Caribbean Medical School Financial Aid

As a nonprofit organization our focus is helping students from all economic backgrounds achieve their potential for becoming a   physician.  Medical school is an intense academic program which demands 100% of your time and energy.  For this reason, most students find it beneficial to have a financial plan for paying the costs of attending medical school in place prior to the start of their studies. We encourage you to reach out to our financial aid office as early as possible in the application process for assistance.

ACSOM’s Financial Aid office administers the financial aid available to our students, assists them in financial planning, budgeting, and completion of loan applications, and provides students counseling regarding management of their educational debt.

You can reach us at  [email protected] and 1-631-452-5579 (phone or what’s app)

FUNDING:

Most of our students fund their education with a combination of family contributions, scholarships and loans that do not have to be repaid until after the student finishes his or her studies.  Understanding the costs associated with attending ACSOM is the first step to building a financial plan.  Our counselors offer you one-on-one sessions about understanding the Cost of Attendance and creating this plan.

Currently, the school is seeking approval from educational lenders, banks, and government loan programs with competitive terms for our students.   In the interim, ACSOM is offering several ways to help reduce your family contributions.

ACSOM PRIVATE EDUCATION LOAN

This is a private education loan sponsored by the American Canadian School of Medicine which at this time is only available to U.S. students** attending ASCOM at least half time.  The terms and conditions of this loan are very competitive with other governmental and private education loans available to medical students and, in some cases, better than the U.S. Federal Direct PLUS loan.  The loan carries a fixed rate simple interest. Repayment may be postponed until the student finishes 3 years of years of medical residency. Borrowing limits are up to the Cost of Attendance minus other financial aid.  Applications for this loan are available from the Office of Financial Aid.

** The Financial Aid Office is working with the lender to offer this same or a similar loan to our Canadian students soon.

The ISPD is a bridge program and will be replaced by a conventional Loan Program and/or Provincial Financial Aid, once finalized. It is understood that when the ISPD is terminated, the Loan Program and/or Provincial Financial Aid may not fully cover net tuition.

Information and qualifications are as follows:

• Accepted students must confirm their admittance to the August 2024 class by completing the Enrollment Form and satisfying the Enrollment Criteria.
• Recipients will receive an award letter from the Financial Aid Office as part of their Admission Package.
• The deferred tuition loan award amount will be credited to the student’s tuition account.
• You will have the option to defer the net tuition due (full tuition minus any scholarship award(s)) until such time as our Loan Program/Provincial Financial Aid has been finalized or you may pay net tuition fees due without deferment and have no obligation to participate in the Programs. There is no interest or penalty in the ISPD program.
• If you elect to enter the ISDP and defer net tuition due, you must then complete the ISPD form and return to the Financial Aid Office no more than 30 days after completing the enrollment form, or prior to the start date of the semester, if less than 30 days. The ISPD form will indicate that you:
  • Request to defer payment of your net tuition
  • Desire to participate in the Loan Program and/or Canadian Provincial Financial Aid
  • You understand that the ISDP is a bridge program. If, for any reason, your participation in the Loan Program is rejected after application, net tuition due is payable immediately; unless, at the sole discretion of the Dean’s office, other arrangements are provided.
• ISPD deferment can only be used to offset net tuition due, and no monies are allocated for living or travel expenses. Funds from the Loan Program and/ or Provincial Financial Aid can be allocated to any cost of attending ACSOM per their regulations.

Honors Scholarship:  To encourage the best and the brightest from our applicant pool, students who have exhibited high academic excellence in their previous studies may be awarded full scholarships by the Admissions Committee. 

Dominican Citizen Scholarship:   Dominican students who are accepted to the school will receive a full scholarship for the program covering the cost of their tuition.

ACSOM Referral Scholarship: We are delighted to introduce our Student Referral Scholarship (SRS) program. As part of our commitment to fostering a supportive community and rewarding our dedicated students, we are offering a scholarship for every subsequently enrolled student referred by our current students. 

ACSOM Values Scholarship: Awarded to accepted students who have shown leadership and community service. These partial scholarships are awarded by the Admissions Committee and no additional application is necessary.

Academic Merit Scholarship: Eligible accepted students will be awarded an academic merit scholarship upon admissions committee review based on both the holistic and academic review of the file in its entirety. No additional application is necessary.

Community Health Scholarship: Awarded to accepted students with an MPH, DrPH, or PhD in Public Health from an accredited institution and graduate in good academic standing.