Student Financial Services
The University of Vermont
2009
- 2010
Student Financial Services
Financial Aid Handbook
A Guide to Understanding Your
Financial Aid
Our Goal
The University of
Vermont Office of Student Financial Services is
committed to working with our students and their families to minimize the
obstacles they face in meeting the costs associated with attending the
University. Our goal is to forge a
working partnership between students, their families, the University and a
variety of funding agencies to ensure that each student’s legitimate financial
needs are met to the best extent possible.
Introduction
This booklet is intended to help you understand your financial
aid package for the 2009-2010 academic year.
Please review your award information and financial aid policies before accepting
your award online.
If you still have questions after reading this material,
please refer to the contact information below.
Questions regarding the interest rates, processing status, or repayment
terms of Federal Stafford, Federal PLUS (parent or graduate) should be directed
to the lender that you choose.
¨
Questions regarding the interest rates,
processing status, or repayment terms of Adams,
¨
Questions about your financial aid package, bill,
refunds or a financial hold please contact Student Financial Services Customer Service:
·
Phone – (802) 656-5700
·
Email – sfs@uvm.edu
·
Fax – (802) 656-4076
¨
For merit based scholarship information :
·
Phone - (802) 656-8574
·
Email – scholarships@uvm.edu
The
How Your
Financial Aid Award was Determined
Federal Funds
Your financial aid award may include funds from several
sources. Those funds labeled “Federal” financial aid were awarded strictly on
the basis of information you and your family provided on the Free Application for
Federal Student Aid (FAFSA). These may include a combination of grants, loans,
and work study (a federally funded, part-time job program).
Eligibility for these funds is determined by calculating
your cost of attending UVM and subtracting the amount the federal processor has
estimated your family can contribute to those costs. We award federal financial
aid funds in amounts that take into account the funding available to us and the
maximum federal eligibility levels for each student. In some cases, federal
funding sources are not adequate to fund the entire difference between a
student’s cost of attendance and the federal estimate of the family’s
contribution.
State Grant Funds
Eligibility for state grants is determined by the state
grant agency that awards these funds. The UVM Student Financial Services Office
does not play a role in determining eligibility. However, state grants will be used in our
assessment of remaining need before determining eligibility for UVM grant and
loan funding. In most cases, this will result in a reduction to UVM aid if a state
grant is awarded or changed after UVM assistance has been awarded. This applies
to both
For
UVM Funds
Eligibility for UVM grant assistance is based on need and,
in many cases, the strength of the student’s academic record as determined by
the Admissions Office.
UVM need based loans may also be offered as part of the financial
aid package. Merit scholarships, which take into consideration academic
achievement and/or outstanding service and, in some instances, demonstrated
financial need will be included in your award package should you qualify.
Scholarships and
Other Assistance
Following federal guidelines, the Student Financial
Services Office is required to take all financial resources into account when
determining your eligibility for financial aid. If you receive an outside
scholarship, a University scholarship, an athletic grant, tuition remission
from your employer, a private educational loan, or any other form of assistance
you must notify our office in writing of
this resource. Please notify our office in writing as soon as you are
informed of this outside assistance and include any relevant documentation. We will make every attempt to reduce your
need-based loans and work programs before adjusting any need-based grant or University
scholarship assistance. Please realize
that, in some cases, if the amount of your additional resource is higher than
your need based loans and work programs, we may be required to reduce your
need-based grant and/or scholarship funds. Once notified we will make an
adjustment to your award and send you a new award notification. Notifying us
late in the process may result in an inconvenient adjustment to your financial
aid package after classes have begun.
Following federal guidelines, AmeriCorp stipends, graduate
tuition assistance, New England Board of Higher Education (NEBHE) tuition
assistance and veteran’s benefits will be considered a direct resource to the
family. Veteran’s benefits include:
¨
¨
Post-9/11 GI Bill Benefits (Chapter 33)
¨
Dependent Educational Assistance Programs
(Chapters 34 and 35)
¨
VA Contributory Benefits
¨
Vocational Rehabilitation (Chapter 31)
¨
Other (i.e. death pensions, Dependency and
Indemnity Compensation • (DEC), spouse’s G.I. Bill, National Guard stipends,
etc.) In most cases, receipt of these funds will result in a reduction of
University funding (grants and/or loans).
How to Read and
Accept Your Financial Aid Award
Incoming Students: Once UVM receives your FAFSA from the
Department of Education you will receive a letter of confirmation from our
office. If any additional information is
needed a separate notification will be sent instructing you how to access this
information through UVM’s secure website.
Beginning in late March, after any/all requested documentation has been received
and reviewed by Student Financial Services, you will receive an official financial
aid award letter. You can also view the status of your award by visiting www.uvm.edu/sfs,
clicking on “Status of My Aid
Application”, then “Prospective Student” to log in to the Admissions
Information System. Log in using the
same User ID and PIN used to see your Admission status.
Please note: If you have not returned required information
by April you will be issued a Financial Aid Planning Letter that will detail an
estimated financial aid award
package based upon information submitted on the FAFSA. This award is an estimate only and will not
be finalized until all required information has been submitted and reviewed.
If you are admitted to UVM, choose to enroll and then pay your
Enrollment Fee, you will receive instructions from us on how to log into the UVM
Student Information System, the system for current UVM students to access
information and processes. If you plan
on attending UVM, you will be required to log in
to accept and/or decline your award offers. Once you are at the
“accept/decline” webpage, there will be a series of steps to follow as part of
the accept/decline process. Please follow each step carefully. As part of
accepting your financial aid awards, you will be required to review and
acknowledge the Student Certifications associated with your aid package.
Current Students: Beginning in mid June, after any requested
documentation has been received and reviewed Student Financial Services, you
will receive an official award offer. You will receive an email sent to your
UVM email account prompting you to log in to the UVM Student Information System to view your official award and to accept and/or
decline your award offer. To log in, use the same User ID and PIN as you do
when you register for classes. Once you are at the “accept/decline” webpage, there
will be a series of steps to follow as part of the accept/decline process. Please follow each step carefully. As part of accepting your financial aid
awards, you will be required to review and acknowledge the Student
Certifications associated with your aid package.
To All Students: If you are unable to access the internet, please
contact Student Financial Services to indicate that you require paper correspondence. When you receive the paper
award notification, please put a check next to each fund offered in the fall
and spring terms to indicate your acceptance and/or declination of each fund.
If you wish to accept a lower amount, please indicate that amount next to your
acceptance check mark. Please read the
Student Certification on the reverse side of your award letter and return your signed copy to Student Financial
Services. Please note that this is only
necessary if you require a paper award letter.
Types of Financial Aid
Scholarships and Grants
These awards do not need to be repaid. If you have been
awarded grant or scholarship funds of any kind (i.e., Federal Pell Grant,
Wilbur Scholarships, UVM and State Grants), this money will be credited
directly to your student account. Please
keep in mind that many scholarships have specific renewal criteria.
Federal Work-Study
Your award allotment is the maximum amount you are
permitted to earn from the Work-Study Program during the academic semester and
year. Work-Study is the one form of aid that does not credit directly to your
account. Instead, the money is paid directly to you as you earn it (for
example, a student with an allotment of $1,500 works, on average, 6-8 hours per
week in order to earn the entire allocation). With[UA2] the exception of
Work-Study is a form of need-based financial aid. If your
award package does not include Work-Study and you are interested in part-time
employment, we suggest you visit UVM’s Career Services Office, www.uvm.edu/~career,
which maintains updated listings of non-Work-Study jobs in the
Loans
Loans are financial aid awards that must be repaid over
time. Because UVM participates in the Federal Family Education Loan Program,
you can borrow from the Federal Subsidized Stafford, Federal Unsubsidized
Stafford and Federal PLUS loan programs.
Below is a brief description of the individual loans that
may appear in your financial aid package.
Federal Perkins Loan: 5% Interest Rate. Interest is
not charged while you are enrolled at least half time. Repayment begins 9
months after graduation or withdrawal from the University. Repayment is handled
by a UVM Billing Agent. Deferments are available during graduate school.
Federal
Federal
Adams,
Federal PLUS (Parent) Loan for Undergraduate Students:
Fixed 8.5% interest rate. This is a
borrowing option for the PARENTS of undergraduate students. Repayment of
interest and principal begins 30 days after the loan is fully disbursed. Repayment
is handled by your lender. A ten-year repayment period is allowed. A credit check is required to determine
eligibility for the PLUS Loan Program.
Federal PLUS Loan
for Graduate Students: Graduate and
professional students can now borrow additional loan funds, in their name, via
the federal PLUS loan program. Repayment of interest and principal begins 30
days after the loan is fully disbursed but you may suspend payments while you
are enrolled at least half time at an eligible school. A
credit check is required to determine eligibility for the PLUS Loan Program.
Entrance Loan
Counseling
If you are a first-time Federal Stafford Loan or Perkins Loan
borrower at UVM you will be required to complete an Entrance Loan Counseling
Session informing you of your rights and responsibilities as a Federal loan
borrower. This Entrance Loan Counseling requirement may be fulfilled on-line at
www.mappingyourfuture.org
Your Bill
Your billing statement notification will be sent to your UVM email account during the month of July for fall semester and in December
for spring semester (depending on the date that you register for classes). You
can set up another person to get a copy of this notification (called an
authorized payer). This can be done by
going to the billing system at www.uvm.edu/studentlogin
and selecting student financial services. If your financial aid award acceptance
has been completed by the billing date, your aid will be reflected on your bill
as “pending” financial aid. This enables you to postpone actual payment of your
charges until your financial aid resources are paid to the University. If your
aid does not appear on the bill, be sure to complete the remittance form
(bottom portion of the bill) and list your aid as reflected on your award notification,
or send an e-mail to billpay@uvm.edu.
In some cases, the total amount of your financial aid may
actually be more than the amount you are billed. This is because your award
amount is based on your total cost of attendance, which includes items that do
not appear on your bill such as books, supplies, and miscellaneous expenses. If
your aid (excluding the Federal Work-Study Program) for the semester is more
than your bill and you have completed the registration process, you may be
entitled to a refund once all your aid sources have been paid to your account.
These refunds are typically available after classes begin.
Additional Financing Options
All students have a variety of other financing options to
consider. Many elect to participate in the non-need based federal loan programs
outlined above. Students may also choose our University Payment Plan or private
alternative loan programs.
UVM Payment Plans — UVM makes available an interest-free monthly
payment plan through Tuition Management Services (TMS) that allows families to
spread all or part of the academic year’s expenses over equal monthly
installments. For additional information, please contact TMS at (800) 722-4867.
Alternative Loan Programs — Many students take advantage of
alternative private loan resources through national and local lenders. For
information regarding alternative loans, please contact our office or your
local banking institution.
Academic
Withdrawal
If you decide to withdraw from a class or from the
University after the beginning of classes for an academic period, please
contact Student Financial Services prior to your withdrawal. You may be
required to repay some or all of the financial aid paid to your student account.
In addition, if you received a refund of financial aid to assist with your
educational related expenses, you may need to repay those funds as well. If,
upon withdrawal, you are entitled to a refund of charges (i.e., tuition, fees,
room or board), a portion of that refund may have to be returned to the
financial aid programs from which you received assistance, including loan
programs. The amount you return will be calculated according to federal guidelines.
To determine the amount of tuition that may be refunded to you, please refer to
the Student Financial Services webpage at www.uvm.edu/sfs.
Academic Progress
and Aid
In order to maintain eligibility for financial aid, you
must progress at a rate that ensures completion of your degree program within a
reasonable time frame. Full-time undergraduate students may be entitled to up
to six years of financial aid eligibility to complete their degree requirements
(150% of the time normally required for degree completion). In order to make
progress consistent with this minimum standard, beginning with your first
semester of study in a degree program at the University of Vermont, you are
required to accumulate earned hours totaling at least 75% of the number of
hours attempted. Your progress will be measured at least at the end of each academic
year to ensure adherence to this standard.
Beginning with your third academic year, you must have
attained at least a 2.0 overall cumulative grade point average (GPA) in order
to continue to qualify for assistance.
If you do not meet the standard described above, you will
be placed on Financial Aid Probationary Status for a one-year period (during
which aid eligibility will be maintained). Should you not meet the required
credit standard or cumulative grade point average standard by the end of that
probationary year, your eligibility for additional financial aid will be
suspended until you have met the required standard.
If your aid is suspended for not maintaining academic
progress according to the standard outlined above, you may appeal your loss of
aid by writing an appeal that documents the circumstances surrounding your
failure to meet the standard. The decision to withhold aid eligibility may be
overridden by the appeals committee in circumstances that warrant special
consideration. Such circumstances may include, but are not limited to, medical
emergencies or family crises that may have resulted in your not meeting the
stated requirements.
Summary:
Time Progression Requirement:
75% of credit hours attempted must be successfully completed
(D- or better)
GPA Requirement:
2.0 overall GPA required after second academic year.
Study Abroad and Aid
Often, studying abroad is no more expensive than studying
at UVM. Your financial aid for study abroad will be based on your actual costs if
the total expense is equal to or less than studying at UVM (loans may be used
to replace Federal Work-Study earnings). If the cost of attending an overseas
institution is greater than the cost of attending UVM, the additional cost may
be covered by borrowing through one or more of the loan programs for which you
or your family may be eligible. If you are considering overseas study please
contact the Student Financial Services to discuss financial aid arrangements. Most UVM Grant and Scholarship assistance may only be used for UVM Exchange
study abroad programs.
Summer Study and Aid
The Federal Stafford Loan Program and the Federal PLUS
Loan Program allow borrowing for summer study provided you have loan
eligibility remaining from the prior academic year. You must be enrolled in at
least six credits during the summer session to be considered for these Federal
Loan Programs. You may have Federal Pell Grant eligibility remaining from the
prior year. In order to be considered for summer aid, you must complete the FAFSA for the prior academic year (ie: to receive aid in the Summer 2010, you must
complete the 2009-2010 FAFSA). Student
Financial Services will contact you regarding summer aid eligibility after you
register for summer courses.
The UVM Summer Loan is another loan program that covers
three credits of tuition and fees for continuing degree-seeking students. This loan is offered through Student Financial
Services and the UVM Billing Agent handles repayment. (9 months after
graduation or leaving school). Please
note there is no origination fee for this loan and the interest rate is set at
5%.
Reapplying for Aid
Students are required to complete the FAFSA every year.
Because family circumstances may change, your financial aid eligibility must be
determined annually. There is no automatic renewal of financial aid awards
at UVM. Your FAFSA must be received each year by the Federal Processor no
later than March 1 to meet the UVM priority funding deadline. Students whose
FAFSA’s are received by the processor after the March 1 deadline may receive reduced levels of aid because
priority for limited UVM financial aid funding is given to students who meet
published deadlines.
Due to increased demand on financial aid resources, increases in tuition, room and board may not
be met by additional grant assistance. Student and parent loans may be
awarded to assist in funding annual increases in the cost of attending the
University.
Helpful Resources
Admissions
(802) 656-3370, email: admissions@uvm.edu
Clement House
www.uvm.edu/admissions
¨
admissions decision questions
¨
residency questions
Career Services
(802) 656-3450, email: career.services@uvm.edu
Living/Learning E Bldg
www.uvm.edu/~career
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Work-Study placement questions
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part-time employment opportunities
College of Medicine
Financial Aid
(802) 656-5700
221 Waterman Bldg.
www.uvm.edu/sfs
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medical student financial aid
Payroll Records
(802) 656-3150
228 Waterman
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Federal Work-Study paycheck questions
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change of address for Work-Study time cards
& checks
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change W-4 withholding information
Registrar
(802) 656-2045, email: registrar@uvm.edu
360 Waterman
registrar.uvm.edu
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change of address notification
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loan deferment form completion
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VA benefits
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residency questions
Residential Life
(802) 656-3434
Robinson Hall
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residence hall charges
University Dining
Services
(802) 656-2945
Robinson Hall
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meal plan charge and information
Important Dates
February 10 FAFSA
Priority funding deadline for first-year students.
March 1 Priority
deadline for submitting
Renewal
FAFSA (all returning students)
March - May Financial
Aid Award Letters or Estimates sent to new, admitted students
June Financial Aid Award Notifications emailed to
upperclass students
July Fall
bills sent via email to UVM address
Student
loan promissory note processing
Complete
necessary student loan entrance interviews (first time borrowers)
August Fall bills due
September Work-Study
job placement
October 1 Work-Study placement deadline
December Spring bills sent via email to UVM address
January Spring
bills due
Re-Apply
for aid consideration for next year
Last modified January 29 2010 03:35 PM
