Medical College of Wisconsin Financial Aid and Tuition

1. Log in to MCWconnect
2. Under “MCWconnect Self Service” select “Financial Aid”
3. On the “Home” tab locate the Award year dropdown menu and make sure to select “2024-25 Academic Year” to view Student requirements/access document links. Requirements will be available in MCWconnect and are also referenced in the section below. While MCWConnect is not yet updated to reflect the status of the 2024-2025 documents, we expect that to be visible to you after the Department of Education releases all their updates for the upcoming year in December/January..

*If you are a Medical, MSA, or Pharmacy School student applying for aid for the current aid year (2023-24), follow the steps listed above. When you get to Step 3, select “2023-24 Academic Year”.

** If you are a Graduate Student (Grad School), the 2024-25 Academic year is for Fall 2024/Spring 2025/Summer 2025 aid. The 2023-24 Academic year (current aid year) is for Fall 2023/Spring 2024/Summer 2024 aid. If you are applying for aid for the current aid year (2023-24), follow the steps listed above. When you get to Step 3, select “2023-24 Academic Year”.

Federal Aid Application (FAFSA)

The Financial Aid Office receives your results electronically. The 2024-25 FAFSA will open in December. Date to be determined.

FAFSA: School code 015611

Financial Aid Application (FAA)

This Financial Aid Application (FAA) will be accessible through MCWconnect or this link. Form link is specific to continuing students only.

Need-based Institutional Aid Requirement (MD program only)

The Parental Assistance Worksheet (PAW) is student initiated and will be accessible through MCWconnect or this link. Form link is specific to continuing students only.

Parent(s) will need to create a Dynamic Forms account to complete their portion of this form.

Private Loan Application

Obtain directly from lender of choice. Do not complete prior to April 1 or the application will expire before certification and a new application will need to be completed.

You are free to use any lender of your choice. To view a list of historical lenders, please review MCW’s FastChoice Site.

Verification Form
If selected for verification by the U.S. Department of Education, you must complete the verification form in-person at the Financial Aid Office. Please bring a government issued ID (i.e. drivers license).

Authorization for Non Directory 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 Authorization for Non Directory Information form. Please contact the Registrar’s Office for this form.

Permanent Residency Card (Green card)
Please bring your green card to the MCW 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.

Wisconsin Residency Determination (MD program only)
HEAB form processing can take several months. If you have additional questions, more information is available on the MCW Admissions webpage under How To Apply, Required Forms.

Satisfactory Academic Progress (SAP) Appeal Form

Letter of Appreciation
An email will be sent with the link to the requirement that you will need to complete.

Form availability and processing will start on September 1. Deadline for all additional funds requests is February 1.

Allowable expenses include:

Other Expenses: computer, test prep, car repair, medical

Away Elective and Rotation Expenses (required away electives only. Applies to MD Regional, MSA students)

Residency Interview Expenses: for students requesting additional federal loan funds to cover this expense
*Students who wish to borrow a private loan instead of federal loans for Residency Interview expenses can view the private loan lender choices for Residency Interviews-Medical Students here.

Additional Expenses–Request for Funds Form
Utilize this form if you would like to use additional federal loans to cover the allowable expenses listed above.

Childcare Expenses: Student will initiate form. Childcare provider will need to create Dynamic Forms account to complete their portion of the form.

Additional Expenses–Childcare Request for Funds Form
Utilize this form if you would like to use additional federal loans to cover childcare expenses.

Direct Loan Information

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 on at least a half time basis.

Current Student Interest Rates (FSA website)

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

MCW offers emergency loans to approved, full-time, and registered students in need of temporary funds. Students do not need to be aid recipients to qualify for an emergency loan.

Full-time students may apply for emergency loans by contacting the Office of Student Accounts. Between terms, continuing students do not need to be aid recipients to qualify for such loans, but they must be registered to apply for such loans. After an emergency loan has been repaid, students are not eligible for another such loan until a new term begins. A term is defined as July 1-December 31 and January 1-June 30 each academic year. The maximum amount that can be outstanding at any time under the Emergency Loan Program is $2,000 per term.

If students have applied for other loans through the Financial Aid Office, the emergency loan will come due within five days of the loan funds arriving or after 90 days, whichever is first. If the students have not applied for other loan funds, the loan will come due after 90 days. Emergency loans will be interest-free for the first 90 days, after which interest will accrue at the rate of 12% annually. Any outstanding emergency loans must be paid back upon leave/withdrawal. Students will not be allowed to register for a new academic year until their loan and accrued interest are repaid. Students who become delinquent on an emergency loan will have a hold placed on their account. If they have not yet done so, they will not be able to register for the next academic term until the loan and accrued interest are paid. All outstanding emergency loans due to MCW must be paid for students to receive their diploma.

Institutional Scholarships

Merit-based scholarships
MCW has a very small number of merit-based scholarships to aid qualifying students in the School of Medicine and/or School of Pharmacy. All students offered admission are eligible for merit-based scholarships if they meet the criteria of a specific scholarship. Students who are offered merit-based scholarships will be contacted directly by the Scholarship Committee. There is no application process. Once students are offered admission, they are automatically considered. Prospective students should contact the Admissions Office of their respective schools for more information. The Graduate School currently does not have any merit-based scholarships. The Scholarship Committee will continuously evaluate students following matriculation during their course of study for eligibility for institutional merit-based scholarship opportunities.

Need-based scholarships
Students who are eligible to participate in the federal financial aid program (Title IV) are eligible to apply for need-based scholarships through the Financial Aid Office. Please refer to the “How to Apply” section above for the necessary forms. Only complete and timely applications are considered. All students who complete all forms for need-based aid are automatically considered for the available scholarships. No additional steps are needed to apply. Institutional need-based aid may include scholarships and/or loans.

The federal eligibility requirements are located on the Federal Student Aid site. For institutional need-based aid purposes, students must be eligible to participate in the federal financial aid program, not just be able to submit a FAFSA.

Outside Scholarship and Grant Resources

During your scholarship search, be sure to apply to only reputable companies and organizations. You should never pay to apply for a scholarship. You should never pay anyone to search scholarships for you.

Look for local opportunities in your city at rotary clubs, churches, social organizations, parent’s employer, sports clubs or professional associations, etc.

• FinAid
• College Board Scholarship Search
• College Resource Network
• College Scholarships.org
• Fastweb
• Hispanic Scholarship Fund
• Indian Health Service Scholarships
• United Negro College Fund
• American Association of University Women (Greater Fox Valley)
• Wisconsin Area Health Education Centers

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.

1. When did you complete the FAFSA?
   • It can take up to 72 hours for CPS to process the FAFSA information. If it’s been longer than 72 hours, see #2.
     
     
2. Is your SSN entered and correct in MCWconnect? 
   • Without the SSN, the FAFSA record will not match & the file will show as needed. Verify SSN is correct. If it is, see #3.
     
     
3. Log on to fafsa.gov.
   • Which year did you complete? (i.e. new students for 2019 will need to complete the 2019-2020 FAFSA) Verify what year you filed. Did you add our school code - 015611? Verify the correct school code was added. If the above are verified on fafsa.gov, see #4.
     
     
4. Did you use your legal name on both the FAFSA and MCWconnect?
   • The name, DOB & SSN much match for the records to match & process. Log on to MCWconnect and fafsa.gov to verify the information entered matches in both systems.

If all of the above have been verified and are correct, please send a screen shot of the completed FAFSA with the year & school displayed along with a screen shot of your name in MCWconnect to finaid@mcw.edu.

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

Obtain a copy of your 1098-T Tuition Statement Tax Form on the TAB Service Company 1098-T website.  The Medical College of Wisconsin Site ID is 11428.

Learn More

All students new to MCW must complete a Direct Student Loan Master Promissory Note to borrow from that program and a Direct Grad PLUS Master Promissory Note to borrow a Grad PLUS loan. These promissory notes (loan agreement)are also included. 

Learn More

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 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.

To view your federal loans online, go to the NSLDS site. You will use your FSA ID to log into this website.

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.

Learn More

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 your costs and/or seek financial help from parents or relatives.

View the AAMC Student Budget Template resource (PDF)

The Office of the Registrar submits each student’s enrollment status to the National Student Clearinghouse approximately every 30 days.  Lenders retrieve the enrollment data directly from the National Student Clearinghouse.  The Office of the Registrar will verify enrollment for new students only after the start of classes. Please contact the Registrar with further questions.

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.

Medical Students: 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. 

Medical Students

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 MCWconnect. 

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.

Graduate Students

Loans for all Graduate Students are disbursed after the add/drop period for each term. 

 

The student contribution is calculated based on the results of your FAFSA. If you do not have part or all of the contribution listed, you can replace the student contribution with loan funds. You are allowed to replace it with either funds from Federal Direct Unsubsidized Loan or Federal Direct Grad PLUS Loan (if you qualify). You would need to speak with a counselor to replace the student contribution with loan funds.

MCW does not participate in Federal Work Study.

View MCW's statement on federal work study (PDF)