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Home » Admissions » Types of Federal Aid

Types of Federal Aid

There are several types of financial assistance available to Vermont Tech Students listed in the two categories of
  • Federal and State Need-Based Grants
  • Federal Loan and Work Study Programs

Federal and State Need-Based Grants

Federal Pell Grants

Federal Pell Grants are given to students whose federally-defined expected family contribution meets the grant criteria.

Federal Supplemental Educational Opportunity Grants (SEOG)

Federal Supplemental Educational Opportunity Grants (SEOG) assists students with exceptional financial need.

Federal Academic Competitive

Federal ACG grants are given to students who receive Federal Pell Grants and who are U.S. citizens. Students also 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. The award is up to $750 for first academic year undergraduates and up to $1300 for second academic year undergraduate students. Second year students need a minimum 3.0 GPA.

Federal Smart Grants

Federal "Smart" Grants are for juniors and seniors enrolled in certain majors as determined by the federal government, recipient of a Federal Pell Grant, U.S. citizens, and maintain a 3.0 GPA at Vermont Tech.

State Grants

State Grants may be available from your home state. Vermont residents should apply for the Vermont state grant at: www.vsac.org. Students from outside the state of Vermont should contact your state grant agency for further information and application procedures.

Federal Loan and Work-Study Programs

Subsidized Stafford Loans

Stafford loans are the Department of Education's major form of self-help aid. Award amounts are determined on the basis of the student's demonstrated need and federal regulations. The federal government pays the student's interest charges while the student is enrolled at least half time as well as during the six-month grace period following enrollment. Repayment and interest begin six months after the borrower ceases to be at least a half-time student in a degree program and generally extends over a 10-year period. Currently the interest rate for new borrowers is listed in the chart below:
Academic Year Interest Rate
Subsidized Stafford Loans
Interest Rate
Unsubsidized Stafford Loans
2008-09 6.0% 6.8%
2009-10 5.6% 6.8%
2010-11 4.5% 6.8%
2011-12 3.4% 6.8%
2012-13 6.8% 6.8%

Unsubsidized Stafford Loans

The unsubsidized Stafford loan is awarded to students regardless of need. This program requires that the student borrower repay with interest this source of aid. The in-school interest is not paid by the federal government and begins to accrue after disbursement of the loan funds. The student may choose to have the payment of the interest deferred during enrollment and later capitalized (added to the principal) at the time repayment begins. Independent students may borrow additional funds from the unsubsidized Stafford loan program based on the chart below. Dependent students are only eligible to borrow an unsubsidized Stafford loan if they are not eligible for subsidized loans, or their parents have been formally denied a Parent PLUS loan by an eligible lender during the current academic year.

Annual Federal Stafford Loan Eligibility

Federal Subsidized and Unsubsidized Loan Chart

Parent PLUS Loan Program

The Federal PLUS loan program provides a borrowing option for parents of dependent undergraduate students. Based upon a parent's creditworthiness, a parent may borrow from this federal guaranteed, non need-based loan program. A parent may borrow up to the full cost of education minus student aid. The PLUS loan has a Fixed interest rate at 8.5%. Repayment on both principal and interest begins within 60 days of disbursement of the funds. If the only financial assistance you require is a Parent PLUS loan, it is not necessary to complete the FAFSA. A Plus Loan Request Form needs to be submitted to the financial aid office for us to initiate this loan.

Federal Perkins Loans

Federal Perkins loans are funds received by the College to award to students. Award amounts are determined on the basis of the student's demonstrated need, available funds, and federal regulations. No interest is charged while the borrower is enrolled for least half-time study. Repayment in installments with interest at the rate of 5% begins nine months after the borrower ceases to be at least a half-time student and extends over a maximum period of ten years. A percentage of the Federal Perkins loan may be forgiven if a student chooses to work in specific careers for minimum time periods.

Federal Work-Study Program

Students awarded work-study as part of their financial aid package work an average of 10-15 hours per week. Work-study jobs consist of both on-campus positions and off-campus community service positions. The amount of work-study assistance reflects both the degree of financial need and a reasonable projection of the amount it is possible to earn during the academic year.

Vermont Tech allows you to choose your job based on your interest. In August you will receive a work-study packet that describes the job selection process. A listing of all jobs available at that time will be included in the packet. When you arrive for registration you should set up a time to meet with potential work-study employers to interview for a position. A work study job fair will be held on Sunday during registration weekend to help students connect with potential department employers.

If you have been offered College work-study, you should know:

  • Work-study students are paid bi-weekly.
  • You may chose to work at an eligible job on-campus/off-campus and keep the money you earn for your own personal expenses.



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