Numerous opportunities for financial aid exist for students at NYITCOM in the form of loans, scholarships, and grants.
The financial aid office administers aid to students pursuing an osteopathic education. To be eligible for financial aid during any academic year, the student must meet four criteria:
- Be in good standing with the college
- Maintain satisfactory academic progress
- Demonstrate financial need
- Be a U.S. citizen or permanent resident
A student’s need is calculated by subtracting all available resources reported from the college, determined student budget.
Institutional guidelines and federal regulations determine how the aid is administered. A student’s cost of education is the annual amount required to pursue a course of study at the College of Osteopathic Medicine. This cost includes tuition, certain fees, books, supplies, and equipment. However, other expenditures are also taken into account. These additional amounts relate to the cost of housing, food, transportation, and personal expenses.
The responsibility of obtaining and maintaining financial aid rests with the student. The financial aid office assists in obtaining information and completion of appropriate forms. Unless otherwise specified by a scholarship or loan program, all forms of financial aid must be reapplied for each academic year using new applications.
Loans and Grants
Federal Direct Loan Programs
Federal Direct Unsubsidized Stafford Loan Program: This is a non-need-based loan. Eligibility is determined based upon your class year and your expected cost of attendance. The student is responsible for the interest during school and the grace period. The maximum a student can borrow is $47,167. However, based upon academic year, a student may only be eligible to borrow less. For a graduate professional student, the aggregate lifetime limit is $224,000. Interest rate information can be found on our website.
Federal Direct Grad PLUS Loan Program: This is a loan based upon the student’s credit with a variable fixed rate. The maximum a student may borrow is the cost of attendance minus other financial aid. Repayment of the loan begins 60 days after the student graduates or drops less than half time. The student is responsible for the accrued interest during school.
Primary Care Loan Program: This is a low-interest loan program for students who plan on pursuing a career in primary care. NYITCOM’s policy is to limit Primary Care Loans to third- and fourth-year students. There is a service commitment from the student to practice in primary care until the loan is paid in full. Regardless of age, all students must submit their parents’ base year’s income. The maximum a student can receive is based upon funding levels. The interest rate is 5 percent. No interest will accrue while you are in school. After residency, you are given a 12-month grace period. At that time you must start repayment of your loan. Due to the service commitment, this loan cannot be consolidated with any other loans. For more information, please contact the financial aid office.
Loans for Disadvantaged Students: This is a low-interest loan program for students who are considered disadvantaged. The maximum a student can receive is based upon funding levels. The interest rate is 5 percent. No interest will accrue while you are in school. Repayment begins 12 months after graduation. For more information, please contact the financial aid office.
Privately Funded Loans: All private loans are based upon the student’s credit. The maximum a student can borrow is based on the cost of attendance minus any other grants, loans, and scholarship programs. Interest rates and repayment options vary; please contact your private loan provider for more information.
Grants and Scholarships
College of Osteopathic Medicine Institutional Grants: These grants are need-based grants awarded to students who meet certain financial criteria based on their Free Application for Financial Aid (FAFSA). The criterion is set forth annually by the College of Osteopathic Medicine Scholarship Committee. The award amount is based upon available funding.
Delta Leaders Scholarship: This scholarship is offered to all students who are attending NYIT College of Osteopathic Medicine at Arkansas State University. The amount of the scholarship will vary based upon institutional funding. The scholarship will be renewed annually. Recipients of the scholarship must be continuously enrolled for four consecutive years and maintain good academic standing. The scholarship can be used for tuition charges only. Students are required to complete the Free Application for Federal Student Aid (FAFSA) to receive this award.
Federal Work Study: This need-based program allows students to work on campus. For more information, please contact the financial aid office.
National Health Service Corps (NHSC) Scholarships: These scholarships are open to medical students who are committed to practice primary care in an underserved health professional shortage area. The NHSC will provide a monthly stipend, tuition and fees, and fees for books. Applications can be obtained by contacting the financial aid office. Application cycle notification will be sent from the financial aid office.
Armed Forces Scholarships: The Army, Air Force, and Navy offer scholarships. The scholarship recipient is obligated to one year of service for each year of support, with a minimum two years of service. For additional information, contact your local recruitment office.
Please contact the financial aid office or additional scholarship resources. The NYIT College of Osteopathic Medicine is committed to participating in any program that will enable students to apply for additional grants or loans.
Satisfactory Academic Progress Standards for Financial Aid Eligibility (SAP)
Federal regulations require that the College of Osteopathic Medicine establish policies to monitor the academic progress of students who apply for and/or receive federal financial aid. To remain eligible for federal and other types of financial aid, recipients are required to demonstrate satisfactory academic progress toward a degree according to guidelines. Please refer to the student handbook for specific standards and the appeal process.