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Financial Aid Disbursement

Definitions

Disbursement: A disbursement is when funds from your financial aid award are deposited into your Madison College account. The funds are automatically applied to the balance owed to the college (i.e. tuition and fees) for the current academic year. If you wish for any financial aid funds to pay for past due tuition, other fees, or the Financial Aid Book Charge Process, you must grant Student Permissions.

Refund: If there is any money left over once your disbursement is deposited into your Madison College account and your current balance is paid off, then you will receive the remainder in the form of a refund. If you are eligible for a refund, it will be generated the week after your funds disburse.

Eligibility Requirements for Disbursements

Many types of aid have specific requirements that must be met before funds can be disbursed to Madison College. In addition, you must meet all of the following requirements in order for any funds to disburse:

  • Be admitted in a financial aid eligible program of study
  • Meet funding-specific enrollment status requirements.
  • For most aid, you are required to be enrolled at least half time
  • Meet all Satisfactory Academic Progress standards
  • Have no outstanding To Do List items on your myMadisonCollege Student Center (excludes informational checklists)
  • Receive your Award Notification in your student email and accept all required funds in your myMadisonCollege Student Center; and
  • Completing Entrance Counseling and Master Promissory Note at the Student Loans webpage, if borrowing Federal Direct student loans.

Frequently Asked Questions about Disbursements and Refunds

To view answers to the questions below, visit the Disbursements and Refunds FAQ.

  • When will my funds disburse?
  • When will I receive my refund?
  • How will I receive my refund?
  • If I don’t want my refund check, how do I return it?
  • Why is my disbursement different than my refund?

Questions? Visit askMadisonCollege to view frequently asked Financial Aid questions, submit a Financial Aid Category question, access the Financial Aid Tutorials for step-by-step instructions on related processes, or contact Madison College Financial Aid at (608) 246-6170.