When more funds are deposited into your student account than the amount you owed to the college, this is when you will receive a refund.

Below, you’ll find disbursement dates for refunds and how you can reduce student debt.

Estimated Key Dates

If you are eligible for a refund after your aid disburses, it will be generated within 14-calendar days of when your funds disburse. To see your estimated disbursement date:

  1. Log into your myMadisonCollege account.
  2. Under the Finances heading, click on "View Financial Aid."
  3. Choose the appropriate Aid Year (e.g. 2022 for the 2021-22 academic year).
  4. Under the appropriate term, view Scheduled/Expected Disbursement Dates.
  5. The Scheduled Disbursement Date will list the anticipated disbursement date for the specific awards.

Students in the following situations may have later disbursement dates due to Federal regulations:

  • If you have classes that do not begin prior to the Pell Recalculation Date, funds will begin disbursing on the next scheduled disbursement date after your classes have begun.
  • If you are a first-time Federal Direct Loan borrower, your first loan disbursement cannot be released until 30 days after your classes begin.
  • If your Federal Direct Loan is awarded for a single semester, your loan will disburse in two payments. The second payment will occur at the mid-point of the semester.

Receiving Your Refund

Refund checks can be distributed in two ways:

  1. They can be mailed to your mailing address that is on file.
    • To ensure Madison College has your correct address on file, please reach out to Financial Aid.
  2. Or they can be sent via e-refunding.
    • E-refunding is a quick and safe solution that allows the college to electronically deposit your refund directly into your bank account.

How to Set Up E-Refunds

**ARCHIVE** My Finances Tile - Setting Up E-Refunds
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How to Return Your Refund and Reduce Student Debt

You have the right to cancel/reduce your Federal Direct Loans and may do so by returning your check along with a statement to the Madison College Payment Center within 14 days of payment. Include your full name, student ID number, and signature.

  • Return your uncashed check or make an e-payment or write a check for direct deposit/cashed checks.
  • Determine which loan(s) and amount(s) you want returned.
  • Provide a signed and dated written statement to Madison College Payment Center within 14 days of payment, including your full name, student ID number, and signature. You can submit documents in person, by mail, or by fax.
  • Check your email/mail for an updated statement showing the reduction.

Disbursements are based on your financial aid award. Once your funds disburse, they will go toward your balance owed to Madison College. You will receive any remaining amount in the form of a refund. Your refund may therefore be lower than your disbursement amount because of the balance(s) paid. In addition:

  • Student loans are subject to origination fees.
  • Work Study funds require you to apply for an on or off-campus job and earn up to the amount listed on your award. Earned funds are then paid directly to you in a bi-weekly paycheck. These are not disbursed to your student account like grants or loans. [link to: Work Study]
  • Some funds are required to be listed on your award letter as count against your COA and may disburse through the Financial Aid Office. These include Tribal/BIA awards, DVR, Alternative loans, or Nursing Loans.
  • Some funds are required to be listed on your award letter due to Madison College’s COA, but some funds may not disburse to your account through the Financial Aid Office. These include Foundation Scholarships, state Veterans Education Benefits, and third-party payments.

Pay Your Tuition Balance

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

Log Into myMadisonCollege