Financial Aid office


Medical College of Wisconsin
8701 Watertown Plank Rd
Milwaukee, WI 53226


  • (414) 955-8208 (phone)
  • (414) 955-0119 (fax)
  • finaid@mcw.edu
  • Hours: 8:00 am-5:00 pm, Monday through Friday
  • Summer Hours: 8:00 am-4:30 pm, Monday through Friday

If you require a paper copy of any financial aid documents, we will provide one upon request.

TUITION & FEES

HOW MUCH DOES IT COST? (PDF)


Tuition and Fees Information

If you have questions regarding tuition or your account, please contact the Office of Student Accounts, at (414) 955-8172 or mcwtuition@mcw.edu. Please refer to the All Student Handbook for tuition payment policies and information. 

ADDITIONAL Forms


Additional Forms or Information:

DOCUMENTATION OF ANY ADDITIONAL EXPENSES

This is defined as expenses, other than allotted school costs, you may incur during the school year.  Acceptable expenses include costs related to childcare (PDF), car repairs or medical expenses that go beyond the budget amount (moving expenses and security deposits are not allowed). Please refer to "What Financial Aid Can and Cannot Cover" (PDF) for further information.

CONSENT FOR RELEASE OF INFORMATION

If you want any financial aid information to be disclosed to any other person (i.e. parent, spouse, landlord etc.), you will be required to fill out a Consent For Release of Information Form. Please contact our office for this form.


VERIFICATION FORM

If selected for verification by the U.S. Department of Education, you must complete the verification form that will be sent to you and return it to the MCW Financial Aid Office.


THESE ADDITIONAL FORMS ARE REQUIRED IF YOU ARE A NEW MEDICAL STUDENT

COPY OF RESIDENT ALIEN VERIFICATION CARD (GREEN CARD) – Please bring your green card to the Financial Aid Office and we will photocopy the card for you. If you become a naturalized citizen while in school, please provide our office with a copy of your papers.

CREDIT REPORT

A clean copy of your credit report must be submitted to the Financial Aid Office by the deadline date provided with your acceptance letter. Request your credit report at  Annual Credit Report.com. Enter the state you reside in and you will be informed whether you are eligible to receive a free credit report.

NO CREDIT HISTORY FORM

This form (PDF) is required only if you do not have a credit history.

 

Loan Information


Direct Loan Information

Current Interest Rates

Open AllClose All
  Federal Direct Unsubsidized Loan Program

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.

  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.

  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.

 

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.

  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 $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

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.

  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.

Scholarship & Grant Information


Open AllClose All
  State of Wisconsin Medical Student Tuition Assistance Grant

Each year, the College admits approximately one-half of its entering class from its Wisconsin applicant pool. All acceptances offered to applicants claiming to be Wisconsin residents will be contingent upon confirmation of their residency status by the Higher Educational Aids Board (HEAB), located in Madison, WI.

To apply for Wisconsin residency for tuition purposes, you will need to complete the Wisconsin Residency Determination form (PDF). Mail the form and supporting documentation to HEAB at the address listed on the form. The state of Wisconsin will provide Wisconsin residents a credit of approximately $3,644 which will be applied toward tuition for the 2018-2019 academic year. (The Credit amount is an estimate based upon Wisconsin resident enrollment and is subject to change each academic year.)

  Medical College of Wisconsin Scholarships

The Medical College of Wisconsin offers a modest number of merit scholarships to incoming students. Recipients are selected by the Senior Associate Dean and will be notified of the award by that office. A limited number of scholarships are available to students based on financial need. These are awarded through the standard financial aid application process and no special application is required.  Applicants requesting to be considered for MCW scholarship funding must have their parents submit the Parental Verification Worksheet to the Financial Aid Office.

  Armed Forces Health Profession Scholarship Program

The ArmyNavy and Air Force offer programs that pay tuition, fees, health insurance premium, books and a monthly living allowance. For each year of scholarship you receive a year of military service is expected, for a minimum of three years.  Information on these programs can be obtained from a recruiting office near you.

   National Health Service Corps Scholarship

The National Health Service Corps is a competitive federal program offering the scholarship recipient tuition, fees, health insurance premium, books and a monthly stipend. In return for each year of award, scholarships recipients incur a one-year service obligation providing full-time clinic services at sites in federally designated Health Manpower Shortage Areas of the United States. Application deadline is usually late March for the following academic year. Further information can be found on their website.

  Wisconsin Medical Society Scholarships

The Wisconsin Medical Society is a private organization that offers scholarships to Wisconsin residents. Further scholarship descriptions and applications can be found on their website.

  Private Scholarships

The Financial Aid Office has information on money that is available from outside sources for MCW students. Look to our financial aid homepage for current information. The Financial Aid Page and College Answer are websites of reputable companies that will complete a scholarship search for you at no charge. Never pay anyone to search for scholarships for you.

  Other State Grants

If you are a resident of a state other than Wisconsin, please visit the FinAid! - The SmartStudent Guide to Financial Aid website.

repayment & Debt Management


Frequently Asked Questions


Open AllClose All
  What is the cost for tuition?

The cost of tuition for the 2018-2019 school year is $54,050 for MCW Milwaukee Medical Students.  Wisconsin Student Tuition Assistance for Wisconsin residents estimated at $3,644 for the 2018-2019 school year. This amount is an estimate based upon Wisconsin resident enrollment and is subject to change each academic year. 

  How do I become a Wisconsin resident?

The Higher Education Aids Board makes all decisions regarding becoming a Wisconsin resident. The residency determination form can be found below:


Wisconsin Residency

Each year, the College admits a significant number of its entering class from its Wisconsin applicant pool.  All acceptances offered to applicants claiming to be Wisconsin residents will be contingent upon confirmation of their residency status by the Higher Education Aids Board (HEAB), located in Madison, WI.

To apply for Wisconsin residency for tuition purposes, you will need to complete the Wisconsin Residency Determination form (PDF). Mail the form and supporting documentation to HEAB at the address listed on the form.

  How is institutional aid awarded?

Institutional aid is divided among students with the greatest financial need, who make the deadline. Included in the financial need calculation is total debt (undergraduate and MCW debt) and total resources. Students must have a completed FAFSA including parental information, Financial Aid Application and Parental Assistance Worksheet on or before the deadline. The Parental Assistance Worksheet must be completed and signed by your parents.  Institutional aid is awarded to the neediest students first.

  Who do I contact for questions about my bill?

Contact the Office of Student Accounts at (414) 955-8172 or mcwtuition@mcw.edu.

  Who do I contact for an emergency loan?

Please call the Financial Aid Office to schedule an appointment at (414) 955-8208.

  Do I need to complete the Unsubsidized and Grad Plus entrance interview?

All students who want to borrow financial aid must complete both entrance interviews.

  How is my financial aid budget determined?

The Financial Aid Office is under Federal regulations when it comes to developing a student budget. We obtain budget information from surrounding colleges, check with the bookstore and faculty regarding required books and equipment as well as rent charged by landlords in the area. Every year we conduct a Financial Aid Budget Survey of the students and we review this information to determine if budget allowances need to be adjusted.

  How do I find out how much I have borrowed, including interest, since I have started at MCW?

To view your loans online, go to the National Student Loan Data System. You can also view your loan information on your servicers website. If you do not know who your servicer is, this information can be found on the National Student Loan Data System.

  I have borrowed my full eligibility in loans, but I still need more money. What options are available for me?

If you have extenuating financial circumstances, you need to bring this to the attention of the Financial Aid Office. You should also try to reduce yours costs and/or seek financial help from parents or relatives.

   When is my credit report due?

Your credit report due date is May 1. We recommend ordering your credit report as soon as you have interviewed.

   Where can I get a loan deferment form to defer my loans?

You must get a deferment form from the holder of your loans. Most servicers have the form available to download from their website. The Office of the Registrar at the Medical College of Wisconsin will complete the form and send it to the holder of your loan.

  My parents are not sure if they will be claiming me on their taxes, is there anything I need to do regarding their information for the Financial Aid Office?

At this level, you are considered an independent student, regardless of whether your parents claim you as a dependent for tax purposes. If your parents will be contributing any money towards your tuition or living expenses, you are required to report that amount to us on the Financial Aid Application.  If you wish to be considered for institutional aid, you will need your parents to complete and sign the Parental Assistance Worksheet and include parent's information on the FAFSA.

   When can I expect my money for living expenses?

Funds for living expenses will be delivered via direct deposit within two weeks of your classes starting each semester. Please make sure you have entered your bank information on the student portal.

 

Actual disbursement dates will vary depending on your bank.  

 

In order to borrow any Federal Loan funds, you must schedule an appointment with a financial aid counselor.

 

In order for incoming students to receive funds during the first week of classes, you must have completed your master promissory note and unsubsidized and Grad PLUS entrance interviews.

Page Updated 06/13/2018