Let's talk about something that might not be the most exciting topic in the world, but trust us - it's going to save you a major headache later. We're talking about accepting your financial aid, and we mean actually accepting it, not just assuming it's all set because you got an award letter.
Think of your financial aid award like getting invited to a party. Just because you got the invitation doesn't mean you're automatically on the guest list - you've got to RSVP! Same thing with financial aid. Even if you've been awarded scholarships, grants, or loans, none of that money gets applied to your account until you officially accept it. If you don't want or need any financial aid at all, you still need to log into your account and officially decline it!
And here's where students sometimes run into trouble: if you don't accept your aid, your account shows the full tuition balance. This can trigger a hold on your account, which means you can't register for classes, access certain services, or handle other important student business. Imagine trying to add that psychology class you really want, only to find you're locked out - all because of money you don't actually owe!
1. Avoid the Dreaded Balance Hold
Nobody wants to deal with balance holds, especially when it's for money you're not even responsible for paying. By accepting your aid award early, you're telling our system, "Hey, I've got this covered," and you can move forward with registration and other important tasks without any roadblocks.
2. Get the Payment Plan That Works for You
Here's something that a lot of students don't realize: the earlier you accept your aid and set up a payment plan, the more time you have to spread out your payments. Accepting your aid over the summer means you have a full semester to spread out your payments. If you wait until October, you're now looking at two chunky payments that might be harder to manage. It's like the difference between paying $200 five times versus $500 twice - which sounds more doable to you?
3. Time to Ask Questions (Without the Panic)
Financial aid can be confusing - we get it! When you accept your aid early, you have plenty of time to reach out with questions, figure out any issues, and make sure everything's squared away. Wait until the last minute, and you're trying to solve problems with zero buffer time. Not fun for anyone involved.
Step 1: Head over to MY Financial Aid at https://netpartner.madonna.edu
(First time logging in? No problem! Click "First Time User" under the submit button, enter your student ID, and create a password.)
Step 2: Once you're in, open the menu and click "Accept Financial Aid Offer"
Step 3: This is the important part - review ALL your aid and make a decision on each item. Accept what you want, decline what you don't or modify amounts if needed.
Step 4: Check the "Documents" section in the menu to see if we need any additional information from you.
Step 5: If there are any required documents, get those to us as soon as you are able to.
Important Note: You need to make a decision on ALL offered aid for us to complete your award process. Even if you're not sure about taking out loans (totally understandable), you still need to make that decision. Don't leave anything in "pending" status - it holds up all of your other aid awards.
Most of our communication happens through your Madonna student email (@my.madonna.edu) and the MY Financial Aid portal, so make sure you're checking both on a regular basis. We know checking your email isn't always exciting, but trust us - you don't want to miss important updates about your financial aid.
If you can't receive electronic communications for any reason, just give us a heads up so we can work out alternative arrangements.
Look, we know you've got about a million things on your mind as you gear up for college. But here's the thing - spending 15 minutes now to accept your financial aid can save you hours of stress and scrambling later on.
We've seen too many students hit October, realize they've only got two months left in the semester, and suddenly have a ton of questions that could have been sorted out way earlier. So help us help you! Take a few minutes to review your financial aid award and make those accept/decline decisions on all your offered aid. Your future self will thank you.
Got questions? We're here for you! Give our Financial Aid office a call at (734) 432-5663 or email us at finaid@madonna.edu - we'd much rather chat with you now when we have time to really help than try to rush through everything at the last minute.
