Financial Aid Guides
The financial aid process has many steps and can be confusing. Learn about the financial aid process. The guides below provide detailed directions for specific tasks. NOTE: All guides apply to the myMadisonCollege New Portal only.
- Accepting or Declining your Awards
All Federal Direct Loans and Work Study must be either accepted or declined. Any grants awarded are automatically accepted.
- Log into myMadisonCollege.
- In the Financials dropdown menu on the left select “Accept/Decline Awards”.
- You will see the different award types and amounts you are eligible for.
- Determine the amount of loan funding you want to borrow by reducing, declining, or accepting the offered amount. If you accept Direct Loans, you are agreeing to pay back the borrowed amount if you drop below half-time, withdraw from the semester, or graduate. Federal Work-Study funds must also be accepted to participate in the program. All other types of funds (e.g., grants, scholarships) are automatically accepted for you.
- Accept or decline your awards:
- To accept or decline the entire amount, you may click Accept or Decline button. This will need to be done for each aid type.
- To accept a portion of an amount, begin by clicking the corresponding Accept button. The Accepted Amount box will become green, allowing you to reduce the amount you are accepting. Enter a whole dollar amount that is greater than zero and less than or equal to the Offered Amount.
- Direct loans may consist of subsidized and unsubsidized loans. If you wish to receive an unsubsidized loan, you must first accept the full amount of the subsidized loan.
- If your awarded amount is for more than one semester, reducing the amount will reduce the amount that you receive for both semesters evenly. If you wish to accept funding for only one semester, email your request form your student email to email@example.com.
- Review your changes for accuracy and then click the Submit button.
- You will see a window pop up confirming submission of your award acceptance
- Click Yes to proceed with submission.
- If you later decide that you need the original amount offered, email your request from your student email to firstname.lastname@example.org.
- Entrance Loan Counseling Guide
Before receiving a federal student loan, all first-time borrowers are required to complete Entrance Counseling. (If students have previously had either a Federal Stafford Loan or a Federal Direct Loan, students have already met this requirement. This online session will take about 30 minutes to complete.
The Financial Aid Office will be notified when you have completed your online entrance counseling. You will not receive any disbursements of your federal Direct loan until you have completed your entrance counseling requirement. To complete the requirement, follow these steps:
Students will need to select the option to complete the Entrance Counseling as an undergraduate student.
Completing Entrance Counseling (EC)
Go to the Federal Student Aid website.
Locate and select "Log In" button.
Log in using your FSA ID. If you forgot your FSA ID, go to retrieve your username.
Find the dropdown list for COMPLETE AID PROCESS. Select "Complete Entrance Counseling."
Click on "Start" to begin the Entrance Counseling.
To notify the correct school, choose Wisconsin as the state and Madison College
Click on "Notify This School"
Next, select the appropriate button under "Select Student Type," then click Continue.
Follow the prompts to complete the entrance counseling process. The Financial Aid Office will be notified upon completion of your entrance counseling.
If you have questions about the Entrance Counseling process, contact the Financial Aid Office.
NOTE: If you have not already done so, please also complete your federal Direct loan Master Promissory Note (MPN).
- FAFSA Completion
Submitting the Free Application for Federal Student Aid (FAFSA) is the first step required to apply for financial aid. Before starting the FAFSA, gather the documents that are needed to apply utilizing the list provided by Federal Student Aid. Take time to ensure that each field is filled out accurately. Use the Helpful Hints on the right side of the application as needed. You may also watch Federal Student Aid's video on How to Fill Out the FAFSA.
- Go to the FAFSA website and select "Start A New FAFSA."
- Login – Select “Enter your FSA ID” and “Create an FSA ID”.
- Enter and confirm your email and create a Username and Password REMEMBER THIS INFORMATION for future use.
- Enter your: Social Security Number, Date of Birth, Name, Address, and Phone Number.
- Create 4 security questions and answers and provide a significant date in your life.
- Agree to the Terms & Conditions and validate your email address.
- Choose the aid year for the FAFSA you are filing.
Create a Save Key. Remember this Save Key; you will need it to access your FAFSA if you save it and return to it later. It is recommended that you regularly save your progress while completing the FAFSA.
Introduction Page - Review additional information provided by the links.
Student Demographic Information - Provide contact, demographic, citizenship, academic and previous aid information, and express whether you would like to be considered for work study funds.
School Selection - Grant access to your FAFSA by adding school codes. The Madison College school code is 004007. Use the search function to add codes for other schools. Review school selection and indicate your housing plan.
Dependency Determination - Answer questions to determine your dependency status. If you are considered a dependent student for financial aid purposes, continue with the next step in this tutorial. If you are considered an independent student, skip to step 11.
Parent Demographics Information – Your parent(s) must provide their demographic information as of the date the FAFSA is completed. Depending on the answers, information may be required on both parents, a parent and step-parent, or a single parent.
Parent Financial Information – Your parent(s) must provide their tax return filing information. If they have yet to file their taxes or are not going to file, they must manually enter this information. However, if their taxes have already been completed, they have a choice; manually enter tax information or load their tax information using the IRS Data Retrieval Tool see instructions for IRS Data Retrieval Tool below for assistance.
Student Financial Information - Provide your tax return filing information. If you have yet to file your taxes or are not going to file, you must manually enter that information. If you have already completed your taxes, you have a choice; manually enter tax information or load your tax information using the IRS Data Retrieval Tool see instructions for IRS Data Retrieval Tool below for assistance.
Sign and Submit – Indicate that you are not a preparer and agree to the Terms & Conditions. Click the sign button and then click “Submit My FAFSA Now”. If you are a dependent student, your parent will also need to sign with their FSA ID and agree to the Terms of Agreement.
Confirmation Page – You can print this page for your records. In addition, at the bottom of this page FAFSA will provide you your Estimated Expected Family Contribution (EFC). It will also provide your estimated financial aid award. Note that both of these numbers are subject to change based on the information provided in your FAFSA and information provided at Madison College.
After completing your FAFSA:
Your FAFSA will be processed and sent to the Madison College Financial Aid Office. Processing times vary, please monitor your student email and To Do list for updates and instructions. Once your FAFSA is received, we will review your information to determine if any additional information is needed or process your award. Get complete requirements and next steps.
- Grant Student Permissions
Granting Title IV Permission authorizes Madison College to apply financial aid funds you receive toward payment of any charges billed by Madison College. In addition, it authorizes Madison College to pay prior year charges of no more than $200 with Title IV funds.
How to Grant Student Permissions
- Log into myMadisonCollege.
- In the Financials dropdown menu on the left, select “Student Permissions”
- Click on the "Grant Permissions" button.
- Select the permission form (e.g. FA_BKCHRGE, TITLE_IV)
- Click "Next" to continue.
- Read the Permission Form Agreement carefully, and check the "Yes, I have read the agreement box".
- Click Submit to complete the process and grant student permissions.
- For assistance with student permissions, contact the Enrollment Center.
- IRS Data Retrieval Tool Guide
The IRS Data Retrieval Tool allows students and parents access to their Federal Tax Return information needed to complete the Free Application for Federal Student Aid (FAFSA). Students and parents may be eligible to transfer IRS data directly onto their FAFSA.
How to use the IRS Data Retrieval Tool
- Log in to your current year FAFSA or start a new FAFSA at studentaid.gov
- In the Financial Information section of the FAFSA, you will see a “Link to IRS” button, if you are eligible to use the IRS DRT.
- Each taxpayer will need to have indicated that they have “Already Completed” the required Tax Return in order to be shown the option to use the IRS Data Retrieval Tool.
- The IRS DRT takes you to the IRS website, where you will need to provide your name and other information exactly as you provided it on your tax return. Some information will be prepopulated from your FAFSA form.
- At the IRS site, you will see a page that indicates that your tax information is available.
- If you choose to import your information into the FAFSA form, you will find that when you return to the FAFSA site, instead of your tax information being displayed, you will see “Transferred from the IRS” in the appropriate fields. You will not be able to make changes to those answers (numbers are masked to protect your privacy and ensure the security of your data); however, the IRS-confirmed answers will securely transfer to each college.
- Please remember to double-check the untaxed income information that FAFSA requests, but which has not been transferred via the IRS Data Retrieval Tool. This includes pre-tax contributions to retirement accounts (W2 Box 12 Code D, E ,F, G, H and S); housing benefits provided by employer; other untaxed income; etc.
- Master Promissory Note Guide
The Master Promissory Note (MPN) is a legal document in which you promise to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education. It also explains the terms and conditions of your loan(s).
You may receive more than one loan under an MPN over a period of up to 10 years to pay for your or your child’s educational costs if the school is authorized to use the MPN in this way and chooses to do so.st
This process requires the borrower's FSA ID and password. To request a new account or a password reset, visit https://fsaid.ed.gov/npas/index.htm
Please allow 30-45 minutes to complete this session. Have your FSA ID and password available to complete this process.
- Click on the “Sign In” button
- Enter your FSA ID Username and password
Click on “Complete MPN” (located in left-side column)
Under the category of Subsidized/Unsubsidized MPN, click “Complete Subsidized/Unsubsidized MPN.
- Set Up E-Refunding
When more funds are deposited into your student account than the amount you owed to the college, you will receive a refund. Refund checks are mailed to your mailing address on file, unless you have set up e-refunding. E-refunding allows the college to electronically deposit your refund directly into your bank account. Follow the steps below or watch this short video (1:51).
- Log into the myMadisonCollege New Portal.
- Click the "My Finances" tile.
- Select the "Payment & E-Refund" option in the left navigation menu.
- Click the "Set Up E-Refund" button.
- Click "Set up Account."
- Enter the requested information. Be sure to double-check that the information entered is correct and click "Continue."
- Review the information, check the "I Agree" box, and click "Continue."
- The eRefunds page will show "Your new ACH refund account has been saved." And you will see the name of your account under "Account Description."
Note: The timeframe in which you receive your refund depends on the U.S. Postal Service for a paper check, or your bank's policies for e-refunding.
For questions regarding e-refunding, contact Financial Operations.
- Tax Return Transcript
You may be able to use the IRS Data Retrieval Tool on your FAFSA, however, if you are unable or choose not to use this tool, you may obtain a Tax Return Transcript by one of the following ways listed below.
Online Request For Mailed Copy
- Go to www.irs.gov
- Select Get My Tax Record
- Select the Get Transcript by Mail button
- Read the disclaimer and select the OK button
- Enter your Social Security Number, Date of Birth, Street Address, and Zip Code
- Select Continue
- For Type of Transcript, select Return Transcript
- For Tax Year, request the calendar year you need. For example, for the 2016-2017 aid year, request the 2015 calendar year.
- Select Continue
Online Request For Printable Copy
- Go to www.irs.gov
- Select Get My Tax Record
- Select the Get Transcript Online button
- For First Time Users, select Get Started and follow the instructions to create a new account. Otherwise log in with your username.
- Select a reason you need a transcript: Higher Education/Student Aid
- Ensure your pop-ups are not blocked for this site
- Under Return Transcript, select the appropriate year based on the instructions in your To Do List.
- Save and/or print your Tax Return Transcript as needed.
- Call the automated IRS system at 1-800-908-9946
- Listen to the welcome message and select English or Spanish
- Enter your Social Security Number (SSN)
- Confirm your SSN
- Enter your street address number (not the actual street)
- Request the Tax Return Transcript which should be option #2
- Go to www.irs.gov
- Select Get My Tax Record
- In the Related Forms box on the right hand side, select Form 4506T-EZ, Short Form Request for Individual Tax Return Transcript and then select the 4506T-EZ link
- Fill boxes 1a through 4 out on the form
- Do not fill out line 5, you should not be mailing this directly to us, have it mailed to you and then you can send it to us with your student account information.
- Under 6, enter the calendar year(s) you wish to receive a Tax Return Transcript. For example, for the aid year 2016-2017, you need to enter 2015 to get your 2015 Tax Return Transcript
- Sign and date the form
- You may then send the form to the appropriate address listed on page two or fax it.
Madison College offers free FAFSA workshops for prospective and current students throughout the year. If you require assistance with completing the application, Master Promissory Note (MPN), or Entrance Loan Counseling, register now. All workshops require advance registration and are held at the Truax campus.