Alternative Loan
Alternative loans are non-federal educational loans available from a variety of lending institutions. These types of loans should only be considered when the student and/or parents have exhausted all other avenues of financial aid.
To receive an Alternative Loan at Madison Area Technical College, you must be able to answer yes to all of the following statements:
- You must have been accepted into an eligible program at Madison College. To apply for admission to Madison College, please refer to the Madison College Admission Procedures.
- You must have applied for Federal Financial Aid through the FAFSA form. If no, please refer to the Financial Aid web page.
- Your financial aid application has been reviewed and you have received your Financial Aid Award Notice from Madison College Financial Aid.
The amount of an Alternative Loan will be limited to the cost of attendance minus other financial aid. However, the loan amount can not exceed $10,000 per school year. In addition, these loans require that the borrower be credit worthy or have a credit worthy cosigner, as they go through a normal bank credit process.
If you are ready to learn more about Alternative Loans and apply for an Alternative Loan, you may click on: Alternative Loans.
Your application will then be sent to Madison College Financial Aid for school certification after you have signed/”e-signed” the promissory note and your loan has been credit-approved.
Last Modified: March 29, 2011