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OVERVIEW
It is expected that where resources are available the student
and/or parents will assume the financial responsibility for the
student's education. Analysis of a student's financial situation
is done through a review of the Free Application for Federal Student
Aid (FAFSA). Financial aid awards are based on financial need. Parental
income and asset information must be provided on the Free Application
for Federal Student Aid (FAFSA) (along with parents' signatures)
in order to be considered for Primary Care Loan, Economically Disadvantaged
Tuition Waiver, and some institutional loan/scholarship funds.To
be considered for financial assistance, a student must be a citizen
or permanent resident of the United States. He or she must be enrolled
or accepted for enrollment as a fulltime/part-time matriculated
student and must demonstrate a need for assistance and not be in
default on a previous federal loan. Transfer students must have
Financial Aid Transcripts (FAT) from all previously attended schools
submitted to the Financial Aid Office. Free Application for Federal
Student Aid (FAFSA) forms should be submitted no later than March
1 or as soon as possible, if accepted after that date.
GRANTS
AND SCHOLARSHIP
- Scholarships
The State University of New York at Buffalo School of Medicine
and Biomedical Sciences awards partial scholarships to 30 - 40
entering students. Each scholarship is renewed for each of the
four years as long as the student is performing at a high academic
level. Information on application is sent to each accepted candidate.
- New York
State Tuition Assistance Program (TAP)
Tuition Assistance Program is a grant awarded to residents
of New York State on the basis of financial need, which is determined
from the TAP application form. Forms require some students to
report both their parents' and their own New York State net taxable
income. (Check instructions for Financial Independence). The TAP
award is limited to the amount of tuition, with a maximum TAP
award for a medical student of $550 for an academic year (or $275
for each semester). Upon submission of the FAFSA, a pre-printed
TAP form will be mailed to you.
- Regents
Health Care Opportunity Scholarships
Awards are available annually for economically disadvantaged and
underrepresented minority students who are beginning or are engaged
in an approved program in medical or dental professional study.
Applicants must also be residents of New York State. Successful
applicants must agree to practice medicine or dentistry in a designated
shortage area, upon completion of the program. Award winners may
receive up to $10,000 per year for a maximum of four academic
years.
- Economically
Disadvantaged Tuition Waiver (EDTW)
EDTW is a program that can provide an award of up to the cost
of tuition minus other tuition assistance offsets. It is determined
by the Financial Aid Office and awarded to students who are full-time
New York State residents and who meet the EOP eligibility criteria.
Parental information and signatures must be provided on the FAFSA
regardless of the student's dependent/independent status, and
students must file a FAFSA before March 1 st in order to be considered
for EDTW.
LOANS
- Perkins
Loan
This is a low-interest loan (5%) awarded by the Financial
Aid Office through a need analysis of the FAFSA. Depending on
financial need, up to $18,000 total may be borrowed, including
any amount previously borrowed under the Perkins (NDSL) program
for undergraduate study. Repayment of this loan begins six/nine
months after graduation.
- Primary
Care (PCL)
PCL is awarded to Fourth-Year Medical Students who are full-time
and meet the criteria as determined by need analysis. Students
must sign an agreement to complete a primary health care residency
within four (4) years of graduation and practice primary health
care until the loan is repaid. Parental information and signatures
must be provided on the FAFSA regardless of the student's dependent/independent
status. Students must file a FAFSA by March 1 st to be considered
for PCL. The loan is repayable over a 25 year period at an interest
rate of 5%, commencing one year after the completion of studies.
Repayment may be deferred for up to three years of service with
the Armed Forces or for two years while pursuing advanced professional
training including internships and residencies. There is a marked
financial penalty if primary care is not entered.
- Federal
Direct Subsidized Student Loan Program
Students must have completed the Free Application for Federal
Student Aid (FAFSA) in order to be considered for this Loan. The
maximum subsidized loan for an academic year for a professional
student is $8,500. Principal and interest payments are not deferred
through Residency, but recipients may be eligible for an Economic
Hardship deferment during residency. Based on the FAFSA, the Financial
Aid Off ice will determine whether a student demonstrates financial
need for a Direct Subsidized Loan and the U.S. Department of Education
guarantees the loan.
- Federal
Direct Unsubsidized Student Loan Program
Students may borrow up to $18,500 per year in unsubsidized
Stafford Loans less what they received in a subsidized loan, depending
on budget. The interest rate is variable. The principal and interest
are deferred while in school, but interest accrues from date of
disbursement.
- Regents
Physician Loan Forgiveness Program
Awards are available annually from the New York State Education
Department for physicians who agree to practice medicine in an
area of New York State designated by the Regents as having a shortage
of physicians. Award winners may receive up to $10,000 per year
for a maximum of four years, in order to repay education loans
incurred while enrolled in a medical education program.If you
have questions regarding the Regents Health Care Opportunity Scholarship
programs or the Loan Forgiveness Program, you may write to the
following office:
LOAN
FORGIVENESS AND PROFESSIONAL OPPORTUNITY SCHOLARSHIP PROGRAMS
Bureau of Higher and Professional Educational Testing
The State Education Department Cultural Education Center
Room 5C64
Albany, New York 12230
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