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Mandatory Credit Report Policy

Deadline Dates

A stipulation of acceptance at the Medical College of Wisconsin obligates an applicant to provide a copy of their credit report.  Interviewing applicants will be required to sign the Mandatory Credit Report Signature form  and return it to the Financial Aid Office on the day they interview at the Medical College of Wisconsin.  Once accepted, applicants will receive a deadline date, as outlined below:

 

Acceptance Offered: Credit Report Due:

Delayed Admit and Early Decision

January 4, 2010

October 15, 2009 – December 17, 2009

April 5, 2010

January 14, 2010 – March 11, 2010

May 24, 2010

April 8, 2010 – April 22, 2010

June 28, 2010

 

 

Alternates Accepted:

Credit Report Due:

April 26 – May 28, 2010

July 12, 2010

May 31 – July 2, 2010

3 days after acceptance

July 6 – August 9, 2010

Next day after acceptance

An applicant must provide a clean credit report by the deadline date given on their acceptance letter. The Financial Aid Office will review all credit reports submitted. If a decision is made that the credit report has adverse** information, there will be additional requirements for the applicant.

Credit approval is based on federally mandated criteria, not a credit score. In order to qualify, the student may not have any of the following items on their credit report:

• Any current delinquency of 90 days or more
• Any of the following items within the preceding five years of the date of the credit report: Default, Bankruptcy, Discharge, Foreclosure, Repossession, Tax Lien, Wage Garnishment, Write-off of a Title IV Debt, Open Collection


If an applicant is determined to have adverse credit, the Financial Aid Office will require that the applicant complete a Documentation of Financial Availability (DFA) form. This form requires that an applicant provide supporting documentation of their ability to pay $77,200. If the applicant is not able to fulfill this requirement, the Financial Aid Office will recommend that the Office of Admissions rescind the applicant’s offer of acceptance. Decisions made by the Financial Aid Office will be considered final.

Cost breakdown for the Class entering in 2010-2011:

Budget Items that exceed Federal Stafford Loan program over 4 years

 

$41,500

Tuition increases approximately $1100 per year

 

$ 4,400

One time purchase of a computer

 

$ 1,200

Maximum out of town rotation expenses

 

$ 2,000

Projected health insurance costs ($2,700 + $3,000+ $3,500+ $3,900)

 

$13,100

Residency/Relocation Loan during senior year   

 

$15,000

TOTAL

 

$77,200

International students must complete a Certification of Finances form and provide supporting documentation in the amount of $220,000. The Deadline for this form and supporting documentation will depend on the date of acceptance, however, the Office of Admissions will hold the applicant’s decision of acceptance until this form had been received and approved. International applicants who have been accepted in the Medical Scientist Training Program (MSTP) are not required to provide a Certification of Finances form since the MSTP program provides students with the full support during the duration of the program. If, for any reason, the international student leaves the MSTP program, the student would then be required to provide a Certification of Finances (amount to be determined). If this documentation is not approved, the student will then be withdrawn from the college.

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Page Updated 10/22/2009