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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 6, 2014

October 4, 2013 – December 6, 2013

April 7, 2014

January 10, 2014 – March 7, 2014

May 26, 2014

March 28, 2014 – April 11, 2014

June 30, 2014

 

 

Any applicant offered an acceptance from the alternate list:

August 4, 2014

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 $105,800. 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 2013-2014:

Budget Items that exceed Federal Stafford Loan program over 4 years

 

$75,282

Tuition increases approximately $1941 per year

 

$ 8,000

One time purchase of a computer

 

$ 1,500

Projected health insurance costs

 

$16,000

Residency/Relocation Loan during senior year   

 

$5 ,000

TOTAL

Rounded up to

 

$105,782

$105,800

 

International students must complete a Certification of Finances form and provide supporting documentation in the amount of $254,000. 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 10/24/2013