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Need help filling out your FAFSA? Click here for an intro video!

How can I pay for college? What is financial aid? What if I can't get grants? Is there money I don't have to pay back? Can I get a scholarship? What is the cost of FAFSA?

 

 

Higher learning, lower tuition.

Welcome to Madison College, one of the best educational values in Wisconsin. Our tuition is significantly less than four-year colleges, and financial aid is available to students active in an eligible associate degree, college transfer or technical diploma program whose enrollment status is at least half-time.

The college offers federal and state financial aid, including grants, loans and student employment. The Madison College Foundation also provides scholarships from private donors to assist students.

To help you understand how to apply for financial aid and which programs you may be eligible for, please watch the short videos above.

It all starts with a FAFSA.

The most important step in finding out if you are eligible to receive financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). Many students who could receive financial assistance to attend college miss out because they do not complete the FAFSA. This may include funds that do not require repayment. For this reason, it is recommended that all students to fill out and submit a FAFSA as soon as their annual tax returns are complete. Students do not need to wait to receive a program admissions letter before completing the FAFSA and are strongly encouraged to apply before the April 15 Priority Date. Limited funding is available for students who apply after April 15. 

To get an early estimate of financial aid eligibility, check out the FAFSA4caster

Learn more about the financial aid application process.

What happens next?

Once the college receives a financial aid application, further documentation may be required. In accordance with federal regulations, we will review all documents for accuracy and completeness and, if necessary, make corrections to the application before awarding any loans, grants, or federal work-study. Students will be notified in writing of any awards.

To be awarded financial aid, students must first be admitted into an approved associate degree, college transfer or technical diploma program. Enrollment in courses without acceptance into an eligible program does not qualify a student for financial aid. Financial aid will not be processed until a student is admitted into an eligible program.

When will I find out if I am eligible to receive financial aid?

Several factors determine when Financial Aid Award Notices are sent:

  • Time of year - financial aid processing time is dependent on when documents are submitted. 
If documents are submitted in: Estimated processing time
January - February 2 - 4 weeks
March - June 2 - 3 weeks
July - October 3 - 4 weeks
November - December 2 - 3 weeks
  • If additional documentation is required or signatures are missing - please allow for one to two weeks of additional processing time.
  • Time of admission into an approved associate degree, college transfer or technical diploma program. Financial aid will not be processed for students not accepted into an eligible program.
  • If the FAFSA must be returned to the Federal Processor - please allow one to two weeks of additional processing time. (The FAFSA is a complex application designed to capture all details of income and asset information. If it is filled out incorrectly, the college must indicate the correct information and resubmit the FAFSA data back to the Federal Processor.)

When will I receive the money?

The day that financial aid money is disbursed depends on the date on the Financial Aid Award Notice, the date that the Master Promissory Note was completed on the Student Loans website, and/or the types of eligible funds.

Financial aid funds are not disbursed prior to the start of the semester. Grants and loans are disbursed once each semester, usually at the beginning of the term. When financial aid funds become available, they are deposited into the student’s Madison College account. After deducting all amounts due, any remaining funds are either mailed directly to the student in the form of a refund check or deposited through E-refunding as set up by the student through their myMadisonCollege Student Center account. Therefore, it is important that students maintain a current mailing address and phone number on their Student Center account at all times.

A few points about financial aid:

  • Available funds are limited. State and federal funding is tentative at the time awards are made. The college cannot guarantee substitute awards if any anticipated outside sources of aid do not materialize.
  • Financial aid awards will be amended if a student’s eligibility is based on incorrect information on the financial aid form.
  • Financial aid awards will be amended if a student receives scholarships or any other type of educational assistance and the additional funding results in an over-award.
  • Students may not receive financial aid funds from more than one school at a time.
  • Federal regulations prohibit us from awarding financial aid to students enrolled in certain courses and programs   including certificates, apprenticeships, audited courses, personal enrichment, basic skills, GED, ESL, developmental or remedial courses, Youth Options and most programs less than one year in length. 

If you have additional questions, please call the Enrollment Center at (608) 246-6170, or visit askMadisonCollege for answers to frequently asked questions.