Financial Aid Process
Follow the steps below to apply for financial aid. These steps must be completed each academic year you wish to receive financial aid for attending Madison College.
- Submit the FAFSA
Free Application for Federal Student Aid (FAFSA)
To determine your eligibility for grants, loans and work study, you must complete the FAFSA each academic year. The FAFSA is available each year on October 1. You must first create an FSA ID to complete the application. Some types of aid are awarded on a first come, first serve basis, so we encourage you to apply as early as possible. Before beginning the FAFSA, please review the basic eligibility criteria for receiving federal financial aid.
Starting October 1 of each year, there are two FAFSA applications available. For aid eligibility, it’s important to complete the correct application.
2021-2022 academic year (Fall 2021, Spring 2022, Summer 2022): To receive aid for Fall 2021 through Summer 2022, complete the 2021-2022 FAFSA using 2019 income and tax information.
2022-2023 academic year (Fall 2022, Spring 2023, Summer 2023): To receive aid for Fall 2022 through Summer 2023, complete the 2022-2023 FAFSA using 2020 income and tax information.
Financial Aid workshops: Madison College offers free Financial Aid workshops for prospective and current students throughout the year.
Our remote workshops require advance registration. We will help help you complete your:
- Master Promissory Note (MPN)
- Entrance Loan Counseling
- Complete a Program Application
To be eligible for financial aid, you must be admitted to a financial aid eligible program, or formally accepted onto the program waitlist. See a list of all the programs offered at Madison College.
- Register for Classes
- Monitor Your Communications
To Do List: Complete any items in your To Do List within myMadisonCollege. If there are items in your To Do List, they must be completed and removed from your To Do List prior to receiving any financial aid information.
Rights and Responsibilities: Make sure to look over your Rights and Responsibilities regarding your financial aid.
- Evaluate Your Award Notification
Once your financial aid package is determined, an Award Notification is sent to your student email. There are many different types of aid (grants, loans and work study) awarded, and most are based on your Cost of Attendance and your financial need.
Your Award: Once you receive your Award Notification, log into myMadisonCollege to evaluate your award and accept/decline your funds. Your financial aid award is based on your enrollment status at the time of the award. If you are not yet enrolled for the semester, it will be based on an assumed full-time status. Award amounts are subject to change based on your enrollment status as of 4:30 p.m. on the Pell Recalculation Date each semester.
Your award may need to be adjusted, reduced or cancelled if you receive additional funds (e.g. scholarships, state grants, etc.). It is your responsibility to inform the Financial Aid Office of any other aid that is not listed on your award.
Department of Vocational Rehabilitation: If you are a DVR client, it is the responsibility of DVR to contact the Financial Aid Office with the dollar amount they will be providing prior to you being awarded any Federal Direct Loans. If you don't see DVR on your award and it should be, please contact your DVR counselor to determine the status of your funding.
- Complete Loan Requirements (if applicable)
If you accepted Federal Direct Loans as part of your award, you must complete Entrance Counseling and a Master Promissory Note (MPN) on the Student Loans website. Your loans will not disburse until you have completed these requirements. If either of these items are in your To Do List 24 hours after accepting your loans, please log into the Student Loans website to verify that you have completed them.
Workshops: If you require assistance with completing the Master Promissory Note and/or Entrance Loan Counseling, please register for a FAFSA workshop. Advance registration is required. Workshops are for Madison College students only and are held at the Truax Campus.
- Disbursements & Refunds
All financial aid funding will begin disbursing after the Pell Recalculation Date if you have met all requirements. After the first disbursement, available funds are disbursed once a week. Students in unique situations may have later disbursement dates due to federal regulations. Get instructions on how to view your estimated disbursement date and other related information.
Disbursement rules for most financial aid funding require a student to be enrolled in at least six (6) credits at the time of disbursement. If your enrollment does not meet the credit requirement, the disbursement of your aid can be impacted. Common awards impacted are grants, loans, and federal work-study.
In order to remain eligible for financial aid, you must meet certain academic requirements referred to as Satisfactory Academic Progress.
Summer Financial Aid
You can request financial aid for the summer by completing the Summer Financial Aid Request Form. The form is open until July 31, 2022 for summer 2022 requests.