Navigating Student Loan Options at MATC

For students aspiring to pursue higher education, understanding the various financial aid options available is crucial. Milwaukee Area Technical College (MATC) offers a range of student loan programs designed to assist students in funding their education. This article provides a comprehensive overview of the student loan options available at MATC, including eligibility requirements, application processes, and repayment terms.

Understanding the Cost of Attendance at MATC

MATC is committed to making education accessible and affordable. The first and possibly the most important 'cost' to you should include the Direct Costs of attending a college. MATC is one of the most affordable educational options in the state.

Understanding the direct costs associated with attending MATC is essential for effective financial planning. Tuition and other fees for the 2025-26 semesters are subject to change. Fee amounts are available when you register. Fees for tuition and material fees for instructional materials consumed by students and instructors are required by s. 38.24, Wis. Stats. Material fees are to be charged to all students on a uniform basis unless exempted by state statute, administrative code or State Board action. The specific fee to be charged for each individual enrollment shall be based on the material fee category assignment of the instructional area and it is assumed to be the minimum in the above estimated cost. The tuition amounts listed above do not include the $9.00 Student I.D. fee, $7. Fees are due when you register, or you may use the MATC Payment Plan. Cash, check, money order, Visa, MasterCard, and Discover card are accepted. You may register in person at any of the four MATC campuses. If you have an approved financial aid award, your fees will be deferred until payments are authorized.

Financial Aid Offices calculate Cost of Attendance in a different way. Colleges can include several other components in determining costs and use 'budgeted' amounts rather than actual. The cost of attendance calculated by the Financial Aid Office is based on costs from reported data, survey data and Bureau of Labor Statistics (BLS) data. Tuition is the price you are charged for taking classes. The estimate of books and supplies is based on average costs for undergraduate students. Room/Housing is the average cost a student pays for a place to stay while attending college.

Additional Fees

Beyond tuition, students should be aware of other potential fees. A $10 per-credit fee is included in College of the Air course fees. There is a $40 returned check fee for any checks returned by a bank unpaid. Parking fees are $25.00 per semester and $15.00 for the summer session. At the Downtown Milwaukee Campus, qualified students can receive a reduced parking rate at MATC's parking facilities. Other fees will be charged for such services as the GED test, an advanced placement examination, etc. An Academic Support Center fee of $2.75 is charged per credit. A Graduation Assessment fee of $.55 is charged per credit. A Student Activity fee of $8.00 per credit is charged for most courses, the chief exception being Personal Enrichment courses. Wis. The total cost of each course is determined by adding the program fee (calculated by multiplying the tuition per-credit rate times the credit value of the course), plus the materials fee (charge for consumable supplies used in teaching the course), plus an Academic Support Center fee, and a per-credit student fee. The Adult High School Fee is determined by student fee and materials fee calculation per credit - the total tuition is approximately $6.15 - $12.15. The credits shown in class schedules and catalogs for Adult High School courses are Adult High School credits and are not the basis for computing nonresident tuition and student fees. A materials fee is charged. These fees are established by the MATC Board.

Read also: Cost of Attending MATC

Payment Options at MATC

MATC provides several payment options to accommodate students' diverse financial situations. Tuition and fees must be paid by the assigned fee payment due date or have a formal payment option. If your balance exceeds $200, you must contact the Cashier’s office to create a past due payment plan. You are allowed to make a payment plan for past due charges as a one-time courtesy. Students can pay online only using a credit card, debit card, or BankMobile Vibe debit card (Discover, Visa, or MasterCard). You will see a payment preview screen. If you are enrolling on the Payment Plan, you must pay 5% to hold all classes. Students can come into any of our campuses to make a payment using cash, checks, or money orders. Credit and debit cards are no longer accepted in person. These calculations will be made for you.

MATC Payment Plan

MATC’s work to make college affordable goes beyond tuition. You can pay your tuition and fees with a flexible payment plan, starting with as little as 5% down. To enroll in the MATC payment plan, visit MATC Self-Service, choose “Student Finance” and select the payment plan. If you pay your full tuition using Self-Service (choose Student Finance), you’re all set to start your classes! Please Note: Effective August 4, 2025, Cashier offices will no longer accept credit or debit card payments in person. All card payments must be made online.

Third-Party Sponsorship

Businesses and other organizations may sponsor your education at MATC. Contact your employer about any educational benefits offered. Are you an employer or other agency interested in learning more about becoming a sponsor? Third party sponsorship is a payment agreement between the college and the student sponsor. The sponsor is an outside source that takes responsibility for all or partial payment of fees, books, etc. A third party sponsor is not an individual, i.e. parent, grandparents, etc., but a company or agency, such as the military, Vocational Rehabilitation, etc. A letter of authorization from the sponsoring organization on file with MATC is required to document the sponsor’s commitment to pay designated educational expenses for a student. This must be received in the Financial Aid Office PRIOR to the Payment option deadline for the semester.

Grants and Scholarships

The biggest thing you need to understand is the difference between grants and loans. Grants are funding you don’t have to pay back - sometimes referred to as “gift aid.” Loans Student loans are like any other loan. - you’ll eventually have to pay them back (with interest). In either case, the best starting point is the Free Application for Federal Student Aid (FAFSA) which will help determine the type and amount of funding you’re eligible for. Complete the FAFSA Now!

Grants To Help Pay for College Federal and state grants are primarily need-based but some have other individual requirements for eligibility. There are both federal grants and State of Wisconsin grants available. Department of Education. Amounts offered will vary based on your Student Aid Index (SAI) as determined by your FAFSA and your enrollment status. on the Pell Recalculation Date for each semester.

Federal Pell Grant

The Consolidated Appropriations Act of 2017 allows you to receive the Federal Pell Grant up to 150 percent of your Pell Grant Scheduled Offer. To be eligible for the additional Pell Grant funds, you must meet all general eligibility requirements to receive financial aid and be enrolled at least half-time (6 credits) in an eligible financial aid program. If you are planning to attend summer term and interested in Year Round Pell Grant and other financial aid eligibility, you should visit the Summer Financial Aid page to learn about additional requirements. Important Note: Pell Grant eligibility is limited to 12 full-time semesters or 600% by federal law. This limit is referred to as lifetime eligibility used (LEU). If you exceed your LEU you are no longer eligible to receive Pell Grant funding. Department of Education.

Federal Supplemental Educational Opportunity Grant (FSEOG)

It is available to high-need students on the basis of financial need. To be eligible, you must be enrolled at half-time status (6 credits).

Iraq and Afghanistan Service Grant

Military service in Iraq or Afghanistan after September 11, 2001. Identified students may receive increased federal financial aid if at the time of the parent or guardian’s death they were either less than 24 years old or were enrolled in college. Eligibility is based on the following: You are Pell eligible but have not received the maximum amount based on your SAI OR You are not Pell Grant eligible because your SAI is too high, you may then receive the IASG. For students who are eligible, the Financial Aid Office will automatically offer this grant based on information provided by the Department of Education.

Children of Fallen Heroes Scholarship

The Children of Fallen Heroes Scholarship is offered to a student whose parent or guardian died in the line of duty while performing as a public safety officer. The College will determine, based on documentation submitted, whether or not you meet the eligibility criteria.

Wisconsin Grants

The Wisconsin Higher Educational Aids Board is the go-to source for information on state grants. Before you dig in, know that to be eligible for these grants, you must meet the following requirements (plus individual grants, might have additional eligibility criteria). Be a resident of the state of Wisconsin. Have a high school diploma, GED or equivalent. Be enrolled at least a half time (6 credits) for most grants. Be admitted to an eligible program of study. Be registered with Selective Service, if you are required to register. Not exceed eligibility greater than ten semesters, unless otherwise specified. Not be listed on the Department of Workforce Development’s statewide Child Support Lien Docket, unless you have an approved payment plan.

Read also: Financial Aid Details

Federal Student Loan Options

To determine if you are eligible for a student loan, you must first complete the FAFSA. In addition to demonstrating financial need (via the FAFSA) and meeting whatever eligibility a specific student loan might require, you must also: Be taking at least 6 credits. Have remaining eligibility in your cost of attendance - which basically means that you can’t be receiving more financial aid that it costs you to attend school. Like grants, there are a few different types of student loans that you might be eligible for depending on your specific situation including direct loans (subsidized and unsubsidized), Parent Loans for Undergraduate Students (PLUS), and private loans. In addition, there may be specific loans like Wisconsin’s Nursing Student Loans for a specific student population.

Federal Direct Subsidized Loan

Federal Direct Subsidized Loan is a need-based loan awarded to undergraduate students. No interest accrues while the student is enrolled at least half-time. A FAFSA is required to receive an unsubsidized loan, but eligibility is not based on financial need. The amount will be determined based on your cost of attendance, any other aid received, and the federal annual loan limits. When accepting your loans, be sure you are accepting enough for the entire aid year. Complete Entrance Counseling to better understand your responsibilities and obligations by borrowing student loans. Complete a Subsidized/Unsubsidized Master Promissory Note (MPN). Department of Education. Complete the Annual Student Loan Acknowledgement (ASLA). View the disbursement page for additional information on when you will receive your funds. If you received a Federal Direct Loan(s) and you graduate, drop below half-time or withdraw, you are required to complete Exit Loan Counseling. The purpose of exit counseling is to inform you of your obligations and options regarding the repayment of your Federal Direct Loan(s). Department of Education.

Federal Direct Unsubsidized Loan

Federal Direct Unsubsidized Loan is a non-need-based loan awarded to undergraduate students. Interest starts accruing after the first disbursement.

Federal Direct PLUS Loan

The Federal Direct PLUS Loan is a fixed rate loan for parents to borrow funds for a student’s tuition, fees, and other charges related to their education. Eligibility is based on a credit check, regardless of income or assets. This loan can be used to help pay for costs not covered by other financial aid. Determine requested amount - The amount to request annually is limited to the cost of attendance (a.k.a. the "budget”) minus financial aid already received. Apply for the PLUS Loan for Parents - Parent must complete the PLUS application annually. Parent will need their Federal Student Aid account information to log into the Departmentt. Department. of Education. It also explains the terms and conditions of your loan(s). The repayment period for a Direct PLUS Loan begins immediately after you’ve received the last disbursement of the loan, while your child is still in school. However, you may be able to defer making payments while your child is enrolled at least half-time, and for an additional six months after your child graduates or drops below half-time enrollment status. If the Department of Education notified you that you didn’t qualify for a PLUS loan based on adverse credit, there are other options available. Obtain an endorser - An endorser is similar to a cosigner. An endorser is someone who doesn’t have adverse credit and agrees to pay back your Direct PLUS Loan if you don’t. File an appeal - You have the right to appeal an adverse credit decision if you think it was made in error, is missing important information, or is based on data that is now out of date. Get additional Direct Unsubsidized Loan - If you’re a parent and didn’t qualify for a PLUS loan based on your adverse credit, your child may be able to get additional unsubsidized loan funds.

How Do Parents Apply for the PLUS Loan?

Go to studentaid.gov and, under the Parent Borrowers tab, select Apply for a PLUS Loan to access the application and conduct the credit check. If the decision is denied, the parent has the option to reapply using an endorser (co-signer). A PLUS Credit Counseling requirement applies when there is an endorser. Complete the Loan Agreement for a PLUS Loan (MPN) upon an approved credit decision. Submit the PLUS Loan Request to Madison College's Financial Aid Office. The PLUS loan can be offered up to the cost of attendance after other estimated financial aid is considered. Interest starts accruing on the loan at disbursement. Interest rates are subject to change every year on July 1 for every new disbursed loan. Loans are disbursed through the student’s account at Madison College to pay off any tuition and fees owed (in addition to any funds for which permission had been granted). Any funding left over after paying off the balance owed will be refunded directly to the parent in the form of a check.

Private or Alternative Loans

Private or alternative student loans or private parent loans are offered through a variety of lending institutions. They are not considered federal loans. These loans can be taken out by a student, parent, family member, or sponsor (any creditworthy individual). These loans should only be considered when all other aid options (grants, work study, and other loans) have been exhausted. Follow the application procedure below to find out what loans you may be eligible for and the eligibility requirements. Be sure to pay attention to interest rates, repayment obligations and repayment plan options before applying for a private or alternative loan.

How to Apply for Private Loans

We recommend you follow the steps below to apply for the most common loans taken out by Madison College students. Go to FASTChoice and select "Student - Private Loan Options" (for students) OR select "Parent - Private Loan Options" (for parents, family members, or sponsors). (Students only) Complete Borrowing Essentials to learn about borrowing money. Use the filter option to select undergraduate and select filter Loans. Compare the different student loan options. Once you find a loan you are interested in, select Apply. Provide the required information and submit. The lender will review your application to determine if you qualify. If your loan is approved, the lender also notifies the Financial Aid Office at Madison College. The Financial Aid Office will review your account, and if you meet the eligibility requirements, your loan will be certified. Allow a minimum of 14 business days for the loan monies to come to Madison College pursuant to Section 155 of the Higher Education Act of 1965, as amended, (HEA) and to satisfy the requirements of Section 128(e)(3) of the Truth in Lending Act.

Sallie Mae Smart Option Student Loan

Private/alternative Loans are available to help bridge the gap between the cost of attendance and any other financial aid received. Private loans may carry higher interest rates, require a co-signer, and/or offer different repayment options than federal loans. Please visit our Alternative Loan FAST Choice page to apply for a private/alternative loan. You should begin the application process about 4-6 weeks before the start of your requested semester. After a lending institution approves your loan application, your lender will notify MATC of your loan request. MATC will complete a school certification based on your cost of attendance and notify the lender of the amount and dates to disburse the loan funds to MATC. Disbursement of funds can depend on when the loan is approved. To view common disbursement dates for the semester, see the dates of importance. The SallieMae Smart Option Student Loan can be a great resource for MATC students who need help paying for their education. 1. Variable or fixed interest rates: Depending on your creditworthiness and other factors, you may be eligible for a variable or fixed interest rate. 2. No origination fees: Unlike some other student loans, the SallieMae Smart Option Student Loan doesn't charge any origination fees. 3. Flexible repayment options: The loan offers a number of repayment options, including deferred, interest-only, and immediate repayment. 4. Co-signer release: If you have a co-signer on your loan, you may be able to release them from their obligations after a certain number of on-time payments. For MATC students who are facing the high costs of higher education, the SallieMae Smart Option Student Loan can be a valuable resource. It can help you pay for tuition, books, and other expenses, so you can focus on your studies and build a successful future. These loans are made by Sallie Mae Bank. Uloop is not the creditor for these loans and is compensated by Sallie Mae for the referral of loan customers. Applications are subject to a requested minimum loan amount of $1,000. Current credit and other eligibility criteria apply. 1 Although we do not charge a penalty or fee if you prepay your loan, any prepayment will be applied as outlined in your promissory note-first to Unpaid Fees and costs, then to Unpaid Interest, and then to Current Principal. All rights reserved. Sallie Mae, the Sallie Mae logo, and other Sallie Mae names and logos are service marks or registered service marks of Sallie Mae Bank. All other names and logos used are the trademarks or service marks of their respective owners. SLM Corporation and its subsidiaries, including Sallie Mae Bank, are not sponsored by or agencies of the United States of America.

Wisconsin Nursing Student Loan Program

To apply for this loan, students must complete and file a FAFSA. They should then contact MATC’s Financial Aid office that they are interested in receiving a loan. Based on program eligibility criteria, the MATC Financial Aid office will select students who show eligibility for the Nursing Student Loan and award the loan. After the State of Wisconsin receives and approves the completed Nursing Student Loan Program application, the loan will be disbursed directly to MATC. There is a minimum loan of $250 and a maximum of $3,000 per school year. This is NOT a full forgiveness program. To earn the forgiveness available under this program, you must (1) complete the program for which the loan was awarded and (2) obtain licensure from the Wisconsin Department of Safety and Professional Services Health Services (if applicable). Thereafter, for each of the first two years the student practices nursing teaching full -time in the State of Wisconsin, 25% of the loan will be forgiven. If the student does not practice nursing/teaching full -time, the amount forgiven will be proportional to the time spent practicing. If the student does not practice nursing/teaching in the State of Wisconsin and/or meet the eligibility criteria, the loan(s) must be repaid. Borrowers go into repayment on the remaining 50% of the loan when the forgiveness period is completed.

Loan Repayment and Forgiveness

Repayment begins 6 months after a student is no longer enrolled for at least 6 credit hours.

Borrower Defense to Loan Repayment

If you believe your school has misled you or engaged in other misconduct in violation of certain state laws, you may be eligible for “borrower defense to loan repayment forgiveness,” sometimes abbreviated to “borrower defense.” This is the forgiveness of some or all of your federal student loan debt.

Key Considerations

Cohort Default Rate

The cohort default rate is calculated using actual payment records of the student borrower. A 3-year cohort default rate is the percentage of a school’s borrowers who enter repayment on certain Federal Family Education Loan (FFEL) Program or William D. Ford Federal Direct Loan (Direct Loan) Program loans during a particular federal fiscal year (FY), October 1 to September 30, and default or meet other specified conditions prior to the end of the second following fiscal year. Default occurs when a student is in repayment, but fails to make their payment for 270 days or more.

Importance of Completing the FAFSA

FAFSA funds are distributed on a first-come, first-serve basis, so complete the form as soon as possible. Reminder: Filling out your FAFSA is FREE. Please note: Your award is based on full-time status of 12 college credits. All financial aid grants, scholarships and loans will be disbursed to your student account starting the fourth week of the semester. Once financial aid funds have been disbursed, all charges incurred at MATC will be deducted, including tuition, fees and books.

Enrollment and Financial Aid Disbursement

Stay Registered For Classes! New! MATC now requires students to accept a Student Financial Responsibility Agreement (SFRA), acknowledging that they understand they are responsible for all charges and courses they register for. See below for the latest deadlines. AWARDED FINANCIAL AID For students with financial need, federal and state aid can make college a reality. To apply, visit fafsa.gov! MATC’s school code is 003866. If you are awarded financial aid, you’re set for your payment option. If you have applied and are unsure of your status, visit Self-Service and choose Financial Aid.

Accident Insurance Plan

Students enrolled in classes or in a practicum program approved by Milwaukee Area Technical College (MATC) will be automatically enrolled in and billed for the Wisconsin Technical Colleges Mandatory Accident Only Insurance Plan, and will be defined as a “Covered Person.” Non-credit, avocational and distance learning online students are not eligible. Eligible students do not need to submit an enrollment form. The fees are refunded only if the student withdraws prior to the start of class for each semester. The Fall semester runs from August 15 to December 31. The Spring semester runs from January 1 to May 31. Eligible students are covered while on campus, attending or participating in a college-sponsored or recognized activity, including practicums. This includes traveling to or from the Covered Person’s home, and campus, within the entire state of Wisconsin. Blended online courses are a mix of online and regular in-person courses. ID cards are available online. Log in using your existing account information. Does this plan have a deductible? Yes, you can go to any licensed provider. The healthcare organization should bill the claims administrator. after your claim has been successfully received.

Conclusion

Financing higher education can be a daunting task, but MATC offers a variety of student loan options to help students achieve their academic goals. By understanding the different types of loans available, eligibility requirements, and repayment terms, students can make informed decisions about how to finance their education. It is crucial to complete the FAFSA as early as possible and explore all available financial aid options, including grants, scholarships, and work-study programs, before considering student loans. Responsible borrowing and careful financial planning are essential for managing student loan debt and ensuring a successful future.

Need Help?

Students are welcome to join our Financial Aid Zoom room for quick help with questions that can be answered in 10 minutes or less. Sometimes, navigating the college financial aid world can seem like learning a whole new language. We’re here to help translate.

Contact the Financial Aid Office Hours Monday - Thursday: 8 am - 4:30 pm Friday: 9:30 am - 4:30 pm

Accepting Your Loans

To receive federal loans, you must log into MATC Self-Service to accept your loan(s). Department of Education. Federal regulations require schools to prorate the Federal Direct Loan amounts for graduating undergraduate students when their final period of enrollment is less than a full academic year.

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