How is my financial aid award determined?
Your Student Budget or Cost of Attendance
First, we determine how much your Vermont Tech education will cost. The student budget includes tuition, fees, room and board, books and supplies, transportation, and personal expenses. Because costs can vary greatly between individual students, we establish standard, average costs for books and supplies, transportation, and personal expenses. We use the cost of a double room and the 21-meal plan for all students regardless of if they live in a residence hall or off-campus, except for those students who live at home during the semester. Students living at home have a lower allowance for room and board. Self-supporting students may also be able to receive additional funds for child and dependent care not already covered by another source. You must provide us with documentation of those costs.
Your Expected Family Contribution
The Expected Family Contribution (EFC) is the amount you and your family are expected to contribute towards your educational costs. The EFC is determined by a standard formula called the Federal Methodology. The calculated EFC is based on such criteria as your and your parents' income and assets, federal taxes paid, family size, and the number of family members in college. Your EFC will be the same regardless of the college you attend. This same EFC is used to determine your eligibility for Vermont Tech need based grants and scholarships. Once the EFC is determined, Vermont Tech strives to meet students' financial need with a combination of grants, work-study, student loans and parent loans.
Your Financial Need
Financial need is the difference between your student budget and your expected family contribution. This is what we use to determine the amount of financial aid eligibility. Even though we have limited funds in some of our aid programs, we will make every effort to provide you with a fair and equitable financial aid award. The formula looks like this:
Cost of Attendance - Expected Family Contribution = Financial Need Level