Types of Financial Aid

There are many different resources that help students fund their college education, including federal, state, and/or private sources. Understanding all the options will help you utilize aid from all the sources you qualify for. Here are some resources frequently used at Madison College: 

Grants – Funds are based on financial need and do not have to be repaid. 

Loans – Funds are borrowed and have to be repaid, typically with interest.

Work Study – Funds are earned through student employment, based on financial need.

Scholarships – Funds do not have to be repaid and qualifying criteria are set by the donor (e.g. financial need, merit, academics, background, etc.)

To determine if you qualify for grants, loans, work study funding, and many scholarships you must first complete the Financial Aid Application Process, beginning with submitting the FAFSA.

Other Sources – In addition to the above sources, there are other kinds of available aid.  Contact the Financial Aid Office if you are receiving any additional funding that is not listed on your award. Some of these include:

  • Veterans Benefits – Federal or State Veterans Benefits for the training of qualified veterans and eligible spouses and/or dependents of deceased or disabled veterans.
  • AmeriCorps – A program for members who complete services and are then eligible for an Education Award to help pay for college expenses or assistance with repayment of loans.
  • DVR – The Department of Vocational Rehabilitation (DVR) provides services to students with disabilities to obtain, maintain and improve employment.  If you are a DVR client, you should contact your DVR counselor for more information.
  • Other Aid – Outside sources of funding that provide assistance with your educational fees for tuition, books, etc. “Other aid” is funding that comes from somewhere other than the Financial Aid Office, but is still required to be reported on your award. Some examples of this type of funding are Workforce Development and employer reimbursement.

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.