No matter what your background or status, financial aid offers a variety of ways to fund your future. It can come from borrowed money in the form of loans, work study, to grant or scholarship funds that you won’t owe back after completion of your education at Madison College.

Financial Aid Overview

Whether your funds come from the federal government, state government, and private resources, there are numerous options and ways to invest in your program or coursework.

The amount you can received is based on varying factors, and to understand the amount you can receive, you will first need to understand what you are eligible for. The best starting point is to create an account (FSA ID). This will be used as your electronic signature for future financial aid documentation and to complete the application to fill out the Free Application for Federal Student Aid (FAFSA).

Keep in mind, you will need to fill out the FAFSA form for each academic year. To help stay on track of when you need to fill out a FAFSA, we have listed key dates below. You can also use the Calendar and filter for any financial aid key events.

Key Dates for Financial Aid

2022-2023

(includes Fall 2022, Spring 2023 and Summer 2023)

  • Priority deadline: April 1, 2022. Apply by this date to be eligible for the greatest amount of aid.
  • Filing deadline: June 30, 2023. 
     

Financial Aid Application Steps

Here's the complete step-by-step process in applying for financial aid.

1. Submit the FAFSA

To determine your eligibility for grants, loans, and work study, you must create an account (FSA ID) and complete the FAFSA application. You will need to fill out the FAFSA form each academic year that you wish to receive financial aid. The FAFSA is available each year on October 1. 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.

2. 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.

3. Register for Classes

To be eligible for financial aid, you must be registered in classes that meet the enrollment status requirements and necessary for the completion of your declared major. Get help registering for classes.

4. Monitor Your Communications

Student Email

Activate and check your student email and Message Center in myMadisonCollege. That's where you will find important notifications and action items.

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.

5. 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 (DVR)

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.

6. Complete Loan Requirements (if applicable)

If you accepted Federal Direct Loans as part of your award, you must have completed 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.

7. Disbursements and Refunds

Academic Requirements

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 will open in mid-spring for summer 2023 requests.