What is Financial Aid? Financial aid consists of scholarships, awards, grants, loans and student employment and is available through Vermont Tech, the state, and the federal government. Merit-based financial aid takes into account your academic credentials like SAT and ACT scores and grade point averages; need-based aid takes into account your financial need, which is the difference between the cost of a Vermont Tech education and your expected family contribution, or EFC. Various factors affect the EFC, including the size of your family's income, and the number of family members currently enrolled in college.
What is the difference between gift and self-help aid? Gift aid includes scholarships, awards, and grants that do not have to be repaid. Self-help aid includes loans and student employment for which the student is held financially responsible for the funds received.
How do I apply for financial aid? To determine the amount of financial aid you are eligible to receive, you must first file the Free Application for Federal Student Aid (FAFSA) as soon as possible after January 1. You automatically apply for financial aid eligibility when you submit the FAFSA. Vermont Tech's FAFSA code is 003698. Although you don't have to be accepted at Vermont Tech before applying for financial aid, you do have to be admitted to Vermont Tech before any financial aid can be awarded.
It will be necessary for you to file a FAFSA each year you are a student at Vermont Tech in order to reapply for financial aid. Even if you are certain you wont qualify for need-based assistance, it's a good idea to file the FAFSA so that you may be able to qualify for aid if your financial situation changes.
In addition to completing the FAFSA, a signed copy of you tax return and parents' tax return (if filing as a dependent student) needs to be sent to the Financial Aid Office at Vermont Tech.
How do I apply for outside scholarships, and how do they affect my financial aid award? Fastweb, a free Internet scholarship search service (www.studentservices.com/fastweb), will help you locate scholarship sources beyond Vermont Tech. Also, Vermont students can ask the Vermont Student Assistance Corporation for a copy of their scholarship directory, and students form others states should see if their state produces a similar resource. Outside scholarships are also made available through professional and civic organizations like the Rotary, the FFA, or the American Association or University Women.
You must notify Vermont Tech of all outside scholarship aid received so that aid can be applied toward meeting your financial need at Vermont Tech. If a reduction in the amount of aid awarded is necessitated by federal law, the financial aid office will first try to reduce self-help aid. Rarely is gift aid reduced as a result of outside scholarships received.
What if my financial situation changes? It isn't necessary to file another FAFSA. Send a letter explaining these changes to the director of financial aid at Vermont Tech. You or your parents' financial situation, and thus the amount of expected family contribution, is reviewed annually, and at any time upon request.
After I am notified of my financial aid package, when will I receive the money? After you complete the appropriate forms, funds generally will be credited to your Vermont Tech student account at the beginning of each semester.
What can I do if my parents are unable to help pay for my education? The federal and state governments expect parents to assist their children when it comes to financing a college education. If there is a gap between the expected family contribution, as determined by the FAFSA, and the actual contribution, contact the financial aid office to find out about alternative loans or financing programs.
How do I know whether I am a dependent student or an independent one? Generally, if you are 24, or will be 24 by then end of the calendar year, you are considered an independent student. If you are younger than 24 but are a veteran, have dependents, are married, are an orphan or were a ward of the court, you are also considered an independent student. If you can document unusual circumstances, you may be eligible to apply for independent status.
What is the difference between a part-time student and a full-time student? The number of credit hours. If you carry less than 12 credits a semester, you will be considered part time.
What is a degree student? Any student who has been accepted into a degree program. This requires filing out an application for admission.
I already have a bachelor's degree and would like an associate's degree in a different discipline. How will this affect my financial aid? You will be excluded form certain types of federal and campus-based aid, but can still apply for loans, work study, and institutional support.
Once my financial aid has been deducted, how do I pay the rest of my tuition and fees? You can pay by check or use a major credit card. Also, the Acadmic Management Services (AMS) plan allows you to spread your tuition payment over ten, nine, or eight months starting July 1, August 1, or September 1, respectively. There is no interest charge, and the plan offers a range of services, including life insurance. There is a $50 application fee. To find our more, call the Vermont Tech Business Office at (800) 600 9830.
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