After being approved for financial aid funds, you have the option to accept, decline, or set a certain amount you’d like to cover.

Please keep in mind: all Federal Direct Loans and Work Study must be either accepted or declined. Any grants awarded to you will automatically be accepted.

We’ll also walk you through on how to complete required documentation to receive your funds in your myMadisonCollege account.

Below you’ll find guides on how to:

  • Accept, decline, or determine a set amount to pay using your financial aid disbursement.
  • How to complete your Entrance Loan Counseling - for first-time borrowers only.
  • A guide on where and how to complete your Master Promissory Note.

How to Accept Your Awards

  1. Log into your account on myMadisonCollege.
  2. In the Financials dropdown menu on the left, select “Accept/Decline Awards”.
  3. You will see the different award types and amounts you have been approved for.
  4. Determine the amount of loan funding you want to borrow by reducing, declining, or accepting the offered amount. By accepting Direct Loans, you are agreeing to pay back the borrowed amount if you drop below half-time, withdraw from the semester, or graduate. For Federal Work-Study funds, you will need to accept to participate in the program. All other types of funds (e.g., grants, scholarships) have automatically been accepted for you.
  5. From here, you can choose whether you want to accept all or a portion by a setting an amount.

Accepting Awards Guide – Accept All or Some of Awards

  1. To accept or decline the entire amount, you may click the Accept or Decline button. This will need to be done for each applicable aid type, which includes loans and work study. Grants and scholarships are automatically accepted on the student’s behalf.
  2. To accept a portion of an amount: Select the Accept button. The Accepted Amount box will be highlighted in green, allowing you to adjust the amount you are accepting. Enter a whole dollar amount that is greater than zero and less than or equal to the Offered Amount.
  3. 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.
  4. If your awarded amount is for more than one semester, please keep in mind that 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 financialaid@madisoncollege.edu.
  5. Review your changes for accuracy and then click the Submit button.
  6. You will see a window pop up confirming submission of your award acceptance.
  7. Select “Yes” to proceed with the submission.
  8. If you later decide that you need the original amount offered, email your request from your student email to financialaid@madisoncollege.edu.

How to Decline Your Awards

  1. Log into your account on myMadisonCollege.
  2. In the Financials dropdown menu on the left, select “Accept/Decline Awards”.
  3. You will see the different award types and amounts you have been approved for.
  4. Determine the amount of funding you want to decline for each award type. By accepting Direct Loans, you are agreeing to pay back the borrowed amount if you drop below half-time, withdraw from the semester, or graduate. For Federal Work-Study funds, you will need to accept to participate in the program. All other types of funds (e.g., grants, scholarships) have automatically been accepted for you.
  5. From here, you can choose to decline the awards you have selected.

Entrance Loan Counseling

If this is your first time borrowing a federal student loan, you 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.

Entrance Loan Counseling Guide

Students will need to select the option to complete the Entrance Counseling as an undergraduate student.

Completing Entrance Counseling (EC)

  1. Go to the Federal Student Aid website.
  2. Locate and select "Log In" button.
  3. Log in using your FSA ID. If you forgot your FSA ID, go to retrieve your username.
  4. Find the dropdown list for COMPLETE AID PROCESS. Select "Complete Entrance Counseling."
  5. Click on "Start" to begin the Entrance Counseling.
  6. To notify the correct school, choose Wisconsin as the state and Madison College.
  7. Click on "Notify This School".
  8. 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, please reach out to the Financial Aid Office.

 

Master Promissory Note

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.

Please note that this process will require the borrower’s FSA ID and password. To request a new account or password reset, visit and follow the steps to do so at studentaid.gov.

Master Promissory Note Guide

Please allow 30-45 minutes to complete this session. To complete and sign, the FSA ID is not required, but you cannot access the MPN without the FSA ID. It’s part of the single sign on authentication.

  1. Select the “Sign In” button.
  2. Enter your FSA ID Username and password
  3. Click on “Complete MPN” (located in left-side column)
  4. Under the category of Subsidized/Unsubsidized MPN, click “Complete Subsidized/Unsubsidized MPN.

Check Your Balance

To check your balance and when your next disbursement date is, please log into myMadisonCollege.

Log Into myMadisonCollege