Financial Aid FAQ and Key Terms

KEY TERMS

COA: Cost of Attendance

The COA is the sum calculated by Vermont Tech for one year of attendance. It includes tuition and fees payable to the institution, books and supplies, room and board, personal expenses, and transportation.

EFC: Expected Family Contribution

Your Expected Family Contribution (EFC) is a measure of how much money you and your family will be expected to contribute toward your educational expenses for one academic year. Your EFC is calculated once you have submitted the FAFSA.

FAFSA: Free Application for Federal Student Aid

This is a free federal form that students must file in order to qualify for federal funds, state grants, and college need-based financial aid. It must be filed each year beginning in the spring of a student’s senior year of high school. The information provided on the FAFSA is used to calculate a student’s EFC.

SAR: Student Aid Report

The SAR outlines the details of your EFC. It is processed and sent to you after you file your FAFSA. Copies of the SAR are also sent to your state’s grant agency and the colleges you list on your FAFSA.

VSAC: Vermont Student Assistance Corporation

VSAC is an organization that offers excellent grant and loan programs, information on paying for college, and help with college and career selection. VSAC is known for its personalized customer service. Applications are available in the Vermont Tech financial aid office or online at vsac.org.

Demonstrated Financial Need

A student’s demonstrated financial need is calculated using this formula: COA – EFC = Demonstrated Financial Need

This reflects the amount of your total cost of attendance minus the expected family contribution. You must demonstrate financial need in order to be eligible for need-based financial assistance programs.

Grants

Unlike loans, grants provide money for college that doesn’t have to be paid back. They can come from Vermont Tech, the state or federal government, and private sources. Grant eligibility is typically determined by looking at your FAFSA results.

Loans

If scholarships, grants, and your personal finances don’t cover the entire cost of tuition, you may want to take out a student loan to cover the difference. Federal student loan rates and terms are generally more flexible than those of private loans, and you won’t have to start payments until you’re done with college.

Merit-Based Financial Aid

This is financial aid based on your academic credentials, such as your SAT or ACT scores and your grade point average.

Need-Based Financial Aid

Need-based aid takes into account your financial need, which is the difference between the cost of a Vermont Tech education and your EFC.

Room and Board

This is the cost of food and housing on campus.

Scholarships

Scholarships are primarily awarded for academic merit (good grades) or for something you have accomplished (volunteer work or a specific project). Need-based scholarships also exist. Like grants, scholarships don’t have to be repaid.

Tuition

Simply put, tuition is the base price of your education. It does not include room and board, textbooks, and other fees. Tuition rates may vary by program at Vermont Tech.

Work-Study

The Federal Work-Study program provides a part-time job to eligible students to help finance the costs of their education. Students are paid by check every other week for the time they work.

FREQUENTLY ASKED QUESTIONS

Got questions? We’ve got answers!

Vermont Tech is combining with Castleton University and Northern Vermont University on July 1, 2023 to become a single accredited institution. If you are seeking information for fall 2023 forward, please see Vermont State University for aid and scholarship information. Information on this page is intended for students through spring 2023.

What is the FSA ID?

The Department of Education implemented a new method for logging onto all student and borrower based websites on May 10, 2015. Students, parents, and borrowers should create an FSA ID, made up of a username and password, to submit their Free Application for Federal Student Aid (FAFSA®) online and to access U.S. Department of Education websites. Your FSA ID is used to confirm your identity and electronically sign your federal student aid documents. To create an FSA ID, visit StudentAid.gov/fsaid.

I will be a returning student for the fall semester, how will I receive my financial aid award package?

Returning students will receive notification of their financial aid award packages electronically.  Once students have submitted their FAFSA and any necessary verification paperwork , the financial aid office will review eligibility and create a financial aid award package accordingly. Students will be notified via email to check their aid notification online via the VSC Portal.

Process for viewing and accepting your financial aid online:

• Go to https://portal.vsc.edu/
• Log-in with your username and password
• Web Services is on the right side of the screen
• Click on ‘Student Financial Aid’
• Click on ‘Financial Aid Award Notice’
• Enter the school year and VTC
• Accept or decline your aid by checking the correct box
• Hit the submit button

Financial aid doesn’t cover my tuition and fees, how do I pay the difference?

If your financial aid does not pay all tuition and fees, you are responsible for these charges.  Students must explore their options for scholarships, private loans, and parent loans to cover the difference.

What form of payments do you accept?

Visa, MasterCard, American Express, Discover, check, cash, or money orders.

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.

When will my refund check be ready?

Each semester, students who receive financial aid that overpays their student account, can receive a refund check from the Student Accounts Office. Refund checks are issued on Wednesdays of each week and all paper checks will be mailed out to your home address on file.  They are not available for pick-up at the office.

Students can receive their refund quicker by signing up for Direct Deposit of their refund check. This will ensure that the money is posted directly to their bank account in a timely fashion and they won’t have to wait for the check to arrive in the mail. Instructions on signing up for direct deposit of a refund check can be found here.

How do I receive a billing statement?

Billing statements will be made available online on June 1 for all registered students.  Only one bill will be mailed at the end of June.  If you are the student and would like to allow others to view and/or pay your bill online, please register them as an authorized user on your WebServices page.

Is a payment plan available?

Yes, the Vermont State Colleges host an in-house payment plan system on the VSC Bill Payment system. Payment plans are due on the 15th of each month with the 1st month payment due when signing up.  Click here for further information on payment plans.

How do I apply for external scholarships, and how do they affect my financial aid offer?

You will need to research and apply for outside scholarships on your own. Check out the free Internet scholarship search service called Fastweb or search for external scholarships on our scholarship list, which can help you locate scholarship sources beyond Vermont Tech. You must notify Vermont Tech of all outside scholarship aid received so that this aid can be applied toward meeting your financial need at Vermont Tech.

What is the difference between ‘gift aid’ and ‘self-help aid’?

Gift aid includes scholarships, awards, and grants that do not have to be repaid. Self-help aid includes loans that will need to be repaid and paid student employment at Vermont Tech.

I am a VAST student can I still apply for Aid?

While VAST students are not eligible for Federal Aid, we encourage families to file the FAFSA to determine if they are PELL eligible.  Students who are eligible for PELL will receive a fee waiver for certain Vermont Tech fees.  Also, Vermont students should file a VSAC grant application to determine if they are eligible for any state grant help.

Financial Aid Options for VAST Students

I am a Veteran. Who can I contact with questions regarding my educational benefits?

Veterans planning to attend Vermont Tech using the GI Bill should indicate this on their Admissions Application and visit the GI Bill Website to complete the VA Form 22-1990. For additional help and assistance, you may email Marla Tillberg, VA Certifying Official, or call (802) 728-1254.

Why am I being charged for student health insurance?

All full-time Vermont Tech students are required to carry health insurance.
Students are prebilled the cost of VTC student health insurance when they first become full-time students (12 or more credits), whether in the fall or spring term. It is up to you, the student, to either select or waive this insurance by the deadlines below for the term in which you are billed:

• Fall term deadline:  September 30
• Spring term deadline:  February 15

Visit the Student Health Insurance section on our website for detailed instructions on how to decline or accept the insurance.

Can I waive the Student Health Insurance?

Yes, if you have your own health insurance, you must complete the waiver form prior to entry in the fall term.

What if my financial situation changes?

It isn’t necessary to file another FAFSA. Send an Income Adjustment Worksheet along with 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.

What is considered a part-time student vs. a full-time student?

The number of credit hours. If you carry less than 12 credits a semester, you will be considered part time.  You must be enrolled in at least 6 credits in a degree program to receive financial aid. Part-time status will result in a reduction of federal and state grant funds for our grant eligible students.

How do I retrieve my 1098T?

Click here for instructions on how to retrieve your 1098T tax form.