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Terms and Conditions of Aid Package
| The funds indicated are available to assist you in meeting your educational expenses during the period indicated. The following is a short description of some programs. Please refer to the Easing the Burden brochure for details. Grants and scholarships are not repayable. Loans are repayable. For funding options please refer to the Financial Planning Funding Options brochure. |
Eligibility for the programs listed is based on data we received prior to this notice unless otherwise indicated. You may have submitted corrections to the federal processor that we have not received and therefore have not considered. Revised eligibility notices are sent when necessary.
- Federal Pell Grant - Federal funds that are distributed based on federal eligibility criteria.
- Federal Academic Competitiveness Grant (ACG1 or ACG2) - Federal funds based on Pell eligibility, citizenship, enrollment status (must be full-time), year of high graduation (after January 1, 2006 for ACG1) (after January 1, 2005 for ACG2), complete a rigorous high school program of study (as defined by federal regulations), not previously enrolled in a program of undergraduate study for the ACG1 only. For ACG2 there is also a requirement that a student must have successfully completed 24 credit hours and have a GPA at least a 3.0. Award amounts - ACG1 up to $750 for the academic year, ACG2 up to $1,300 for the academic year.
- Federal National Science and Mathematics Access to Retain Talent Grant (SMART) - Federal funds based on Pell eligibility, citizenship, enrollment status (must be full-time), majoring in one of the eligible programs of study (physical, life, or computer sciences, mathematics, technology, or engineering, or in a foreign language determined critical to national security), GPA must be at least a 3.0 (GPA is checked each semester), successful completion of 48 credit hours for a SMART Level 3 grant, and successful completion of 72 credit hours for SMART Level 4. Award amounts - SMART Level 3 and SMART Level 4 - up to $4,000 for the academic year.
- Federal SEOG Grant - Federal/college funds. Eligibility based on need and available program funds.
- Federal Subsidized Loan - Low interest loan. Fixed interest rate for loans disbursed on or after July 1. No interest while enrolled at least half-time in eligible academic program. Repayable over extended period of time. It is the students right to choose his/her lender.
- Federal Unsubsidized Loan - Low interest loan. Fixed interest rate is 6.8%. Interest charged while enrolled. Repayable over extended period of time. It is the students right to choose his/her lender.
- Federal Perkins Loan -Federal/college funds. Fixed interest rate is 5%. No interest while enrolled. Limited funds available. Distributed based on exceptional need and availability of funds. Some cancellation provisions available.
- Federal Work Study - Federal/college funds. It is up to the student to apply for and obtain employment. Students are paid directly (bi-weekly) for hours worked. Students may earn up to the amount awarded. These funds are not used to pay direct costs such as tuition or on-campus housing expenses that must be paid by the start of the semester, since they are earned throughout the semester. The FWS program is designed to allow students to work and earn funds to pay in-direct costs such as off campus rent, or food, transportation and other expenses that may vary from month to month. Remember! Do not count these funds when determining how much aid you have to pay direct costs such as tuition and on-campus room and board.
- Vermont State Grant Estimate - This is only an estimate. Vermont Student Assistance Corporation (VSAC) determines your actual eligibility for a Vermont State Grant. You must apply directly to VSAC for this grant. We consider the grant listed in determining initial funding.
- You may expect a change in your eligibility if:
- Undergraduate Level: You enroll for less than 12 credits per semester. You must be enrolled for at least 6 credit hours (half-time) per semester to be eligible for the Federal Stafford Loan programs.
- You receive additional scholarships, grants, or loan funds not listed (Including State Grants, Vocational Rehabilitation Sponsorship, Employer Assisted Tuition, Military Tuition Assistance, scholarships from local organizations such as Lions Club, Rotary, etc., or private loans).
- Corrections caused by discrepancy between information on your application and data reported on verification documents, tax forms, or any other forms requested by this office, change your eligibility. This may occur with data for the current year and/or with data on file for any year.
- Change to your academic standing and/or program.
- Any of the costs used to determine your eligibility change.
- The College receives insufficient funds to meet all awards offered.
Reapply for Financial Aid Every School Year - Financial aid is not automatically renewed from school year to school year. Remember to apply.
- Satisfactory Academic Progress - You must be making Satisfactory Academic Progress in accordance with the College's policy as outlined in the Vermont Tech Catalog.
- Special Circumstances - Please contact us if you believe you have extenuating circumstances that should be taken into consideration in determining your or your parents' ability to provide funds to meet your educational costs.
- Financial Aid Awards/Refunds - Your financial aid award will be used first to pay your tuition, residence hall and board charges (if you are living on campus). If you have a credit balance after all charges have been paid, the credit balance will be refunded directly to you (or your parent in the case of a PLUS loan - unless your parent has signed a release to give the credit balance to you) by check. Refunds are normally disbursed (providing you have a credit balance) after the add drop period has ended. . If you plan to live off campus, you should have sufficient funds to pay for your housing deposit, first month's rent, and enough living expense funds to sustain you until your account is paid in full and a refund of any credit balance is disbursed to you.