- 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, less any Subsidized Stafford Loan. Fourth year students can borrow up to $44,944. The aggregate maximum is $224,000. Beginning July 1, 2006 all new Stafford loans will have a fixed interest rate of 6.8%. There is no interest subsidy under the Unsubsidized Stafford Loan program. Up to 1%-origination/default fee paid to the U.S. Dept. of Education by way of fees deducted from your check before it is disbursed.
- 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.
- Federal Direct Graduate PLUS Loan
This program has a fixed interest of 7.9% for the life of the 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. Up to a 4%-combined origination/insurance fee paid to the U.S. Dept. of Education by way of fees deducted from your check before it is disbursed.
- 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 have a fixed interest rate of 6.8%. 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. 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 and can be outstanding at any time under the Emergency Loan Program is $500.00. This maximum will be granted twice during the academic year, once during each half of the year. If you have applied for other loans through the Financial Aid Office the Emergency Loan will come due as soon as these loan funds arrive or after 90 day, whichever is first. If you have not applied for other loan funds, the loan will come due after 90 days. The loans will be interest free until this point. Beyond this point, interest will accrue at the rate of 12% per annum. Emergency loans are administered out of the Office of Tuition and Billing.