| Cost of Attendance | Application Process | Academic Eligibility |
| Financial Aid Programs | Debt Management Strategies |
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, Anita Henninger can be reached at Anita.Henninger@stonybrookmedicine.edu. Mary Jean Allen can be reached at Mary.Allen@stonybrookmedicine.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.
Class of 2020
First Year Cost of Attendance 2016.17**
| Tuition (NYS Resident)* | $20,080 | $20,080 | $40,160 | ||||
| University Comprehensive Fee* | $741 | $741 | $1,482 | ||||
| SOM Fees* | $835 | $835 | $1,670 | ||||
| Room/Board/food | $5,875 | $5,875 | $11,750 | ||||
| Books/Supplies | $1,200 | $1,200 | $2,400 | ||||
| Transportation | $2,388 | $2,387 | $4,775 | ||||
| Personal/Misc | $2,250 | $2,250 | $4,500 | ||||
| NYS resident | $33,369 | $33,368 | $66,737 | ||||
| Tuition (Non-resident)* | $31,630 | $31,630 | $63,260 | ||||
| University Comprehensive Fee* | $741 | $741 | $1,482 | ||||
| SOM Fees* | $835 | $835 | $63,260 | ||||
| Room/Board/food | $5,875 | $5,875 | $11,750 | ||||
| Books/Supplies | $1,200 | $1,200 | $2,400 | ||||
| Transportation | $2,388 | $2,387 | $4,775 | ||||
| Personal/Misc | $2,250 | $2,250 | $4,500 | ||||
| Non NYS resident | $44,919 | $44,918 | $89,837 |
* Subject to Change
** The
academic year runs from August 10, 2016 through June 10, 2017. The
cost of attendance includes only expenses during the academic year.
Summer 2017 expenses cannot be include in the cost of attendance.
- 2017.18 FAFSA: https://fafsa.ed.gov
- 2017.18 Institutional Application for Financial Aid – 2017 18 INSTITUTIONAL APPLICATION.pdf
- 2017.18 Application for Need Based Grant - Need Based Grant Application.pdf
- Federal Direct Master Promissory Note for Stafford and Grad PLUS https://studentloans.gov
ACADEMIC ELIGIBILITY FOR FEDERAL AID
- SAP Policy - download Policy
Important Websites:
Stony Brook University Main Page:
Stony Brook University Medical Center Main Page:
http://www.stonybrook.edu/sb/medical.shtml
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.
http://www.stonybrook.edu/it/solar.shtml
Online FAFSA
Federal Direct MPN
For Student Health Services:
http://studentaffairs.stonybrook.edu/shs/
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:
http://studentaffairs.stonybrook.edu/shs/index.shtml
Parking and Transportation Services:
http://www.stonybrook.edu/parking/
Federal Loans
https://studentaid.ed.gov/sa/types/loans
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
Turner Fellowship
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.
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 Renaissance School of Medicine at Stony Brook University 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 Renaissance School of Medicine graduates.
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.
SERVICE SCHOLARSHIP AND LOAN FORGIVENESS PROGRAMS
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
http://nhsc.hrsa.gov/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
http://nhsc.hrsa.gov/loanrepayment/
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
http://www.loanrepayment.ihs.gov/documents/IHS_LRP_Application_Handbook.pdf
Army Health Care
Navy Health Care
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
Cash Management
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
- Cash management skills are a must!
- Monthly expenses (rent, utilities, food, gas) should be in a checking account.
- Non-monthly expenses (car insurance, books, car maintenance) should be in savings and moved to checking as needed
- Account, analyze and adjust your expenses if you are having difficulty maintaining your budget.
Credit Cards
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
- Know how much you’ve borrowed
- Know your loan servicer
- Know the relative costs of your loans
- Know your repayment options, including:
Grace Period
Income Based Repayment Period
Forbearance options
Public Service Loan Forgiveness
Standard Repayment
Income Sensitive Repayment
Graduated Repayment
Extended Repayment
- Keep a calendar and good records