Summer University Financial Aid for Undergraduate Students
Types of Aid Available to Undergraduate Students for Summer
- University Summer Loan: Undergraduate students enrolled in summer may be eligible for the University Summer Loan. Eligibility for the University Summer Loan is based on financial need and availability of the fund. The UVM Summer Loan is interest free while the student is enrolled at least half time and has a fixed 5.0% interest rate in repayment. Repayment begins 9 months after the student falls below half-time enrollment.
- Federal Direct Subsidized or Unsubsidized Loans: Undergraduate students enrolled in at least 6 credits may be eligible for limited Federal Direct Loan eligibility. Federal Direct Loans are available ONLY if the student did NOT borrow all available Federal Direct Loan funds during the fall 2019 and spring 2020 semesters. For example, Student was eligible for $2,750 Federal Direct Unsubsidized loan in the fall 2019 and $2,750 in spring 2020. However, Student borrowed $1,750 each semester instead of the offered $2,750. Thus, Student has $2,000 in 2019-2020 Federal Direct Loan eligibility remaining for the summer session, which he may be eligible for if he enrolls in at least 6 credits.
- Federal Direct Parent PLUS Loan: Parents of dependent undergraduate students may borrow a Federal Direct Parent PLUS Loan for the student if the student is enrolled in at least 6 credits. The Federal Direct Parent PLUS Loan requires credit approval, and the parent borrower will need to apply for a PLUS Loan. This request should be submitted no earlier than April 1, 2020. If applied for too early, the credit check may expire before the summer session begins, and the parent would then need to reapply. If the parent has not borrowed a PLUS Loan within the last 10 years through the Federal Direct Loan Program, he/she will also need to complete a Direct PLUS Loan Master Promissory Note (MPN).
- Federal Pell Grant: In limited cases, based on enrollment status and financial need, a student may be eligible for a Federal Pell Grant.
- Study Abroad: Students who are studying abroad should contact Student Financial Services (email@example.com) for information regarding aid eligibility.
Summer University Financial Aid for Graduate Students
Types of Aid Available to Graduate Students for Summer
- Federal Direct Unsubsidized Loan: Graduate students enrolled in at least 5 credits may be eligible for limited Federal Direct Unsubsidized Loan eligibility if they borrowed less than $20,500 in Federal Direct Unsubsidized loans between the fall 2019 and spring 2020 semesters.
- Federal Direct Graduate PLUS Loan: Graduate students enrolled in at least 5 credits may be eligible to borrow through the Federal Direct Graduate PLUS Loan program. Federal Direct Graduate PLUS Loans require a credit check for approval and students can generally borrow up to the cost of attendance, less other aid received for the enrollment period.
- Additional Funding (Teaching Assistantships, Stipends, Tuition Scholarship, etc.): Other funding may be awarded through your program. SFS should be informed of additional funding that you are receiving through your program.
Summer University Financial Aid for Continuing Education and Certificate Program Students
Financial aid for continuing education and certificate (non-degree) students is limited and eligibility varies by program. Determine your eligibility and review other financing options here.
A note to Post-Bac Pre-Med students:
The UVM Summer Loan is available to some Post-Bac Pre-Med students based on financial need. To be considered for the UVM Summer Loan you must have submitted your Non-Degree Course Certification for Federal Aid form with your CDE advisor, meet a certain level of financial need, and have unmet financial need after the awarding of any Federal Direct Student Loans for which you may be eligible. The UVM Summer Loan also requires a minimum enrollment of 3 credits. If eligible, the UVM Summer Loan covers up to 3 credits of tuition. This loan is interest free while the student is enrolled at least half-time and has a fixed 5.0% interest rate in repayment. Repayment begins 9 months after the student falls below half-time enrollment.