Commentary and advice about college affordability is common place – rarely does a week pass when there isn’t some information about this topic. It is important becausean undergraduate education is an investment for a student and family. But unlike many consumer purchases, earning a college degree changes a person’s earning potential significantly over a lifetime.
My post today is less about how that investment pays dividends and more about how we work with students and families in making UVM affordable. We recognize that affordable is a relative term and means different things for families. It is true that we make a significant (and growing) investment in our financial aid toward students. In fact, more than $100 million of the university’s budget is devoted to grants and scholarships for our undergraduate students. In addition, the university has slowed the growth of tuition, room and board for students, with the increase projected for this year to be 3.4%, one of the lowest percentage increase in many years at UVM.
What happens next in the process at UVM? As of last week, merit scholarship awards should all be distributed. Notification of these awards comes by letter, with the last group was mailed March 21. (Many students have already heard about a merit award.) If you are unsure about that award, feel free to contact the Office of Admissions. Students who filed a FAFSA will begin receiving notifcaiton of their financial aid award as tomorrow, March 28. Students will receive an email indicating that their award is available and students can view it at the same place students view their application status.
Some students may be asked to submit additional information. Any outstanding requirements can also be viewed at the page listed above (click on Financial Aid Application Status button.) Finally students who submitted estimated financial information should go back and entered actual 2013 tax information in order to finalize the award.
We believe that this investment in financial aid makes UVM a great value. While students and families may choose other options, for many students, the scholarship and need-based support make it possible to choose UVM. We offer our best financial aid award in our financial aid offer which helps students and families have a clear understanding of the cost.
We look forward to answering any questions as students receive financial aid and make decisions. We can’t wait for many of our Future Catamounts to accept our offer and say yes!