No matter what your background or status, financial aid offers a variety of ways to fund your future. It can come from borrowed money in the form of loans, work study, to grant or scholarship funds that you won’t owe back after completion of your education at Madison College.

Financial Aid Overview

Whether your funds come from the federal government, state government, and private resources, there are numerous options and ways to invest in your program or coursework.

The amount you can receive is based on varying factors, and to understand the amount you can receive, you will first need to understand what you are eligible for. 

You will need to fill out the FAFSA form for each academic year.

Financial Aid Application Steps

Here's the complete step-by-step process to apply for financial aid.

1. Submit the FAFSA

You must complete the FAFSA each academic year. The 2024-25 application is now available.

  • The first step is to create an FSA ID and you will need income and tax information from the prior year to apply.
  • Some types of aid are awarded on a first come, first serve basis, so we encourage you to apply as early as possible.
  • Before beginning the FAFSA, please review the basic eligibility criteria for receiving federal financial aid.
  • You will need the Madison College Federal School Code 004007 in order to complete the FAFSA.

2. Complete a Program Application

To be eligible for financial aid, you must be admitted to a financial aid eligible program, or formally accepted onto the program waitlist.

3. Register for Classes

To be eligible for financial aid, you must be registered in classes that meet the enrollment status requirements and necessary for the completion of your declared major. Get help registering for classes.

4. Monitor Your Communications

Student Email

Activate and check your student email and Message Center in myMadisonCollege. That's where you will find important notifications and action items.

To Do List

Complete any items in your To Do List within myMadisonCollege. If there are items in your To Do List, they must be completed and removed from your To Do List prior to receiving any financial aid information.

Rights and Responsibilities

Make sure to look over your Rights and Responsibilities regarding your financial aid.

5. Evaluate Your Award Notification

Once your financial aid package is determined, an Award Notification is sent to your student email. There are many different types of aid (grants, loans and work study) awarded, and most are based on your Cost of Attendance and your financial need.

Your Award

Once you receive your Award Notification, log into myMadisonCollege to evaluate your award and accept/decline your funds. 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 4:30 p.m. on the Pell Recalculation Date 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.

Department of Vocational Rehabilitation (DVR)

If you are a DVR client, it is the responsibility of DVR to contact the Financial Aid Office with the dollar amount they will be providing prior to you being awarded any Federal Direct Loans. If you don't see DVR on your award and it should be, please contact your DVR counselor to determine the status of your funding.

6. Complete Loan Requirements (if applicable)

If you accepted Federal Direct Loans as part of your award, you must have completed Entrance Counseling and a Master Promissory Note (MPN) on the Student Loans website. Your loans will not disburse until you have completed these requirements. If either of these items are in your To Do List 24 hours after accepting your loans, please log into the Student Loans website to verify that you have completed them.

Workshops

If you require assistance with completing the Master Promissory Note and/or Entrance Loan Counseling, please register for a FAFSA workshop. Advance registration is required.

7. Disbursements and Refunds

Disbursements occur regularly on Tuesdays. This is when aid will apply to your term's balance. After disbursement, any overage from the aid will be processed as a refund. These normally happen on Fridays. You can expect to see your refund about a week after disbursement. 

Academic Requirements

In order to remain eligible for financial aid, you must meet certain academic requirements referred to as Satisfactory Academic Progress.

Summer Financial Aid

Applications for Summer 2024 Financial Aid will open in May 2024.