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Loan Information

Direct Loan Information

  • EMPN
  • Entrance Counseling

Current Interest Rates

http://studentaid.ed.gov/types/loans/interest-rates

Loans

On August 9th, 2013 the Bipartisan Student Certainty Act of 2013 was signed into law. Under this Act, interest rates will be determined each June for new loans being made for the upcoming award year, which runs from July 1 to the following June 30. Each loan will have a fixed interest rate for the life of the loan.

The interest rate is now determined by using a rate equal to the high yield of the 10-year Treasury Note auctioned at the final auction held prior to June 1st  plus 3.6% for the Federal Direct Unsubsidized Stafford loan and plus 4.6% for the Federal Direct Grad Plus loan.

 Federal Direct Unsubsidized Loan Program

The Federal Direct Unsubsidized Loan is awarded to students who demonstrate financial need, as based on Federal Methodology calculations.   Qualified first and second year students can borrow up to $42,722 annual maximum.  Third year students can borrow up to $47,167.  Fourth year students can borrow up to $44,944.  The aggregate maximum is $224,000.  There is no interest subsidy under the Unsubsidized Stafford Loan program and repayment will begin 6 months after you are no longer enrolled in school on at least a half time basis. Please see the chart below for interest rates and loan fees that will be paid to the U. S. Department of Education by way of fees deducted from your check before it is disbursed. 

 

 Federal Direct Graduate PLUS Loan

You can borrow up to the total cost of attendance at MCW minus any other financial aid you receive.  There is no interest subsidy on this loan and repayment will begin 6 months after you are no longer enrolled in school.  Please see the chart below for interest rates and loan fees that will be paid to the U. S. Department of Education by way of fees deducted from your check before it is disbursed. 

 Interest rates effective on or after July 1st, 2014, loan fees effective December 1st, 2013:

 

UNSUBSIDIZED STAFFORD

2014-2015 ACADEMIC YEAR

Interest Rate

6.21% Fixed

Fees

1.072%

Interest Cap For Future Years

9.5%

GRAD PLUS

2014-2015 ACADEMIC YEAR

Interest Rate

7.21% Fixed

Fees

4.288%

Interest Cap For Future Years

10.5%

 

 Federal Perkins Loan

Federal Perkins Loans are awarded by the Medical College of Wisconsin on the basis of financial need and availability of funds. This loan has an annual maximum of $8000 and a lifetime maximum of $54,000. This loan is interest free while enrolled and during the grace and deferment periods. At the end of the allowable deferment period, interest is fixed at the rate of 5%. There is no fee associated with this loan.

 Institutional Aid Loans

These funds have been donated to or solicited by the Medical College of Wisconsin for support of financially needy medical students. These loans are interest free while enrolled, during grace and through periods of deferment (such as residency). Interest rates vary but generally range from 3%-9% and are fixed for the life of the loan based on the year you borrow the money.

 Wisconsin Medical Society Loan

The Wisconsin Medical Society Student Loan program is available to rising M-2, M-3 and M-4 medical students who are Wisconsin residents.  The loan is for $5000 per year with a maximum of $15,000.  Wisconsin Medical Society Loans disbursed during the 2014-2015 school year have a fixed interest rate of 5.41%. These loans are given out to the students with the most need, on a first come irst serve basis.  Students must submit a new application every year and must submit a biographical statement the first time they apply.  Applications can be picked up in the Financial Aid Office starting in January of each year.

 Private Educational Loan Programs
Private Educational loan programs have various interest rates, loan amounts, fees, etc. based on the lender. Usually interest rates are variable with no cap and the insurance fee is between 0% and 6%. Loan eligibility is determined by the Financial Aid Office. Specific loan information can be obtained by contacting the Financial Aid Office for an appointment.
 Emergency Loan

The Medical College of Wisconsin will grant Emergency Loans to full-time registered students during the academic year. The maximum amount that any student can borrow is $1,000 and the maximum amount that can be outstanding at any time under the Emergency Loan Program is $1,000. The maximum limit of $1,000 is available and may be granted to students twice during the academic year, once during each half of the year. If the student has applied for other loans through the Office of Student Financial Services, the Emergency Loan will come due as soon as these loan funds arrive, or after 90 days, whichever is first. If the student has not applied for other loan funds, the loan will come due after 90 days. The loans will be interest-free for the first 90 days, after which, interest will accrue at the rate of 12% per annum.

A student who becomes delinquent on an Emergency Loan will not receive evaluations and will not be able to register for the next academic term until the loan is paid. All outstanding Emergency Loans due the Medical College of Wisconsin must be paid before graduation for the diploma to be presented.

If a student needs to borrow an Emergency loan, the student needs to schedule an appointment with a counselor in the Office of Student Financial Services to discuss the reasons and the amount requested for an Emergency Loan.  During the appointment, the student will complete an Emergency Loan Promissory note and the Office of Student Financial Services will give the signed promissory note to the Office of Student Tuition and Loans so that funds can be deposited directly into the student’s bank account.

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Page Updated 09/04/2014