University of Vermont

Student Financial Services

Types of Aid Available to Undergraduate Students

This page covers general information about aid types for which undergraduate students may be eligible.

Generally, the FAFSA is the only application required to be considered for the aid listed below, however external scholarships and state grants may require additional applications.

Grants

What are grants? Grants are a form of financial aid that does not need to be repaid. Eligibility for grants is based primarily on financial need; although academic merit and/or course of study may also be considered.

Who receives grants? Most federal, state and institutional grants are awarded to students pursuing their first undergraduate degree who meet financial need and/or merit criteria for eligibility.

How do I apply?

  1. Complete the FAFSA and supply any supplemental information requested by UVM.
  2. To ensure consideration for all available grant assistance, submit your FAFSA online at www.fafsa.gov before the priority financial aid deadline.
  3. Vermont residents should submit a state grant application online at www.vsac.org.
  4. Students from other states should consult their state higher education agency to learn about and apply for state grant opportunities.

Learn more about…

More information about UVM grants: UVM grants are those funded by the university and awarded to undergraduate students on the basis of need and academic merit. The renewal of university grant assistance is contingent upon the student maintaining satisfactory academic progress and continued adequate financial need. By completing the FAFSA by the priority financial aid deadline you will automatically be considered for university grant funds.

First time, first year applicants who demonstrate financial need, academic merit and a commitment to social justice and/or to diversity and who submit their FAFSA prior to the priority financial aid deadline, may be considered for the UVM Henderson Grant. Eligibility for the Henderson Grant is based on financial need and will be indicated in your UVM financial aid award.

Scholarships

What are scholarships? Scholarships are a form of financial aid that does not need to be repaid. Scholarships are generally awarded through a competitive process. Eligibility criteria vary from one scholarship to another and may include academic merit, financial need, community service, and/or other criteria.

Who receives scholarships? UVM funded scholarships are generally awarded only to incoming first-time first-year students. Some University departments may award scholarships to continuing undergraduate students. All students are encouraged to explore external scholarship opportunities.

How do I apply? Entering first-time first-year students are automatically considered for UVM scholarships based on their application for admission — no separate application is needed. Students must apply separately for external scholarships. Application processes and deadlines will vary among external scholarships.

More information about UVM scholarships: UVM offers a number of merit-based scholarships to incoming first-time first-year undergraduate students. All first-time first-year applicants are automatically considered for scholarships based on their application for admission. Some UVM Scholarships are based in part on financial need. As a result, we recommend all students apply for financial aid by completing the FAFSA. Visit our scholarships page for additional information.

More information about external scholarships: In addition to UVM sponsored scholarships, there are countless other scholarships funded by a wide variety of employers, civic organizations, and individual donors. Searching for these private scholarships can be time consuming, but can also be greatly rewarding. Click here for external scholarship search websites and resources.

Loans

What are loans? Loans are a form of financial aid that must be repaid with interest. Repayment terms vary by loan type (additional details below).

Who borrows loans? Dependent undergraduate students may be eligible to borrow limited loan amounts through the Federal Stafford and Federal Perkins Loan programs. Parents of undergraduate students may finance up to the full cost of attendance through the Federal PLUS Loan program, with credit approval.

How do I apply? To be considered for the most attractive loan programs, begin by completing the FAFSA before our priority deadline. Your financial aid award will indicate the types of loans available to you. Students who accept loans in their financial aid award will receive additional information about how to finalize the loans. Click here to learn more about applying for financial aid.

Detailed information about common federal and institutional loans: For information about loan programs not listed below, contact our office or the loan program administrator.

  • Federal Perkins and Clark Loans
    • Interest Rate: 5.0% fixed
    • Origination fees: None
    • Repayment Starts: 9 months after student graduates or enrollment falls below half time.
    • Other Information: Funding is extremely limited. Perkins loans are awarded to undergraduate students with exceptional financial need.
    • Refer to Promissory Note for full loan terms.
  • Federal Direct Subsidized Stafford Loan
    • Click here to learn more about Federal Direct Loans.
    • Interest Rate: 4.66% (fixed) for loans disbursed between July 1, 2014 and June 30, 2015
  • Interest is typically paid by federal government while student in school at least half time. The interest subsidy may be limited for students who fail to complete their program within 150% of its published length.
  • Origination Fees: Click here for Direct Stafford Loan Origination Fee and Interest Rebate details.
  • Repayment Starts: 6 months after student graduates or enrollment falls below half time.
  • Other Information: Eligibility based on financial need and federal borrowing limits.
  • Refer to Promissory Note for full loan terms.
  • Federal Direct Unsubsidized Stafford Loan
    • Click here to learn more about Federal Direct Loans.
    • Interest Rate: 4.66% (fixed) for loans disbursed between July 1, 2014 and June 30, 2015
    • Origination Fees: Click here for Direct Stafford Loan Origination Fee and Interest Rebate details.
    • Repayment Starts: 6 months after student graduates of enrollment falls below half time.
    • Other Information: Eligibility federal borrowing limits; total financial assistance cannot exceed cost of attendance.
    • Refer to Promissory Note for full loan terms.
  • Federal Direct Parent PLUS Loan
    • Click here to learn More about Federal Direct Loans.
    • Interest Rate: 7.21% (fixed) for loans disbursed between July 1, 2014 and June 30, 2015
    • Click here for Direct PLUS Loan Origination Fee and Interest Rebate details.
    • Repayment Starts: Immediately following final disbursement; parents may request deferment until 6 months after student's enrollment falls below half time.
    • Other Information: Borrowed by the parent on behalf of a dependent student. Subject to credit approval. Total financial assistance including all loans, grants, scholarships and other education based aid cannot exceed cost of attendance.
    • Refer to Promissory Note for full loan terms.
  • Alternative/Private Student Loans
    • UVM strongly recommends that students and families exhaust all other sources of funding, including federal student and parent loans before borrowing private/alternative loans.
    • Click here for resources and tips when researching private student loan options.
  • Work Study and Other UVM Employment

    The Federal College Work Study Program is a need-based work program funded by the U.S. Department of Education. Any Federal Work Study eligibility will be listed in your UVM financial aid award. Each year, over 2,000 students, working both in on-campus positions and off-campus non-profit organizations, earn in excess of $2,000,000 through the Federal Work Study Program. UVM offers over 3,500 jobs to students who are eligible for Federal Work Study. Eligible students must accept their Work Study award each year prior to October 1st. Click here to view details on finalizing your Federal Work Study Award. 

    Funding for the Federal Work Study Program is exceptionally limited and not all students qualify. If you are not eligible for Federal Work Study, you may consider the valuable experience of part-time work. Click here to view UVM Career Services's guide to finding part-time jobs.

    UVM Commitment to Pell Grant Recipient Vermonters

    UVM has committed to offering Pell Grant recipient undergraduate Vermonters enough state, federal and institutional gift aid to cover full in-state tuition. This commitment was first introduced in the fall of 2008, and we are pleased to be able to continue it. UVM is committed to investing in Vermont's future. This program helps to ensure that UVM is accessible to Vermonters who have significant need.

    To be eligible, a student must meet the following criteria:

    • Classified by the University as a Vermont resident
    • Matriculated undergraduate student
    • Recipient of a Federal Pell Grant
    • Dependent based on the dependence criteria for Federal Student Aid and/or a ward of the court
    • Taking courses at the University of Vermont or through an approved internal UVM Study Abroad Program

    The following charges are covered by gift aid for eligible students (per the criteria above):

    • Full UVM in-state tuition (excluding summer session) for all credits in which the student is enrolled
    • For students enrolled in an approved, internal study abroad program, the following charges will be covered:
      • Tuition up to the in-state rate of tuition

    Gift aid considered for covering full in-state tuition includes, but is not limited to, Federal, University and State Grants and Scholarships.

    This commitment does not apply for summer session enrollment.

    Last modified May 21 2014 09:35 AM

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