About ten days ago, our Student Financial Services office posted the financial aid awards for our admitted students who sent us a Free Application for Federal Student Aid. Hurray! Providing funding to make it possible for many students with different stories and circumstances to attend UVM is a real benefit for our students.
Here is some important information about these awards and advice as students make their decisions:
- In case you haven’t checked for a financial aid award, it can be found at the application status website here. Click on the “Financial Aid Award” button. Awards are available for students that sent us a FAFSA.
- Financial aid awards are final unless the award is considered tentative (meaning that additional information is still needed to finalize the award). The sentence at the top of the financial aid award will indicate tentative if additional information is needed.
- There are typical categories of the financial aid award (provided you quality):
- Scholarship from UVM – any merit scholarship that was awarded is listed here
- Need based grants such as Pell Grant or SEOG – students with the greatest need, as defined by the FAFSA, may qualify for these grants
- Work study – students who quality for this award will have up to $1,600 allowed in earnings. This aid must be earned (paid in wages from a job on campus).
- Student loan – UVM is required to offer this loan to all students who qualify. It is up to the student if they choose to take any or all of the loan (or any amount). As a reminder, a subsidized loan has its interest paid by the U.S. Department of Education while a student is in school; for an unsubsidized loan, the student is responsible for all the interest on the loan.
- UVM Award – this is need-based grant from UVM (if awarded, it is in addition to any scholarship awarded). It can be renewed each year, provided the student’s financial circumstances are unchanged, and the student files a FAFSA (and is in good academic standing)
- We also take the approach that we provide the best financial aid award available – unless circumstances have changed or there are special situations that were not included, then we do offer students the best award. This is important fact to state since schools have different approaches.
- One of the most challenging things for families is comparing costs and financial aid. My recommendation is to start with the billed costs (tuition, fees, room and board – be sure you are looking at the tuition costs for 2016-2017) and subtract the financial aid (don’t include work study). I often have conversations with families who see a larger financial aid award, but aren’t taking into account the differential in cost (or they compare full cost of attendance against billed costs).
The good news is that this investment is for four years – students have a gpa requirement to meet for renewal of any scholarship; the need-based financial aid is renewed, provided a student files a FAFSA annually and financial circumstances remain the same.
What if you have questions about the award? Our staff in student financial services are happy to talk with you about questions. The SFS website also has answers to a lot of common questions that can be searched. The staff can be reached at 802-656-5700. Their office hours are listed here.
Our admitted students are choosing UVM! Comments, like the one below, represent what we are hearing from a number of our admitted students:
We hope that YOU will say yes to UVM!