Financial Aid
Physician Assistant (PA) education is not inexpensive. However, paying for it is possible and an excellent long-term investment. There is money available, but you have to work to find it. The cost of PA education varies by institution. You should begin evaluating the cost and start your financial aid research at the same time you apply to a PA Program. Find out what it will cost and how you will pay for it. The purpose of financial assistance is to help those students who otherwise could not meet the costs of their education.
Always start your search for financial assistance at the college or university financial aid office. The financial aid office exists to provide information on grants, loans and other assistance from a variety of sources.
Office of Financial Aid
Albany Medical College
47 New Scotland Ave.
Mail Code 1/ADM, R203
Albany, New York 12208-3479
Phone: (518) 262-5435; Fax: (518) 262-5925
FinAid@mail.amc.edu
Money from federal loan programs will probably form the foundation of your financial assistance package. Many states also offer financial assistance programs. In addition, there are other specialized scholarships, traineeships, and loan programs available. Inquire at local hospitals and clinics to find out if they will provide tuition and a stipend in exchange for a commitment to work at the facility for a specified period of time.
The cost burden rests with you and your family. Financial assistance provides the difference between what you are able to pay and the actual costs of attendance. Prudent management is the key to your financial survival. You must plan, budget and above all, read all the financial assistance materials you can obtain.
GENERAL RESOURCES FOR YOUR SEARCH
| FastWeb | www.fastweb.com |
| Federal Department of Education | http://studentaid.ed.gov |
| New York State Higher Education Services | www.hesc.org |
| SmartStudentTM Guide to Financial Aid | www.finaid.org |
THE FINANCIAL AID PROCESS AT A GLANCE FOR PHYSICIAN ASSISTANT STUDENTS
1. You complete all required Financial Aid application materials and are sent an Award Letter.
2. You return the Award Letter. Your signed Award Letter must be returned to the Financial Aid Office within three weeks from the date on the Award Letter. Failure to return your signed Award Letter will result in loan funds not being received.
3. You complete Stafford/alternative loan process. If you are offered Stafford Loans, a Master Promissory Note is included with the Award Letter. If you need additional loan funds, you will contact the Financial Aid Office for additional information.
4. Funds are credited for Stafford and alternative loans. Funds will not be credited to your tuition account or you will not be allowed to sign loan checks until you have completed all requirements.
Stafford/alternative loans:
When the loan funds are received, one half less fees will be credited to your tuition account not earlier than 10 days before the start of the academic year. The second half less fees will be credited to your tuition account not earlier than 10 days before the mid-point of your academic year.
5. Excess funds are received. You will be sent a check for the credit balance (the excess funds beyond any school-related charges incurred by you while attending Albany Medical College). Checks will be sent to the Service Cashier.
All students applying for Financial Aid should complete the documents indicated below.
In order to receive first consideration for all Financial Aid, these documents should be received by the recommended deadline dates. Please see the AMC Guide to Financial Aid for deadline dates and additional information about financial aid awards, disbursements, etc.
Financial Aid Office hours are 8:15 AM – 4:15 PM
Monday through Friday.
Phone: (518) 262-5435
Fax: (518) 262-5914
| Document | Process |
| Albany Medical College Financial Aid Application (AMCFAA) |
After you are accepted into the AMC PA Program and have your deposit, complete the AMCFAA on-line WebAdvisor at:
http://webadvisor.amc.edu/WALIVE/WALIVE (Click on “New to WebAdvisor” at the bottom of the page) |
| Free Application for Federal Student Aid (FAFSA) | Website: ww.fafsa.ed.gov (Web process takes 2-3 weeks) OR Request a paper application by calling the Federal Information Center at (800) 4-FED-AID (Paper process takes 4-6 weeks) |
| Entrance Loan Counseling |
https://www.de.ed.gov/borrower/EntrCounselingStart.do?cmd=initializeContext
(Note that students must choose the Combination Direct Stafford & Direct PLUS Loans counseling session so that they will receive guidance on both loan types). |
LOAN OPTIONS FOR PHYSICIAN ASSISTANT APPLICANTS* AT ALBANY MEDICAL COLLEGE
| Loan Program | Source | Amount | Relevant Information |
| Federal Subsidized Stafford Loan | Federal Direct Student Loan Program Certified by Albany Medical College |
Up to $8,500 per year | Financial need is required for federal subsidized loans. Fixed rate of 6.8 percent for loans first disbursed on or after July 1, 2006. The US. Department of Education pay the interest while the student is in school at least half-time, for the first six months after the student leaves school (your grace period) and during a period of deferment (a postponement of loan payments). Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected. |
| Unsubsidized Federal Stafford Loan |
Federal Direct Student Loan Program Certified by Albany Medical College |
Up to $12,000 per year | Financial need not necessary for federal unsubsidized loans, but the total of all loans may not exceed the student’s cost of education. Fixed rate of 6.8 percent for loans first disbursed on or after July 1, 2006. The federal government does not pay the interest on unsubsidized loan. The borrower pays all interest. Interest accrues and may be paid or capitalized while in school. Repayment begins 6 months after graduation. Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected. |
| Graduate/Professional PLUS Loan Federal Direct Student Loan Program | Certified by Albany Medical College | Student’s Cost of Attendance** - Other aid student receives = Maximum loan amount |
Borrowers with a negative credit history may be required to have an endorser (co-signer). Fixed rate at 8.5 percent for loans first disbursed on or after July 1, 2006; Borrower pays all interest. Interest accrues and may be paid or capitalized while in school. Between 10 and 25 years to repay, depending on amount owed and type of repayment plan selected. |
*Students must be matriculated and officially enrolled at least half-time. To be eligible to receive federal student loans, the student must be a U.S. Citizen, U.S. national, or US Permanent Resident alien and meet all other program requirements. For a list of all eligibility requirements, go to http://studentaid.ed.gov
** Cost of Attendance (COA) The total amount it will cost you to go to school—usually expressed as a yearly figure. It is determined by each college using rules established by federal law.
