jean Allen can be reached at email@example.com.
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.
* Subject to Change
Stony Brook University Main Page:
Stony Brook University Medical Center Main Page:
SOLAR System – your online system for all financial transactions. Access SOLAR to view/accept/decline your financial aid awards; pay your bill; view your account.
Federal Direct MPN
FIRST For Medical Education – A resource of the AAMC. Excellent source of info on education financing, student loan terms and conditions, repayment options:
FINAID.org – a comprehensive guide to all aspects of state, federal and private financial aid programs. Includes resources for private loans and scholarships:
Student Health Services:
Parking and Transportation Services:
Federal Direct Unsubsidized Stafford Loan
$40,500 annual maximum; variable interest rate of 5.41% through June 30, 2014; no interest subsidy – interest accrues but does not capitalize while you are in school; interest capitalizes once after completion. Aggregate maximum of Subsidized and Unsubsidized Stafford loans = $224,000 (includes pre-medical debt).
Federal Direct Grad PLUS
Annual maximum is cost of attendance less other aid; variable interest rate of 6.41% through June 30, 2014; no interest subsidy; interest capitalizes while in school unless arrangements are made to pay interest quarterly; requires credit check; co-signer option.
Private Educational Loans
Annual maximum is cost of attendance less other aid; variable interest rate adjusted monthly or quarterly, no cap; no interest subsidy; capitalization policy varies by lender; tight credit requirements; some lenders offer co-signer option; can be used for some expenses not allowable under federal loan regulations.
INSTITUTIONAL FINANCIAL AID PROGRAMS
The W. Burghardt Turner Fellowship is a Graduate Fellowship Program for eligible underrepresented students whose immediate academic plans include obtaining graduate or professional degrees in a variety of disciplines including the biological sciences, physical sciences, social sciences, medicine, humanities, engineering, and the arts. For additional information:
Disadvantaged Student Tuition Waiver Program
This grant is funded by the State University of New York, campus-based aid program and it provides up to a full waiver of tuition for students who qualify according to the current year EOP economic eligibility criteria and the Federal methodology of needs analysis. This is a need-based tuition waiver program available to New York State residents enrolled as full-time students in a State University first graduate or professional degree program. Medical and dental students have first priority for this award. Applicants must complete the “Parent Information” section of the FAFSA for the year in which they are applying.
Admissions Fellowships and School of Medicine Alumni Scholarships
These awards are need based and may supplement the Disadvantaged Student Tuition Waiver award. Applicants must complete the “Parent Information” section of the FAFSA for the year in which they are applying. Awards are renewable provided the recipient remain in good academic standing. The Alumni Scholarship program is funded by contributions from School of Medicine graduates.
Dr. Martin R. Liebowitz Scholarship for Primary Care and Internal Medicine
This award is given to a fourth year medical student pursuing a career in Primary Care/Internal Medicine who would like to train at Stony Brook. The award based on merit and financial need. Preference is given to an economically disadvantaged student.
Dr. Amy S. Chu-Wong Scholarship Fund
This award shall support a female medical student with children, who is also of Chinese descent. The award is based on financial need and academic achievement.
Dr. Marvin Kushner Scholarship
This need and merit based award will be given to a female medical student who is a member of an underrepresented minority group. The award is made during the third year and is renewable for the fourth year. The award is $5000 for each year.
SERVICE SCHOLARSHIP AND LOAN FORGIVENESS PROGRAMS
The NYS Regents Physician Loan Forgiveness Award Program
The purpose of the Regents Physician Loan Forgiveness Award Program is to increase the number of physicians practicing in areas of New York State designated by the New York State Board of Regents as having a shortage of physicians. Emphasis is placed on primary care. Pending the appropriation of State funds during the yearly session of the New York State legislature, at least 80 awards up to $10,000 per year for two years are offered. Award amount is based on undergraduate and medical school student loan amounts, loan interest expense, and income. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit by February of the competition year.
The Regents Health Care Scholarship For Medicine And Dentistry
The purpose of the Regents Health Care Scholarship Program is to increase the number of minority and disadvantaged individuals in the medical and dental professions. Applicants must be beginning or already enrolled in an approved medical or dental school in New York State. Pending the appropriation of state funds during the yearly session of the New York State Legislature, up to 100 scholarships (80 in medicine and 20 in dentistry) can be awarded in the amount of $10,000 per year for medical or dental school expenses. Applications and information are available from the Office of K-16 Initiatives and Access Programs, Scholarships and Grants Administration Unit in January of the competition year.
Northern New York Medical Foundation
The Northern New York Medical Foundation will provide funds for third and fourth year medical students from Essex, Clinton, Franklin and St. Lawrence counties, who will make a commitment to return to those counties. Priority will be given to those going into primary care. Awards will range from $10,000 to full tuition, depending on the number of qualified students and the vitality of the Foundation.
National Health Service Corps Scholarship
National Health Service Corps scholars are committed to serve one year for each year of support (minimum of two years service) at an approved site in a high-need Health Professional Shortage Area soon after they graduate, serve a primary care residency (family medicine, general pediatrics, general internal medicine, obstetrics/gynecology or psychiatry for physicians and general or pediatric for dentists) and are licensed.
Scholars compete for employment at the approved service sites of their choice from a listing of job vacancies in their discipline and specialty. The NHSC helps scholars select a compatible service site and pays for travel to and from interviews.
National Health Service Corps Loan Repayment Program
The National Health Service Corps Loan Repayment Program provides $50,000 (or the outstanding balance of qualifying student loans if it is less than $50,000), tax free, to primary care medical, dental and mental health clinicians in exchange for two years of service at an approved site in a Health Professional Shortage Area. Upon completion of the service commitment, clinicians may be eligible to apply for additional support for extended service.
Indian Health Service Corps Loan Forgiveness Program
Army Health Care
Navy Health Care
The overwhelming majority of medical students finance their medical education primarily, if not solely, through federal and private educational loan programs. Even students who are eligible for need based grant or scholarship programs will likely have to supplement these awards with student loans.
Nationally, the average debt of medical students who graduated in 2009 ranged from $148,000 (Public Medical Schools) to $170,000 (Private Medical Schools). 87% of the national class of 2009 has educational debt, and 58% of those have educational debt in excess of $150,000.
The rising level of medical school tuition and fees is a topic of national debate. Obviously students have little control over these fixed costs of their medical education. However, the non-fixed costs of medical education, also known as living expenses, are well within the students’ control and very simple to keep in check. Some clichés to keep in mind:
Keep in mind and evaluate the difference between a “want” and a “need.” You may have to begin to say “NO” to things like……
Long distance vacations
…………and start to say “YES” to…..
Making your own coffee
Using the gym on campus
Biking or walking whenever possible
Paying with CASH
The Ultimate Cost of a Cup of Coffee
Ed Entitlement buys coffee and a muffin 4 days a week at the cafeteria = $5/day
Francine Frugal convinces her parents to buy her a coffee maker and travel mug. She purchases coffee for $6/month and eats breakfast at home or makes it “to go.”
Ed spends $48/month for 4 years of medical school = $2700. Add interest costs over time, for an additional $3081. Grand total - $5781
Francine spends $6/month for 4 years of medical school = $216. Add interest costs of $247. Grand total = $463
Your student expense budget allows you $2000/month for living expenses. Your Fall disbursement should be available for your expenses through January. Your Spring disbursement should be available through June
A means for buying something you don’t need; at a price you can’t afford; with money you don’t have. Stay away from the credit cards! Use a charge card like American Express or a debit card.
Adding $200 per month to a credit card and only paying the monthly minimum will result in $15,000 of credit card debt over 4 years.
Strategies for Managing Your Loans
Income Based Repayment Period
Public Service Loan Forgiveness
Income Sensitive Repayment