Web Site: www.finaid.wisc.edu
MED MEMORANDUM
TO: Medical Students
FROM: Amy Whitford, Med Financial Aid Counselor
DATE: January 2016
RE: Financial Aid Instructions for 2016-2017
The financial aid forms and instructions contained on our web site or at 333 East Campus Mall are used by all types of students applying for financial aid. There are a few instructions specific to Medical students and I’d like to point them out below.
1. Required Forms
All med students applying for financial aid should complete the 2016-2017 Free Application for Federal Student Aid (FAFSA). The website is located at: www.fafsa.ed.gov. Our school code # 003895. You will need your FSA ID to complete the FAFSA. The FSA ID, which consists of a user-created username and password, replaced the PIN effective May, 2015. It allows users to electronically access personal information on Federal Student Aid Web sites as well as electronically sign a FAFSA.
DO NOT send tax documents. After we receive your FAFSA , we will contact you if we need more information.
2. Funds
Although there is no deadline to apply for financial aid, I encourage you to submit all forms by April 1st.
Federal Direct Unsubsidized Loan has a yearly maximum of $43,833 for med 1s and $47,167 for med 2-4s. Interest will accrue on this loan while you are in school. The fixed interest rate is currently 5.84%. If you plan to apply for the grad PLUS loan to meet any unmet costs, you can apply AFTER you accept the unsubsidized loan. Forms can be found at our website.
3. Your award notification will be emailed to you once your financial aid application is complete. The first awards are usually sent in mid April. You can download forms, check your status, or view your award online at any time at https://my.wisc.edu Click on the Student Center, find the Finances section, click on View Financial Aid, and then aid year 2017. Read all emails we send to avoid missing critical information about your application.
4. Optional Form and Data
Do I need to provide parents’ income on the FAFSA? You only need to submit parent income information IF you are committed to a career in primary care and want to apply for the Primary Care Loan. Interested students must contact Amy Whitford directly to receive the Primary Care Loan Program Form.
Primary Care Loan: The Primary Care Loan (PCL) is a loan program for those students who plan on careers in primary care. Primary health care is defined as family medicine, general internal medicine, or general pediatrics. If you are not firmly committed to the practice of primary health care, you should not accept a PCL. At the point you fail to fulfill your service obligation, the outstanding loan balance will be computed annually at an interest rate of 7 percent from the date of noncompliance.
The Primary Care Loan is a low interest loan (5%) which does not accrue interest while you are in school or residency. To be considered for PCL you must provide parental data on the FAFSA (parent’s signature is not required). If you received PCL in the past, I encourage you to submit parental data for 2016-17 so that you are considered for these funds again.
PCL borrowers must qualify based on the submission of parental data and they must also: (1) enter and complete a residency training program in primary health care not later than 4 years after the date on which the student graduates from school and (2) practice primary health care through the date on which the loan is repaid in full and certify to the school on an annual basis that they are practicing primary health care. PCL recipients who do not fulfill their primary health care obligation are subject to repaying their PCL loans within 10 years from the date of their failure to comply and the loan interest rate will be computed at 7% from the date of non-compliance.
5. Finally, students who have children in need of day care should call our office for information on the Child Care Tuition Assistance Program (CCTAP). This program awards grants of up to $1,000 per year if the child is registered in day care. http://occfr.wisc.edu/cctapinfo.htm
For more information, call Amy Whitford at (608) 262-3060.