Financial Aid

    Need help filling out your FAFSA? Click here for an intro video!
    How do I pay for college? What is financial aid? What if I can't get grants? Is there money I don't have to pay back? Can I get a scholarship? What is the cost of FAFSA? View text version.

    Higher learning, lower tuition.

    Welcome to Madison College, one of the best educational values in Wisconsin. Our tuition is significantly less than four-year colleges, and financial aid is available to students enrolled in an eligible associate degree, college transfer or technical diploma program whose enrollment status is at least half-time.

    The college offers federal and state financial aid, including grants, loans and student employment. The Madison College Foundation also provides scholarships from private donors to assist students.

    To help you understand how to apply for financial aid and which programs you may be eligible for, please watch the short videos above.

    It all starts with a FAFSA.

    The most important step in finding out if you are eligible to receive financial aid is to fill out the Free Application for Federal Student Aid (FAFSA). Many students who could receive financial assistance to attend college miss out because they don't complete the FAFSA. This may include funds that don't require repayment. For this reason, we encourage all students to fill out a free FAFSA form at www.FAFSA.ed.gov as soon as their annual tax returns are complete. Students do not need to wait to receive a program admissions letter before completing the FAFSA and are strongly encouraged to apply before the April 15 Priority Date. Limited funding is available for students who apply after April 15. 

    To get an early estimate of financial aid eligibility check out the FAFSA4caster. 

    Learn more about the financial aid application process.

    What happens next?

    Once the college receives a financial aid application, further documentation may be required. In accordance with federal regulations, we will review all documents for accuracy and completeness and, if necessary, make corrections to the application before awarding any loans, grants, or federal work-study. Students will be notified in writing of any awards.

    When will I find out if I am eligible to receive financial aid?

    Several factors determine when Financial Aid Award Notices are sent:

    • Time of year - financial aid processing time is dependent on when documents are submitted. 
    If documents are submitted in: Estimated processing time
    January - February 2 - 4 weeks
    March - June 2 - 3 weeks
    July - October 3 - 4 weeks
    November - December 2 - 3 weeks
    • If additional documentation is required or signatures are missing - please allow for one to two weeks of additional processing time.
    • If the FAFSA must be returned to the Federal Processor - please allow one to two weeks of additional processing time. (The FAFSA is a complex application designed to capture all details of income and asset information. If it is filled out incorrectly, the college must indicate the correct information and resubmit the FAFSA data back to the Federal Processor.)

    When will I receive the money?

    The day that financial aid money is disbursed depends on the date on the Financial Aid Award Notice, the date that the Master Promissory Note was submitted to Great Lakes Educational Loan Services for loan monies, and/or the types of eligible funds. Grants and loans are disbursed once each semester, usually at the beginning of the term. When financial aid funds become available, they are deposited into the student’s Madison College account. After deducting all amounts due, we mail a "refund check" for the remainder of the funds directly to the student. Therefore, it is important that students maintain a current mailing address and phone number on their MATC student account at all times.

    A few points about financial aid:

    • Available funds are limited. State and federal funding is tentative at the time awards are made. The college cannot guarantee substitute awards if any anticipated outside sources of aid do not materialize.
    • Financial aid awards will be amended if a student’s eligibility is based on incorrect information on the financial aid form.
    • Financial aid awards will be amended if a student receives scholarships or any other type of educational assistance and the additional funding results in an over-award.
    • Students may not receive financial aid funds from more than one school at a time.
    • Federal regulations prohibit us from awarding financial aid to students enrolled in certain courses and programs   including certificates, apprenticeships, audited courses, personal enrichment, basic skills, GED, ESL, developmental or remedial courses, Youth Options and most programs less than one year in length. Please refer to Page 13 of the Financial Aid Handbook (PDF, 280 KB) for more information about eligibility requirements.

    If you have additional questions, please call the Enrollment Center at 608-246-6170, or use our online Ask MATC service for answers to frequently asked questions.

    Last Modified: November 30, 2009