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Understanding Your Financial Aid Award

An Award Notification is sent to your student email once your financial aid has been awarded. There are many different Types of Aid awarded and most are based on your Cost of Attendance and your financial need. 

1. Review your Award and Accept/Decline Funds - Once you receive your Award Notification, you will log into your myMadisonCollege Student Center to evaluate your award. View the Award Acceptance Tutorial for step-by-step instructions.

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 5 p.m. on the Date of Record 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. Report these amounts from your student email to financialaid@madisoncollege.edu.

2. Loan Recipients* - If you are a first-time Federal Direct loan borrower, you must complete both a Master Promissory Note (MPN) and Entrance Loan Counseling (ELC) through the Student Loans website. Your loans will not disburse prior to completing these requirements. If previously completed, you may verify this by logging into the Student Loans website. 

3. View your Scheduled Disbursement Dates - All financial aid funding will begin disbursing after the Date of Record. After the Date of Record, available funds are disbursed once a week. Students in unique situations may have later disbursement dates due to Federal Regulations. Visit the Disbursement web page for instructions on how to view your estimated disbursement date and other related information.

4. Book Charge Process – If you would like to charge your textbooks against your financial aid award, view the Book Charge Process web page for information regarding granting Student Permissions and other eligibility requirements.

*Note: If you are a Department of Vocational Rehabilitation (DVR) Client, it is the responsibility of DVR to contact the Financial Aid Office with the dollar amount they will be providing you prior to you being awarded any Federal Direct Loans.

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.