Financial Aid Rights and Responsibilities
Your financial aid award is based on your completion of the FAFSA each academic year and meeting all of the eligibility and application requirements for each aid year AND each semester. As a financial aid recipient at Madison College, you have these rights and responsibilities:
You have the right to:
- Have your eligibility for financial aid determined fairly and consistently based on all federal and state regulations and Madison College policies.
- Be considered for any financial aid programs that you qualify for, based on funding availability.
- Request assistance if you have questions or don't understand any of the information that is provided to you.
- Receive information about how your financial aid eligibility was determined, types of aid and relevant regulations, policies and procedures.
- Receive notification of your financial aid award and when any adjustments are made.
- Expect that your financial aid records, your parents' financial records, and your award information be kept confidential in accordance with the Federal Education Right to Privacy Act (FERPA).
- Obtain information about your student loan debt burden including repayment options available.
You have the responsibility to:
- Apply for financial aid through the FAFSA each academic year that you wish to receive aid.
- Provide complete and accurate information in order for your financial aid to be correctly determined.
- Be officially admitted into a financial aid eligible program.
- Register in courses by the Pell Recalculation Date for each semester. Please note that courses must fulfill outstanding graduation requirements for your current program of study.
- Monitor your myMadisonCollege Student Center and student email regularly.
- Read, understand and keep copies of all information and/or forms requested from and submitted to the Financial Aid Office and other agencies before the applicable deadlines.
- Inform the Financial Aid Office of any other aid (e.g. scholarships, state grants, etc.) not listed on your award.
- Use aid offered for educational expenses as defined in your cost of attendance.
- Understand and maintain the requirements of Satisfactory Academic Progress (SAP) including:
- Achieving a cumulative GPA of 2.0 or higher.
- Completing at least 67% of the cumulative credits attempted.
- Report any change in your status (e.g. name, address, etc.) to Madison College in your myMadisonCollege Student Center and to your loan servicer (if applicable).
- If you are a Federal Direct Student Loan borrower:
- Complete Entrance Counseling to better understand your responsibilities and obligations by borrowing student loans.
- Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). The MPN is a legal document in which you are promising to repay your loan(s) and any accrued interest and fees to the U.S. Department of Education.
- Complete the Annual Student Loan Acknowledgement (ASLA).
- Complete Exit Loan Counseling when you graduate or drop below half-time.
- Repay any loan you receive. Select a repayment plan.