Federal Stafford Loan

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    The Federal Stafford Loan is part of the William D. Ford Direct Loan Program. As an educational loan, it provides a low interest rate and repayment does not begin until six months after the student graduates or drops below half-time enrollment status. This six-month period is called a grace period.

    There are two types of Federal Stafford loans and the college determines what combination of the two the student is eligible to receive.
    • Subsidized Federal Stafford loans are based on financial need as determined by the FAFSA and Madison College Financial Aid. The federal government pays the interest on this loan while the student is enrolled at least half time and during the grace period.
    • Unsubsidized Federal Stafford loans are not based on financial need; however a FAFSA must still be completed. Students who do not qualify for the subsidized loans or need to supplement additional educational costs may use the Unsubsidized Federal Stafford Loan. However, the borrower is responsible for paying all of the interest on this loan at all times.
    To receive a Federal Stafford loan at Madison Area Technical College, you must be able to answer yes to all of the following statements:
    1. You have been accepted into an eligible program at Madison College and are enrolled for at least six credits.
    2. You have applied for Federal Financial Aid through the FAFSA form. (If no, begin the Application Process)
    3. You have received your Financial Aid Award Notice from Madison College Financial Aid and it states that you are eligible for a Federal Stafford loan.

    How to apply:

    Step 1: FAFSA

    The first step is to complete a FAFSA. Applicants who are eligible for loans will automatically be awarded them by Madison College. With the receipt of the award letter, the student will be directed how to complete the required Entrance Loan Counseling (ELC) and Master Promissory Note (MPN), available to complete online from the Student Loans website.

    Step 2: Complete Master Promissory Note (MPN) & Entrance Loan Counseling (ELC)

    Who needs to complete an MPN and/or ELC?

    • All new students will need to complete an MPN and ELC for loan funds to disburse.
    • Continuing students who received loan funds prior to the summer of 2010 and have not received any since that time will also need to complete an MPN and ELC as specified below.

    Students who attended and received loans in the 2010-11 or later academic year will not need to complete another new MPN or ELC.

    Master Promissory Note

    To complete a new Master Promissory Note (MPN), go to the Student Loans website. You will need your Federal Student Aid PIN number that you used on the Free Application for Federal Student Aid (FAFSA).

    Should you have trouble completing the online MPN, please contact Direct Loan Applicant Services for assistance at (800) 557-7394.

    You will need the information listed below to fill out the online MPN:
    • Social Security Number
    • Driver's License if applicable.
    • Email address if applicable. If you want to receive a confirmation email, an address must be supplied.
    • Your complete U.S. Address including street or post office box, state, zip and phone if applicable.
    • Two separate references with different U.S. addresses. The first reference should be a parent (if living) or legal guardian. You will need their name, address, city, state, zip code, phone number if applicable. Business addresses cannot be accepted.
    To sign your MPN electronically, you will need your Department of Education PIN number sent to you when you applied for financial aid. 
    • If you do not have your PIN number, you will need to request a duplicate from the PIN website.
    • If you meet ALL of the conditions mentioned above, go to the Student Loans website to complete your Master Promissory Note (MPN).
    Entrance Loan Counseling (ELC)

    To complete your ELC, go to the Loan Counseling web page for more information. You will then need to complete your ELC on the Student Loans website. Should you have trouble completing your ELC online, please contact Direct Loan Applicant Services for assistance at (800) 557-7394.

    Step 2: Accept/Decline Award & E-Refunding

    Accept/Decline Financial Aid Award

    Starting in Fall 2010, student loans and Federal Work Study awarded will need to either be declined or accepted online using your myMadisonCollege Student Center. Your student loans and Federal Work Study will not be processed until your Financial Aid Awards have been either accepted or declined. For instructions, please view the Financial Aid Award Acceptance tutorial.

    E-Refunding of Financial Aid Funds

    Students are now able to set up their own account to receive their financial aid refund checks as an E-refund. Instead of a paper check sent through the mail, the financial aid refund is deposited directly into the student's checking or savings account. Students may set up E-refunding using their myMadisonCollege Student Center account. For instructions, please view the Financial Aid Award Acceptance tutorial.

     

    For additional assistance, visit askMadisonCollege to view frequently asked Financial Aid questions, or contact Madison College Financial Aid at (608) 246-6170 or (800) 322-6282, Ext. 6170. For additional information on student loans or the student’s online loan account, visit the Student Loans or National Student Loan Data System (NSLDS) website, respectively.

    Last Modified: May 27, 2011