Book Loan
Working together, Madison College and our college Foundation have designated a fund to assist students at hardship who have completed the financial aid process but will not receive their award in time for the purchase of books at the start of the term.
For students who qualify, a book loan against the student’s pending financial award is granted. Note this is a loan and must be fully repaid by the regular deadline for tuition and fees payment. The payment is due regardless of whether the student’s financial aid award is disbursed within this time period or is sufficient to cover applicable charges.
Book loans are available during the week before the fall or spring academic terms begin through the end of the second week of the term. We currently do not accept book loan applications for summer academic term.
How does the book loan program work?
- Student completes Book Loan Application.
- Application form is processed by our staff to verify eligibility.
- Decision is communicated to student usually within two business days.
- If approved for a book loan, students must shop at the campus bookstores to purchase books.
- Book purchases are posted to the student’s financial account daily.
- Student’s financial aid award arrives for disbursement.
- Tuition, fees, and book loan are subtracted from the award.
- Remaining balance, if any, is refunded to the student, OR student pays off book loan if financial aid award is not sufficient.
What do I need to qualify for a book loan?
- You must be enrolled in six (6) or more credits for the current academic term.
- You must be accepted into a Madison College financial aid eligible program, with all necessary applications, transcripts and fees submitted to Madison College. Check your myMadisonCollege Student Center on your “To Do List” to see if any of these documents are outstanding.
- You must have applied for Financial Aid prior to the applicable deadline, however funds are not expected to arrive during the first week of the academic term. The anticipated disbursement of your financial aid award will be determined as your book loan application is processed.
- You must have submitted all required documents to the Madison College Financial Aid Office.Check your myMadisonCollege Student Center on your “To Do List” to see if any of these documents are outstanding. Note that even after submitting forms please allow up to two weeks to complete processing.
- You must have granted permission to use your financial aid award to pay off your book loan.
- You should not demonstrate a pattern of receiving book loans in the past. Book loans are emergency funds and multiple loans mean that another type of assistance might better serve your needs.
- You cannot have a records or financial hold on your Madison College account.
What can I buy with my book loan?
Book loans are for purchases through the Madison College Bookstores. You may use the book loan to purchase new, used, or rental textbooks, if available. Not all textbooks will be available for the rental program. The book loan cannot be used to pay any balances due for un-returned textbook rentals.
If your class syllabus requires an instructional supply kit, specialized software, or other materials, such items may be listed on the book loan form. If approved, a special note will be added to your book loan to indicate your eligibility to purchase these items from the Madison College Bookstore(s). The amount of loans available for such kits may be limited to less than the full amount. General class materials such as paper, pens, pencils, writing tablets, folders, binders, college clothing, food or snacks, or backpacks will not be approved for purchase with a book loan.
If your class syllabus requires an instructional supply kit, specialized software, or other materials, such items may be listed on the book loan form. If approved, a special note will be added to your book loan to indicate your eligibility to purchase these items from the Madison College Bookstore(s). The amount of loans available for such kits may be limited to less than the full amount. General class materials such as paper, pens, pencils, writing tablets, folders, binders, college clothing, food or snacks, or backpacks will not be approved for purchase with a book loan.
What happens if a book loan is not repaid?
The book loan is a loan that must be repaid to the college. If your financial aid does not arrive in time or is not sufficient to cover your tuition and fees and your book loan, you are still responsible for repayment of the loan by the regular deadline for tuition and fees payment.
If you default on the loan by not paying in time, some or all of the following actions will occur:
- A hold will be placed on your academic record which will prevent release of records or transcripts.
- Your enrollment will be blocked for future terms until the loan is repaid.
- Interest will be assessed on the unpaid balance. Refer to the promissory note you signed as part of your Bookstore purchase for details on the interest rate applied.
- The loan may be referred to a collection agency.
- The loan default may be reported to credit bureau.
- Your Wisconsin state tax refund may be garnished to repay the loan and accrued interest.
- You will be ineligible for any future short term loan from the college or Foundation.
How do I know how much of a loan I need?
Shop the campus bookstore to find the costs of all your textbooks. Be sure to check the bookstore listing for the campus where your class will be meeting as sometimes textbooks are different for various class sections and locations. Most campus bookstores have on-line listings so visit Bookstore on the A-Z Index.
You may also view your textbooks linked from your class schedule inside your myMadisonCollege Student Center.
Next, review your course description and class syllabus. If your program requires an instructional supply kit, specialized software, or other materials your instructor will usually provide details and costs in these documents.
Note the college reserves a right to determine a maximum amount for any authorized book loan. In some cases, especially those associated with expensive instructional kits, the maximum amount authorized may be insufficient to cover all expenses. Any expenses above and beyond the maximum book loan amount would the your responsibility to cover at the time of purchase.
How do I repay my book loan?
Repayment must occur the regular deadline for tuition and fees payment. If you make multiple purchases, the total amount for all purchases is due within that deadline.
If your financial aid has not been disbursed by that time, you may repay your short term book loan by accessing your student finances via your myMadisonCollege Student Center. If you prefer cash or check payments, please drop them off at the cashier’s office at your local campus.
Once your financial aid has been disbursed or your book loan repaid, the loan is considered closed and further purchases from the loan are deactivated for the remainder of the academic term. Note only the amount of your actual purchases at the bookstore are withheld as payment for your loan. If you use less than the maximum book loan authorized, only what you use is required for repayment.
How do I know if I am approved for a book loan?
Your book loan application form will be processed upon submission. Usually within two business days, you will be informed of the status of your loan application via a reply to your Madison College student email. Feel free to check your account often for updates after submitting your book loan application. Those receiving approval will be given details of how to access the loan at the local campus bookstore. If your application cannot be approved, we will provide specific details as to why and offer you referral to services and resources that might be helpful.
What can I do if my book loan is denied?
When your book loan is denied, we will tell you what actions you need to take or refer you to the office that can best assist you to explore other options. Unfortunately, if your book loan application is denied, the college cannot offer any additional options for a book loan.
The Madison College Library has many textbooks on reserve which you might access while awaiting a decision on your book loan or if the loan application is denied. We would suggest you speak with a Madison College counselor to discuss your personal situation and options outside the college that might be available. Call the Student Development Center at (608) 246-6076 to schedule an appointment.
When do I get my book loan check?
You will not receive a book loan check. The campus bookstore will be informed of the approved maximum amount of your loan based on the details of your request. The campus bookstore will keep track of how much you have used and any remaining balance on your loan. You will be required to present a valid state-issued photo ID or Madison College OneCard to the college bookstore cashier at the time of check out.
At the time of purchase, you will be given a copy of your receipt so that you may also keep track of your book loan amounts.
Remember this is a loan and must be repaid.
Can I request another book loan in the future?
Ideally, the book loan is designed to be a bridge to assist students through unforeseen circumstances. We would strongly encourage you to take advantage of our professional counselors to help you develop a financial plan for your college education to avoid the need for any future loans. While the college will consider future book loan requests, such requests are at the discretion of the college and may be unsupported if a pattern of use is indicated. Contact the Student Development Center at (608) 246-6076 to schedule an appointment with a Madison College counselor. Appointments are provided at no additional charge to students.
What if I switch classes? Can I exchange books?
We understand that your schedule may change somewhat during the early part of the academic term. Yes, textbook exchanges can be accommodated within the book loan program and should be conducted in accordance with standard college bookstore procedures. Normally, the bookstore provides all customers with a copy of the return policy regarding textbooks. Please refer to that policy for specific conditions for returns.
Unfortunately we cannot offer cash at the time of a return or exchange. Refunded amounts will be posted to your student account and reduce the amount of your book loan owed. In the event your account and book loan have been paid with your financial aid, Madison College will issue you a refund check. Please make sure your correct mailing address is indicated on your Student Center myMadisonCollege. Be sure to check out our e-refunding option as a faster way to get refunds.
Is there a processing fee to apply or receive the book loan?
No, at this time, there is no fee associated with the application for a book loan or the receipt of one. If you do not repay the loan by the deadline, you may incur finance charges on the unpaid balance (refer to the promissory note signed at the time of purchase for details on finance charges).
Where can I use my book loan?
The book loan is valid only at Madison College campus bookstores. The book loan is not valid on any non-Madison College vendors or websites, e.g. amazon.com.
On your book loan application, you will list the items you need your book loan to cover. Again, the loan is for the purpose of covering your need for educational materials prior to the disbursement of your financial aid. The college reserves the right to approve what the book loan can be used to purchase and the maximum amount allowable.
When can I apply for a book loan?
Book loan applications are currently accepted starting the week before the fall or spring academic terms begin through the end of the second week of the term. We currently do not accept book loan applications for summer academic term. If you have a need for a book loan outside of this time, we suggested you speak with a Madison College counselor to discuss your personal situation and options which might be available. Call the Student Development Center at (608) 246-6076 to schedule an appointment.
Where can I access a computer to apply for a book loan?
We realize student access to a computer may change even if you are reading this page on one now. The college has several locations where students may access computers in order to complete a book loan application. Please visit your campus Library, Student Life Office, or Student Development Center for computer access and assistance. If you need computer access for other academic needs outside of a book loan application, your campus Library is the primary student computer lab area.
Last Modified: July 12, 2011