The Federal Direct Unsubsidized Loan is a non-need-based loan obtained through the U.S. Department of Education. Qualified students can borrow up to an annual maximum, determined by how many months are in their school year. There is no interest subsidy under the Direct Unsubsidized Loan program and repayment will begin 6 months after you are no longer enrolled at least half time.
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.
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.
Students may be eligible for an institutional loan if federal and private funding options have been exhausted. For more information regarding eligibility requirements, criteria for selection, eligible amounts, procedures, applications, and truth in lending disclosures, please contact the Financial Aid Department.
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 $5,000 per year with a maximum of $15,000. Wisconsin Medical Society Loans disbursed during the 2017-2018 school year have a fixed interest rate of 5.31%. These loans are given out to the students with the most need, on a first come first 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 have various interest rates, loan amounts, fees, etc. based on the lender. To view a list of historical lenders, please review MCW's FAST Choice site. You may qualify for loans or other assistance under the Title IV, HEA programs. The terms and conditions of the Title IV, HEA program loans may be more favorable than the provisions of the private education loans.
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.