Aside from visiting campus, the anticipation of receiving financial aid awards is one of the most important parts of the admissions process – and it always comes at the end! Higher education is one of the few investments that any family will make where it takes months to find out the cost. Since financial aid awards will be available for students and families to see by next week, I want to share a couple of details about the process at UVM.
– Financial aid awards will be available for students to view at the application status website: http://www.uvm.edu/admissions/appstatus. The same ID and pin can be used that worked to check the application status. We anticipate them being viewable beginning Friday, March 30, after 5 p.m. Financial aid awards are created only for students who sent in a FAFSA.
– if there is missing information that is needed, the missing requirements will also be listed on this financial aid status website. In some cases, a financial aid award cannot be issued if information is missing or needs verified.
– As part of a financial aid award, UVM will identify all the sources of aid for which a student is eligible. This will include the scholarship that the student was awarded (if they received one), it will include loan. If a student still has eligibility, then need based grant will be awarded. Finally we also include work-study for students who have demonstrated the greatest level of financial need.
-We will include a parent loan for all dependent students. This loan is added after we have identified all grants and loans for which a student is eligible. Parents are not required to take this loan; it is offered as a way to assist parents in the out of pocket cost.
– UVM uses an estimate of costs for next year (the Board of Trustees finalizes those costs in May). Note that these estimates include not only the direct costs (what is paid to UVM in the form of tuition, fees and room and board) but also includes estimates for costs such as living expenses and books. In comparing financial aid awards from other schools, it is important to use the same iinformation (I recommend comparing direct costs).
– UVM does have a payment plan offered to students. More information can be found on our website as well as at the Tuition Management System website.
This year, we plan to award more than $20 million in grant dollars to our new students – it is a significant investment to help with college costs. We renew the aid to students each year, provided their financial picture remains the same and as long as students meet the required grade point average to renew.
Our staff at Student Financial Services is ready to help with your questions. We do offer our best financial aid award and unless information was missed in the initial review, the financial aid award is our best package.
We know that investment in higher education is a signficant commitment for families. UVM offers an outstanding undergraduate education and are pleased that we can provide support to assist families who need help with the cost. Wee look forward to many students say “yes” to our offer of admission for next year.