Mission: to advance the health of the people of Wisconsin by supporting medical education and health initiatives.
 

Student Loans

One of the most important activities of the Wisconsin Medical Society Foundation is the Student Loan Program. Designed to assist medical students preparing for careers in medicine, the loan program is interest free during medical school, offers an attractive fixed interest rate, and charges no loan origination fees. We are especially grateful for the estate gift left by the Reginald H. Jackson, Jr., MD, Medical Student Trust. This gift of $1,800,000 has, and will continue to allow the Foundation to assist countless students in the future.

 

County Medical Society Loan Funds

A number of county medical societies have created student loan funds. Candidates are eligible for these local funds if they graduated high school in that county. Loan funds created by county medical societies and the alliances are as follows:

  • Brown County Loan Fund
  • Dane County Health Careers
  • Grant County Health Careers
  • Green County Student Loan Fund
  • Marinette County Loan Fund
  • Marathon County Alliance Loan Fund
  • Outagamie Health Careers
  • Racine Alliance Loan Fund
  • Sheboygan County Alliance Health Careers Fund

 
There are also memorial loan funds set up to assist medical students in honor of individuals such as the Hildebrand Memorial Student Loan Fund established in memory of W.B. Hildebrand, MD and his brother G.B. Hildebrand, MD. Medical students apply for loans through the financial aid office at either the Medical College of Wisconsin or the University of Wisconsin School of Medicine and Public Health.


Application Instructions

The Wisconsin Medical Society Foundation (Foundation) is pleased to offer private education loans to medical students through its student loan program. You may complete your application here or you may obtain a packet from your school’s financial aid office.

For your reference, key information about the Foundation’s Student Loan Program is noted below.

General Eligibility Requirements

  • Are a resident of the state of Wisconsin as deemed by the Higher Educational Aids Board of the State of Wisconsin.
  • Have completed or be in the process of completing at least one year of medical school.
  • Are enrolled on a full-time basis and are in good standing at a Medical School in Wisconsin, or are on an approved leave of absence not exceeding one year.
  • Are a student member of the Wisconsin Medical Society if not on an approved leave of absence.
  • Demonstrate financial need, which is defined as borrowing a minimum of $20,000 in Federal Direct Student Loans.
  • Meet the eligibility requirements of the Federal Direct Loan Program.
  • Are not in default on any educational loan, have not shown an unwillingness to repay any educational loan, and do not owe any refund on a grant or loan.

 

Funding Availability and Limits

  • The loan amount, if your application is approved, is $7,000.
  • Students are limited to $21,000 in loans under the Foundation’s Student Loan Program.
  • While the Wisconsin Medical Society Foundation Student Loan Program would like to be able to approve all funding applications, we do have limits on the amount of funds it can award. The amount of funding available is determined by a number of factors, including but not limited to contributions made to the Foundation’s Student Loan Fund.

 

Important Dates

  • November 15 Application packets are available from your school’s financial aid office.
  • February 1 Date by which loan applications must be received by your school’s financial aid office. Applications will NOT be accepted after this date.
  • May 1 Date by which applicants will be notified as to whether their loan application was approved. Approval will likely be sooner.

 

Loan Application Materials

 

If you have questions about the loan application process after reviewing the loan application packet contact your financial aid office.

Note: Applicants approved for loan funding will receive more correspondence from the Foundation and will be required to formally accept the loan. Because applicants may be required to respond to certain correspondence from the Foundation within a certain time frame it is important that applicants keep the Foundation apprised of any changes to their contact information (e.g. mailing address, phone number.)

Frequently asked questions


What type of loan does the Wisconsin Medical Society Foundation Student Loan Program (FSLP) offer?

FSLP offers private, non-federal educational loans.

Who is eligible to apply for an FSLP loan?

Borrower eligibility includes the following:

  • Are a resident of the state of Wisconsin as deemed by the Higher Educational Aids Board of the State of Wisconsin
  • Have completed or be in the process of completing at least one year of medical school
  • Are enrolled on a full-time basis and are in good standing at the University of Wisconsin School of Medicine and Public Health or the Medical College of Wisconsin, or are on an approved leave of absence not exceeding one year
  • Are a student member of the Wisconsin Medical Society if not on an approved leave of absence
  • Demonstrate financial need, which is defined as borrowing a minimum of $20,000 in Federal Direct Student Loans
  • Meet the eligibility requirements of the Federal Direct Loan Program; and
  • Are not in default on any educational loan, have not shown an unwillingness to repay any educational loan, and do not owe any refund on a grant or loan
What expenses can an FSLP loan cover?
An FSLP loan can be used only for education purposes. Education purposes are defined as tuition, room, board, fees, books, supplies and equipment.
What is the interest rate on an FSLP loan?
The interest rate on an FSLP loan is based on the interest rate on Federal Direct graduate loans at the time of your loan application. The current Interest rate is 4.30%. The interest rate is fixed. This means that it will not change over the term of the loan unless the loan goes into default. If your loan goes into default, the interest rate will raise to 12%.
Are there fees associated with a FSLP loan?

There are no upfront, origination or repayment fees on an FSLP Loan.

If any payment is not made on or before the 11th day after its due date, Borrower will be charged a late fee assessment of five percent (5%) of the unpaid portion of the regularly scheduled payment or $10 whichever is less. If a payment is returned or dishonored, a dishonored item fee (e.g., fee for returned check, dishonored electronic payment) of $15 may also be charged.

There are no fees for prepaying a FSLP loan. If you have paid ahead on your loan, interest will continue to accrue on the remaining unpaid principal amount.

What are the FSLP loan limits?
Loans are limited to $7,000 per year for a maximum of three years or $21,000, subject to funds availability.
Once I apply for a FSLP loan, do I have to re-apply for subsequent loans?
Yes. Loans are granted on an annual basis only, with no guarantee that future loans will be granted. Students wishing to receive subsequent loans must reapply and meet all the requirements for each subsequent loan.
Is there a deadline for applying for a FSLP loan?
Yes. The deadline is March 31.
Why do I need to complete an Applicant Self-Certification Form?
Federal government regulations for private education loans require an Applicant Self-Certification Form in an effort to provide more transparency to borrowers. All private student loan lenders must obtain the Applicant Self-Certification prior to disbursing any private student loan funds. Please note: We are not able to provide loans to any student with an amount in Section 2, Item C that is less than $7000. You will receive a Student Request for Release of Financial Aid Information form from your financial aid office along with your Self-Certification form. You must sign and return both documents to your school before your application is complete.
Is there anything I can do to expedite the FSLP loan application process?

Yes.

  • Complete, sign and turn in the Applicant Self-Certification Form and Release of Financial Aid Information form as soon as possible
  • Accept the loan by signing and returning the Promissory Note and any Loan Acceptance Agreements included in your loan application approval notice within thirty (30) calendar days of receipt to the Foundation by mail.
What happens if I do not accept the FSLP loan within the thirty (30) calendar day acceptance window?
The loan will be cancelled.
Can I cancel my loan if I decide I am unhappy with the terms of the loan?

If you do not accept the loan within the thirty (30) calendar day timeframe, the loan is automatically cancelled.

If you accept the loan, a Final Disclosure will be sent to you. You have the right to cancel (e.g., rescind) the loan within three (3) business days of the Final Disclosure. You can call the Foundation at 608.442.3789 to cancel the loan within the three (3) business days window.

Will the FSLP loan be disbursed to me directly or to the school?
The FSLP loan is disbursed directly to the school that you are attending in two equal installments.
If I decide to transfer to another medical college, what happens with my FSLP loan(s)?
FSLP loans require the borrower to be enrolled in a Wisconsin medical school (Medical College of Wisconsin or the University of Wisconsin School of Medicine and Public Health). If you transfer to a non-Wisconsin medical school, any FSLP loan(s) you have will become immediately due and payable at that time unless you apply for and are granted a deferment by the Foundation.
What repayment options are available for a FSLP loan?

A FSLP loan has several repayment options available:

  • Make Payments on Principal While in School: Begin making monthly principal payments immediately.
  • Defer Payments While in School: Make no payments while enrolled in school. No interest will accrue while you are in school.
  • Defer Payments on Principal for the Duration of One Residency Program and if applicable One Fellowship Program. Separate deferments are required for residency and fellowship:
    • Make payments on interest but defer payments on principal.
    • Defer all payments and make no payments. Interest will accrue during this time and will be added to your loan balance.

PLEASE NOTE: Your loans with the Foundation are not eligible for consolidation. University Accounting Services (UAS) administers our Student Loan Program once repayment begins. Payments are made by auto debit only and there is no online account management.

Is there a grace period?
Yes. Interest shall not accrue prior to the July 1 immediately following the date on which the Borrower receives a degree or diploma evidencing their graduation from medical school. Payments do not have to start until the September 1 of that same year.
Is there a deferment option?

Yes. Upon completion of a deferment agreement between the Foundation and borrower the installment payments may be deferred for the of length of time set forth in the agreement. Deferments may, at the discretion of the Foundation, be granted under the following circumstances:

  • Enrollment in one residency program (length of residency program)
  • Enrollment in one fellowship program (length of fellowship program)
  • Failure to match to a residency program upon graduation (one year)
  • Transfer to an accredited, non-Wisconsin medical school (length of study plus additional deferments as granted)
  • Failure to graduate medical school (one year)
  • Active military service (length of service)
  • Other extenuating circumstances (one year)

Interest shall accrue during any deferment period unless indicated otherwise by the Foundation in writing in granting the deferment. There is no guarantee an application for deferment will be approved. Some deferments can be applied for more than once and may be subject to limitations. Contact the Foundation for additional information on deferment.

Are there additional deferment options for active military or National Guard duty?

If you are serving on active duty during a war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency you can request to have the interest suspended during your time of service for up to the length of required service. Any such request must be submitted in writing to the Foundation at least thirty (30) days prior to reporting for active duty.

Deferments beyond those mentioned above are at the discretion of the Foundation and made on a case-by-case basis. In these circumstances, you should contact the Foundation as soon as possible to determine if additional deferment options are available.

Will someone let me know when I need to start making payments?
While it is your responsibility to make payments in a timely manner, the Foundation wishes to facilitate this process. The Foundation, and/or UAS, will make every attempt to contact you in writing upon your graduation or determination that the loan is due (e.g. default, transfer, withdrawal) and provide you with necessary information for you to make payments on the loan as required under the loan agreement/promissory note.
Are there any circumstances under which the full amount of the loan and any accrued interest would become immediately due and payable?

Yes. In the following circumstances, the FSLP loan and any accrued interest would become immediately due and payable unless a deferment is granted by the Foundation (see above):

  • Borrower terminates their education toward a medical degree (M.D. or D.O.) prior to graduation.
    • An approved leave of absence from your course of education not exceeding one (1) year shall not be deemed a termination.
    • At the Foundation’s discretion, the one (1) year limit may be extended for borrower serving on active duty during a war or other military operation or national emergency or performing qualifying National Guard duty during a war or other military operation or national emergency.
  • Borrower fails to graduate within six (6) years from the date of commencement of his or her professional education.
  • Borrower is no longer enrolled at the Medical College of Wisconsin, or the University of Wisconsin School of Medicine and Public Health (e.g., transfers to a medical college outside of the State of Wisconsin).
  • Borrower defaults on the FSLP loan.
    • The borrower is considered in default if he/she fails to:
      • Make an installment payment when due
      • Submit deferment forms in a timely manner
      • Submit forms required to begin repayment in a timely manner
      • Comply with other terms of the loan agreement; OR
      • Maintain membership in a state medical society

        Should any of these circumstances arise you should contact the Foundation at 608.442.3789 to discuss the circumstances and make payment arrangements.

    Will I receive correspondence from anyone besides the Foundation regarding the loan process?

    Yes. The Foundation currently contracts with UAS to administer the loan repayment process, so upon graduation those with FSLP loans will be receiving communications from UAS.

    If you ever receive correspondence or are contacted about your FSLP loan(s) and are unsure whether that company/person is authorized to make such contact please contact the Foundation’s Program Director at 608.442. 3789 or by email at elizabeth.ringle@wismed.org.

    What will happen in the event of death or total permanent disability?
    In the event death or total permanent disability of an individual with FSLP loan(s), the Foundation will discharge said loan(s) upon receipt of verification of the death or total permanent disability.

    While every effort has been made to ensure the accuracy and reliability of this FAQ, it is provided for information purposes only. It is not intended, and should not be relied upon, as any form of warranty, representation, undertaking, contractual, or other commitment binding in law upon the Wisconsin Medical Society Foundation, or any of their respective servants or agents.

    Loan applications, agreements, promissory notes and other signed agreements related to the individual FSLP loan shall set forth the terms and conditions of the FSLP loan and govern the administration of FSLP to the exclusion of this and any other oral, written, or recorded statement.