Loans are borrowed money you will have to pay back in the form of a payment plan after graduation, including interest. 

To determine if you qualify for any student loans, you will have to fill out the Free Application for Federal Student Aid (FAFSA) form. This will have to be filled out every year to determine the upcoming year’s eligibility.

Enrollment Criteria for Loans:

  • Be enrolled at least half time (6 credits).
  • Have remaining eligibility in your cost of attendance. The total of aid from all sources cannot exceed your Cost of Attendance.

Federal Direct Loans

There are two types of Federal Direct Loans – subsidized and unsubsidized loans.

Subsidized Loans

The subsidized loans are need-based, and the government pays interest while you are enrolled.

Basic Requirements

A FAFSA is required to receive a subsidized loan and the amount is based on financial need. The amount is determined based on your cost of attendance, any other aid received, and the federal annual loan limits. With a subsidized loan, the government will pay your interest while you are enrolled (at least in 6 credits).

Unsubsidized Loans

The amount will be determined based on your cost of attendance, any other aid received, and the federal annual loan limits. With this loan, interest will start accruing as soon as it is disbursed.

For complete information about the Federal Direct Loan program, including current interest rates, annual limits, and aggregate limits, visit the Federal Student Aid website.

Basic Requirements

A FAFSA is required to receive an unsubsidized loan, but eligibility is not based on financial need.

Parent PLUS Loans for Undergraduate Students

The Federal Direct Parent PLUS Loan (often referred to as Parent PLUS) is a credit-based loan offered by the U.S. Department of Education. The loan is available to eligible parents of dependent students who need options to help pay for their children’s education.

The PLUS loan is signed under the name of the parent and cannot be transferred to the student (regardless of personal payment arrangements between the parent and student). Repayment begins 60 days after the last disbursement. Parents may request a deferment if the student is still enrolled at least half time (6 credits) or up to six months after the student is less than half time or is done attending school.

Basic Requirements

The parent must meet the Direct PLUS loan eligibility requirements and must be the biological or legal guardian of the Madison College student enrolled in a financial aid eligible program. The parent must not have an adverse credit history, and the student must be a dependent undergraduate student.

The student must be awarded financial aid.

Private Loans

Private student loans or private parent loans are offered through a variety of lending institutions, and they are not federal loans. These loans are taken out by a student, parent, family member, or sponsor. Loan amounts may not exceed your remaining financial need up to the cost of attendance.

Basic Requirements

The eligibility requirements for financial aid must be met and you have received an Award Notification in your student email. A credit score high enough to qualify for the loan or a cosigner with an eligible credit score, as each lender may have additional requirements.

Nursing Student Loan

Basic Requirements

  • Be a Wisconsin state resident.
  • Must have a high school diploma, GED, or equivalent
  • You must be enrolled in an undergraduate degree or certificate program at a non-profit college or university based in Wisconsin
  • Male students seeking financial aid from the State of Wisconsin OR from the US Department of Education are required to register with the United States Selective Service System (SSS).

For this need-based loan, the amount will be determined after completing a FAFSA form. State statutes prohibit students from receiving state financial aid who are not registered with Selective Service (if registration is required), and if they are listed on the Department of Workforce Development's statewide Child Support Lien Docket, unless you have a payment plan in place.

For more information on the Nursing Student Loan, please visit the Higher Educational Aids Board’s website.

Student Loan Code of Conduct

As a method of formal guiding principles to ensure the integrity of the Federal Student Aid program and ethical conduct of employees regarding student loan practices, Madison College has adopted this Student Loan Code of Conduct as an official document for the institution.

The Student Loan Code of Conduct encompasses all employees who work in the Financial Aid Office, and all other employees of the college, including internal and external agents of the college who serve in capacities related to educational loan, or other forms of Federal Student Aid programs. Adhering to the primary requirements of the Higher Education Opportunity Act of 2008, this Student Loan Code of Conduct was created.

Contents within this Student Loan Code of Conduct assist to provide additional standards of conduct for employees who have responsibility for student financial aid and do not, by any means, replace any existing or future requirements imposed by the State of Wisconsin, the Wisconsin Technical College System, or Madison College related to codes and conduct, conflict of interest policies, ethical training, or other such requirements.

The Student Loan Code of Conduct also confirms that Madison College does not have preferred lender arrangements, of any kind, or a preferred lender list. The contents below assist in the establishment of Madison College’s stance regarding code of conduct.

  • 1.

    Revenue Sharing

    Madison College and its employees will not enter into any type of revenue sharing arrangement with any lender, guarantor, or loan servicer to protect the integrity of the federal loan program.

  • 2.


    All employees within the Financial Aid Office are prohibited from soliciting or accepting any gift from a lender, guarantor, or loan servicer of education loans. Gifts are defined as being gratuity, favor, discount, entertainment, hospitality, loan or other items. Financial Aid Office employees will also not accept or receive gifts of services, transportation, lodging, or meals; whether provided in kind, by purchase of a ticket, payment in advance, or reimbursement after the expense has incurred. Any gift to staff or family members of Madison Area Technical College are prohibited if the gift is given with the knowledge and consent of the employee and there is specific reason to believe that the said gift was based on the official position of that employee of the college.

  • 3.

    Contracting Arrangements

    Employees of the Financial Aid Office shall not accept, at any time, from any lender or affiliate of any lender, any fee, payment, or other financial benefit – this includes the opportunity to purchase stock – as compensation for any consulting arrangement or other contract to provide services to a lender, or on the behalf of a lender relating to education loans.

  • 4.

    Preferred Lender Status

    As a participant of the William D. Ford Federal Direct Loan Program, Madison College, provides student and parent loans through the U.S. Department of Education. Private education loan lenders will not be given a preferred status. Madison College does not have any preferred lender arrangements that give any lender an advantage in securing business from our students, nor does the institution provide students with a preferred lender list from which students should select a lender for private student loans – students will always have the option to borrow from an institution of his or her choice. All loans are processed without regard to lender or mode of transmission processes (electronic or paper). The institution will not recommend a private loan lender nor accept any material benefits including revenue or profit sharing to the institution, an officer, or an employee of the institution or an agent. The Financial Aid Office utilizes FASTChoice, a private loan comparison tool offered by the Great Lakes Higher Education Corporation that allows students to compare up to three different loans side-by-side.

    You can also visit the FASTChoice website to see our preferred lender list.

    Preferred Lender Arrangement (PLA) Disclosures

    To provide better counseling services to our students, Madison College has entered a preferred lender arrangement (PLA). Federal and state law mandates that we must provide the following disclosures in association with this this process:

    Method and Criteria for Lender Selection

    Madison College evaluates and selects lenders based on requested information from lenders. Factors considered include competitive interest rates and origination fees, borrower benefits, electronic application and processing, co-signer release options, deferment, and repayment terms as well as the most widely used lenders by current and former students, and high quality of servicing the loans.

    After reviewing the information submitted by each lender, we felt the lenders represented on our list best fit the criteria we set forth. Each year we review our list of preferred lenders.


    This list does not contain affiliated lenders.

    Code of Conduct

    Madison College has a published Financial Aid Code of Conduct.

    Making the Decision

    You may borrow from any lender you choose and are not required to use a lender on Madison College’s preferred lender list. Madison College will process loans from any eligible lender you select.


    Preferred Lender Arrangements are required to be reviewed annually to ensure that competitive products that are in the best interest of the borrower are being offered. Please provide us with feedback regarding any positive and/or negative aspects that may have been experienced when working with a particular lender. Feedback can be sent to

  • 5.

    Private Loan Certification

    Upon the intent/decision for students to seek private student loans, Madison Area Technical College will not assign a borrower’s private student loan to a particular lender. A borrower, utilizing free will, has the authority for all decisions made in his or her independent review of borrower benefits and lender services. The institution will not refuse to certify or delay certification of any loan based on the borrower’s selection of a specific lender or guaranty agency.

  • 6.

    Borrower Opportunities

    Madison College’s Student Financial Support Services prohibits offers of funds for private loans to students in exchange for providing concessions or promises to the lender for a specific number of Federal Student Loans, a specified loan volume, or a preferred lender arrangement. This complies with Section 140 of the Truth in Lending Act.

  • 7.

    Staffing Assistance

    Madison College will not request or accept from any lender, guarantor, or servicer of student loans any assistance (consulting arrangements or contract to provide services to or behalf of a lender relating to education loans). Services include call center staffing or financial aid office staffing.

  • 8.

    Advisory Board Compensation

    In the event of employees serve on an advisory board, commission, or group established by a lender, guarantor, or group of lenders or guarantors; those individuals are prohibited from receiving anything of value from the lender, guarantor, or group of lenders or guarantors, except that the employee may be reimbursed for reasonable expenses incurred in serving such advisory board, commission, or group.

  • 9.

    Educational Training

    Lenders, guarantors, and loan servicers may provide college financial literacy outreach activities to Madison College students but are prohibited from conducting in-person, school-required entrance and exit counseling.

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