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Paying for College

Financial Aid

You may be paying far less than the "sticker price" if you are eligible for need based financial aid.

• Undergraduate students: Financial aid typically includes student loans, parent loans (for dependent students) and grants for students with high financial need.
• Graduate students: Federal loans are the primary source of financial assistance.
• Medical students: Federal loans are the primary source of financial assistance. Medical students who supply parental information on the FAFSA and meet our priority deadline may be considered for university need-based scholarship funds.
• Continuing Education students: Students in certain CE programs may be eligible for limited loan financing options. Take a moment to review the available aid for your program.

To learn about how to apply for financial aid and to get started, visit our financial aid page.

Loan Financing

• Consider financial aid and federal loans first: Several loan financing options exist both for students and for parents of dependent students borrowing on their behalf. If you are considering loan financing options for your or your student's education, apply for financial aid first. Students who do not qualify for need-based financial aid may still qualify for an unsubsidized Stafford Loan ranging from $5,500 for first-year undergraduate students to $7,500 for juniors and seniors. (graduate and medical students may qualify for significantly higher loan amounts). Your financial aid award will indicate your loan eligibility. Students must apply for financial aid in order to borrow through low-cost federal loan programs.

• Loans for parents: Parents of dependent students may cover educational expenses up to the total cost of attendance through a Federal Parent PLUS loan. Parents can generally borrow the PLUS loan even if the student hasn't applied for financial aid; however, UVM recommends that students apply for financial aid first to benefit from any need-based aid which may be available. Dependent students who apply for financial aid will see their PLUS loan eligibility on their award letter and can accept the loan online to initiate the application process. To borrow a PLUS loan without applying for financial aid, submit a PLUS loan worksheet to UVM Student Financial Services (download form in our Worksheet and Form Library).

• Alternative loans for students: Alternative or private student loans are an option for dependent students whose parents are not pursuing the Parent PLUS loan or for independent students who need additional loans to supplement other financial assistance. UVM recommends that dependent students consider the benefits of the federal Parent PLUS loan before borrowing a private student loan. Federal loans are generally more attractive than alternative loans. We strongly recommend you apply for financial aid and maximize your federal loan borrowing before borrowing private loans.

Monthly Payment Plan

The university has contracted with Tuition Management Services (TMS) to administer a monthly payment plan. The monthly payment plan allows payment of tuition and fees, as well as university-charged room and board, over a 10-month period (July 1st – April 1st). The payment plan can also be used to cover a portion of the student's total charges. This plan is available to all students for a fee of $100/year. A single-semester plan is also available for $75. To get started, contact TMS online or at 1-800-722-4867.

Note: TMS does not have access to a student's bill. It is the student's responsibility to ensure the monthly payment plan is set up for enough to cover all charges. If you aren't sure how much to set your payment plan up for, contact Student Financial Services for assistance.

529 Plan Payments

If you have a college savings plan, be sure to request any distributions well in advance of the due date. Payment must be received by 4 p.m. on the day the bill is due. Distribution checks should reference the student's name and UVM ID# and should be sent to:

Outside/Private Scholarships

With some time and effort, students can find and apply for numerous external scholarships (learn more in our External Scholarship Resources section). For information on UVM scholarships, visit the Scholarships section of our site.

We can defer the portion of a student's bill that will be covered by external scholarship assistance if you make note of this assistance when responding to your bill and provide us with a copy of the award or notification letter. Financial aid recipients must notify Student Financial Services if you are receiving any outside scholarships. These scholarships may affect other financial aid which you have been awarded.

Direct Payment Options

Payments may be made to UVM by cash, check, online check, online credit card, wire transfer and more. Learn more in our Payment Methods section.

"All of the Above"

Many students and families employ a combination of financial aid, financing options and direct payment to cover their total charges. To avoid late payment fees and holds on a student's account, it's important that you communicate with our office so that we know how your bill will be paid, and so that we can notify you of missing pieces. For more information, download our bill response tips from our "Billing" section.

Things to Consider

• Assets/savings: Does the student or parent have savings which are intended for educational expenses? Using assets intended for education in the early years will remove them from future consideration in determining financial aid eligibility. Further, you may reduce the need for loans in the early years of your education. Loans borrowed for your first years in school may accrue interest for the longest period of time; limiting your loan borrowing in your first and second years could save you over the long-term.
• Federal loans vs. home equity: Families frequently consider private loan financing options including home equity loans and loans against retirement accounts in addition to federal loan options such as the Parent PLUS loan. We cannot make specific recommendations, but here are some things to consider:
  • Apply for financial aid first. Applying for aid will ensure you know all your options.
  • Carefully compare interest rates and fees.
  • There are benefits of federal debt. Federal loans (such as the Parent PLUS loan) may appear more expensive than private debt such as a home equity loan. However, federal loans have the following features that many private loans do not:
    • Deferment options which may allow you to suspend payments based on unemployment or economic hardship.
    • Parent PLUS loan borrowers can defer payment until six months after the benefitting student graduates or ceases to be enrolled at least half-time.
    • Federal loans are subject to cancellation if the borrower becomes permanently disabled or deceased.
    • Parent PLUS loans are cancelled in the event the benefitting student becomes deceased

Last modified February 25 2009 03:27 PM