Good thing. Sinai needs to follow suit or be left in the dust of the other big 3 NYC schools
Maybe in reference to Columbia, Cornell, and NYU all having generous aid policies and attracting the same types of applicants as Sinai. It would just lower their yield significantly for any applicants that got into any of those schools and want to be in NYC.
I had no idea!! Glad to see it. Now if only Harvard and Hopkins followed suit...
What sucks is the extreme variation in what is considered “needy” and how they factor parental income. Like Harvard and Stanford expect parental contributions of significant amount above $100,000 income, to the point where to be able to qualify for their need based aid they will only match. Basically the philosophy “if your parents don’t care about your education why should we?” Which absolutely sucks for independents, those with families, those who have been disowned, etc.Harvard, Yale, and I'm pretty sure most T10-15 schools already cover most/all of tuition as need-based aid.
YSM lowers expected loans for qualified students
Starting next academic year, Yale School of Medicine students receiving need-based scholarships will only be expected to borrow $15,000 in loans to cover educational expenses.yaledailynews.com
Oh yah, definitely tons of threads. But you don’t want to engage in a redundant and cyclical debate about the merits of a very widely known problem? How un-SDN of you.
There are med schools charging some $70K in tution ( U ILL > $90K for OOS) and they ALL have no shortage of applicants. Mt Sinai will do fine, free tuition or no.
It will use both. Every medical school need-based aid takes parents into account. Even those of us who have not received a dime for schooling ever, have children, are old(Er) and so on.
Some have different income requirements and work history stuff blah blah but I’m most cases these simply reduce the amount. I am in the same boat. My parents combined are ~$130K, so I don’t look needy on paper...but that all goes towards a mortgage, bills, and like 3 cruises a year for them. So...yah, not my money.
Being able to afford 3 college tuitions and potentially medical school is not quite middle class....also, if they are paying your tuition you are most certainly a dependentz
Are you formally adopted by your step-parent and/or do they file taxes jointly?
We’re I you, I would reach out to a few school FA offices to get an idea...but my guess would be that their income is going to be taken into account. Although, how old are you (>35?). You may qualify as an independent due to age at most schools that offer need based aid.
I believe their financial aid site says to identify the parent income of the parent who you have lived with most.
I think usually people get federal PLUS loans after they have maxed out on federal direct unsubsidized loans.
You can, yes. However, interest rates are typically higher (unless your credit score is in the same high percentile as your MCAT), they have stricter repayment plans, typically don’t allow deferment during residency etc. A plan that many people do is full COA on grad plus/stafford, then after residency refinance on a shorter term bank loan at a 3-4% interest rate. A larger payment per month, but much less in the long haul.
Interestingly, very few people have average credit. People either have excellent or bad credit...
Isn't something like 700+ supposed to be a good score
680+ will typically qualify you for the majority of things that require good credit (a mortgage, business loan, decent credit cards, auto loan w/ <7% interest rate). Up until about 750 there are increasing benefits, then it tapers off around 780. For instance, I refinanced my car from 675 at a 7.2% interest rate to a 2.6% interest rate at 784. But when I went to see if I could get an even lower interest rate at 827, they said I was at the lowest available rate.
It depends why it is bad. I had zero credit history, then after having nothing but one credit card for 2 years that I used once my “established” history gave me a score of 650 at 18. After routine payments of student loans, like 9 credit cards, auto loans, 3 years with a mortgage then selling that house for a profit blah blah - it shot up to 784 somewhere within a year of starting to adult and gradually inclined up to 827 now with all that. Literally getting excellent or perfect credit is just not overextending your finances, not being sketchy (opening lots at once), and not missing payments. You don’t even need to do anything good to get excellent credit - literally just do what you are supposed to do.
Did that help? I am by no means an expert in finances, I can only really just speak to my personal experiences. There may be other barriers or factors that influence others (such as race or gender).
I'm in a similar boat. My dad makes a lot on paper but in terms of spending power he is very poor.
Well of course even carib schools have no trouble getting applicants. I'm referring to the rankings race which like it or not is one of the reasons these schools are emphasizing improving aid
