Financial aid at Vermont Technical College is based on an assumption that a student's family will first make a maximum effort to finance college expenses. Since there are many more demands on Vermont Tech's financial aid resources than the college can possibly meet, assistance from the college has to be viewed only as supplemental to this family obligation.
All federal funds at Vermont Tech are awarded on the basis of financial need. All students who apply for financial aid by the March 1 priority deadline and who are eligible for assistance will be offered financial aid, subject to the availability of these funds. The amount of any award is determined by the amount of the student's need as computed from information provided by the family on the Free Application for Federal Student Aid (FAFSA) www.fafsa.ed.gov. Recent federal regulations mandate that a needs analysis be completed for anyone who applies for federal financial aid. It is important to file the FAFSA as early as possible to avoid delays in processing loan applications and other forms of campus-based aid. After March 1, late applicants will be considered for aid only after all on-time applications have been processed.
In an effort to be as consistent as possible with all students in awarding aid from the college, Vermont Tech's Office of Financial Aid requests an official signed copy of a student's and/or family's latest federal income tax return.
Applicants can expect that a fair portion of an individual's personal savings at the time of each year's application will be applied to college expenses.
Expected Family Contribution
The needs analysis system evaluates all of the information requested and determines a reasonable contribution to be expected from the parent and student towards the student's educational expenses. Unless there are extenuating circumstances, the Office of Financial Aid is required to use this expected family contribution in determining a student's need for college aid. After filing the FAFSA, if the family financial circumstances change significantly due to loss of employment, extended illness, disability, etc., inform the Office of Financial Aid in writing as soon as possible of this situation outlining the change in resources.
Income consists of wages, salary, tips, interest, dividends, pensions, welfare, social security, etc. Deductions against income are made for taxes and an employment allowance for both parents or a single parent working outside the home, as well as an income protection allowance based upon family size and number of family members in college.
Sources of Financial Aid
When a FAFSA is filed, you are applying for the following federal, campus-based, and state aid programs and establishing eligibility for a Federal Stafford Loan.
Federal
The Federal Pell Grant Program is an entitlement program. This means that all students who are eligible will receive Federal Pell Grant awards. Pell awards are determined by the family's, as well as the student's, financial resources. Vermont Tech requires all students desiring financial aid to apply for the Pell Grant. Provision for application to this program is made on the FAFSA.
Campus-Based
The Federal Supplemental Education Opportunity Grant (FSEOG) is a gift of money to assist students with the cost of continuing their education. It is restricted to undergraduates and does not have to be repaid. The maximum amount awarded is up to $4,000, depending on a student's need and the availability of funds at Vermont Tech*. Students eligible for Federal Pell Grants have first consideration for Supplemental Grant funds.
The Academic Competitiveness Grant is funded by the Federal government and awarded to undergraduates enrolled full-time in their first or second academic year. Students must have completed a rigorous secondary school program of study and be enrolled in at least a two-year academic program acceptable for full credit toward a bachelor's degree. Students must be U.S. citizens and be Pell eligible. First year students must have a high school graduation date after January 1,2006 and have not been previously enrolled in an undergraduate program. Second year students have a high school graduation date after January 1,2005 and have at least a 3.0 cumulative GPA after their first year as an undergraduate. The award is up to $750 for first academic year undergraduate students and up to $1300 for second academic year undergraduate students.
The National Science and Mathematics Access to Retain Talent Grant (National SMART Grant) is funded by the Federal government and awarded to undergraduates enrolled in full-time in their third or fourth academic year. Students must be U.S. citizens and Pell Grant recipients and in an eligible degree program, majoring in physical, life, or computer sciences or engineering, technology, mathematics, or a critical need foreign language and have at least a 3.0 cumulative GPA. The award is up to $4000 for each of the third and fourth academic year.
The Federal Perkins Loan Program is a low-interest (5 percent) loan made directly to eligible students by the college from federal funds received for this purpose. If you qualify, you may borrow up to $15,000 during four years of college. At Vermont Tech, average loans range from $600 to $1,600 per year.
The Federal Work-Study Program (FWS) is a federal work program administered by Vermont Tech which provides jobs for students on or off campus. Average awards range from $1,200 to $1,600 for the year, which translates to approximately 10 hours of work per week. Students may also use FWS funds for off-campus community service placements. Federal Work-Study earnings are never credited on a student's bill. Instead, a student worker receives a paycheck every two weeks.
State
Vermont Incentive Grants are awarded on the basis of financial need. Any full-time undergraduate Vermont resident who plans to attend or is enrolled in an approved post high school institution, who has not already received a bachelor's degree, is eligible to apply.
"Financial Aid Packets for Vermont Students" are available at all Vermont high school guidance offices and Vermont Tech's Office of Financial Aid. Students are required to file supplemental information to the Vermont Student Assistance Corporation (VSAC) to be considered for a Vermont State Grant.
Grants from Other States include Maine, New Hampshire, Rhode Island,Connecticut, and Massachusetts. These states offer undergraduate grants or scholarships usable at Vermont Tech. Vermont Tech encourages all students eligible for these grants to apply for them. Contact the Financial Aid Office or your high school guidance office as to which states require supplemental information.
Federal Stafford Loans
Federal Stafford Loans-both subsidized and unsubsidized-are available to qualified students at Vermont Technical College. A subsidized loan is awarded on the basis of financial need. If you qualify for a subsidized loan, the federal government pays interest on the loan until you begin repayment and during authorized periods of deferment. The student pays the interest on the Unsubsidized Federal Stafford Loan while enrolled on at least a half-time basis.
If you're a dependent undergraduate student, you can borrow up to:
- $3,500 if you're a first-year student enrolled in a program of study that is at least a full academic year
- $4,500 if you've completed your first year of study and the remainder of your program is at least a full academic year
- $5,500 a year if you've completed two years of study, are matriculated in a bachelor's degree program, and the remainder of your program is at least a full academic year
Independent undergraduate students may borrow an additional amount of money up to $4,000 or $5,000 a year, depending on their year of study. However, through the unsubsidized loan program you can't borrow more than the cost of attendance minus any other financial aid for which you are eligible.
Both the subsidized and unsubsidized loan eligibility amounts will be offered on your award letter.
In accordance with the laws and regulations of the Higher Education Act, borrowers have the right to choose and select the lender of their choice to process loans.
PLUS Loans enable parents with good credit histories to borrow for each child who is enrolled at least half-time and is a dependent student. Parents who wish to apply for a PLUS Loan must fill out a PLUS Loan Application, which is available through the Financial Aid Office. A PLUS loan pre-application is automatically mailed with financial aid award notification letters. The yearly limit on a PLUS Loan is the cost of attendance minus any other financial aid for which you are eligible.
Veterans' Education Benefits
Vermont Technical College is approved by the Vermont Department of Education for Veterans' Educational and Training benefits. These benefits are generally available to veterans who are separated from active duty within the past ten years; veterans with service-connected disabilities; and sons, daughters, spouses, and widows of deceased or totally disabled veterans.
Veterans' Benefits GI Bill (VA): Educational benefits are available to any honorably discharged veteran who enlisted for active duty and has been on active duty for at least 181 consecutive days. Students must make application to the Veterans Administration.
The Vermont Technical College registrar is the college's certifying official for Veterans Administration benefits. Additional information and assistance with applying for benefits is available from the Registrar's Office.
The Vermont National Guard State Educational Assistance Program provides tuition assistance to eligible members of the Vermont National Guard enrolled in undergraduate degree and diploma programs at public colleges in Vermont.
First payment from the Veterans Administration normally takes 4-8 weeks from the beginning of the first term. After that, checks are normally received monthly.
Other
Scholarships administered by the college, including the Vermont Tech Scholars program, are available to students who meet the criteria set for each. Contact the Office of Financial Aid for information about scholarships appropriate to your situation or go to the financial aid page on the college website at www.vtc.edu.
Vermont Tech also has institutional grants which are awarded based on financial need. Financial need is determined by using the same criteria used for awarding campus-based aid. The maximum amount awarded depends on the availability of funds, as well as student needs.
Financial Aid Award Notification Letter
In mid-March, students with completed applications will receive a financial aid award notification letter which will outline the amount and types of assistance to be received for the upcoming college year.
The award letter packet will include estimated amounts for tuition, fees, room and board, and average costs for books and supplies, personal expenses, and travel expenses. The costs for books, supplies, and personal expenses will vary from student to student and are not paid directly to the college. The family contribution and assistance from outside the college (including State Grants, Federal Pell Grants, and Veterans' Benefits) are considered resources. The difference between the financial aid budget and the contribution from resources is considered to be the student's level of need.
Financial aid awards are usually somewhat less than a student's need due to the large number of eligible applicants and the limited available funding.
Normally, self-help (work and/or loan) will be a part of every student's financial aid package, as we feel that all students should make a commitment of both current and future earnings in the financing of their education.
Statement of Satisfactory Progress for Financial Aid
The Federal Office of Education has stated that a student must be "maintaining satisfactory progress in the course of study s/he is pursuing, according to the standards and practices of the institution at which the student is in attendance."
In order to be eligible for financial aid at Vermont Technical College, a student must earn a grade point average consistent with the "Satisfactory Academic Standing" policies set forth in detail in the "Academic Affairs" chapter of this catalog (a qualitative measure) and must be making satisfactory academic progress toward completion of a degree, as defined below (a quantitative measure). Both measurements are reviewed in determining a student's eligibility for continued aid.
Satisfactory Academic Standing
Satisfactory academic standing is determined in accordance with the policies set forth under "Academic Standing" in the "Academic Affairs" chapter of this catalog. The Financial Aid Office is notified by the Registrar's Office of students who fall below the minimum standards. These students are notified that they have been placed on financial aid probation for one term.
If a student fails to raise his/her grade point average to that required for satisfactory academic standing by the end of their probationary period, financial aid eligibility will be suspended. Students who are academically dismissed automatically lose their aid eligibility.
Satisfactory Academic Progress
Satisfactory Academic Progress is determined by earning an accumulation of credits that apply to a student's current degree program at a rate that will allow the completion of a degree program within a specified time period.
For financial aid considerations, the maximum time frame allowed for a student pursuing an associate's degree or a "plus two" baccalaureate degree is three years (six terms) of full-time enrollment (12 or more credits per term) or the equivalent parttime enrollment.
For a student enrolled in a three-year program, the maximum time frame allowed is 4.5 years (nine terms) of full-time enrollment or the equivalent part-time enrollment.
The Financial Aid Office will review for Satisfactory Academic Progress on a semester basis.
Appeal
If a student loses eligibility for aid, s/he may appeal to have the aid reinstated by writing to the Director of Financial Aid. All appeals for reinstatement of financial aid should identify any mitigating circumstances causing the loss of eligibility and the measures adopted as corrective action.
Review of Awards
The Director of Financial Aid reserves the privilege of reviewing and possibly revising awards. Therefore, the applicant should notify the Office of Financial Aid immediately if there is a change in either the student's or the family's financial situation. This includes the receipt of non-college scholarships.
If a student receives an outside scholarship that the college does not know about at the time an award letter is prepared, s/he will be issued a revised award reflecting an adjustment to avoid an over-award situation. Any initial adjustment will be reflected in unmet need, then the self-help (loan and work) portion of the financial aid package.
Most financial aid awards are based originally upon the assumption that a student will enroll as a full-time student (12 or more credits per term), unless s/he has notified us to the contrary. Thus, if a student changes his/her status from full- to part-time enrollment, an aid adjustment may result.