Grants and scholarships are awarded from a variety of sources including UVM, federal, state and private entities. These funds are considered "gift aid" and do not have to be repaid. Eligibility for grants is based primarily on financial need; although academic merit or other criteria may also be considered for certain grant funding. Eligibility for scholarships may be based on many factors, including financial need, merit, course of study, athletic or other involvement, or other criteria.

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More about UVM need-based assistance for Undergraduates

The renewal of university need-based aid (which can include grants and/or scholarships) is contingent upon the student maintaining satisfactory academic progress and continued financial need. By completing the FAFSA by the financial aid deadline you will automatically be considered for university need-based funds.

The UVM Need-Based Gift Aid in a financial aid offer is a commitment of need-based aid that will be provided to you by UVM for the academic year and will not need to be repaid. The funding source for UVM Need-Based Gift Aid may be UVM grant funds and/or a scholarship fund provided by a donor. Students who have been selected to receive some or all of their UVM Need-Based Gift Aid support from a particular scholarship fund will be notified with more details in late summer.

Federal Direct loans are offered to students to pay for education-related expenses, such as college tuition, room and board, or textbooks. Many of these loans are offered to students at a lower interest rate (a fee for borrowing the money), such as the Federal Direct Subsidized and Unsubsidized loans. In general, students are not required to pay back these loans until the end of a grace period, which usually begins after they have completed their education. However, interest accrued may have to be repaid earlier.

Several loan financing options exists both for students and parents of dependent students. Learn about federal loans and interest rates.

• Subsidized Federal Direct Loan: Awarded based on financial need. With this type of loan, the federal government pays the interest while you are enrolled in college.
• Unsubsidized Federal Direct Loan: Does not have a financial need requirement. Unsubsidized loans start accruing interest (fee for borrowing the money) once the loan has disbursed (paid to the student account). You can choose to pay the interest while in school and during grace, deferment, or forbearance periods. If not paid, the interest will be capitalized (added to the principal amount of the loan). If possible, it is always a good idea to pay interest on an Unsubsidized loan while you are in school and during any grace, deferment, and/or forbearance periods since this will save you money.
• Federal Direct PLUS Loan: This loan does not have a financial need requirement and is only available to graduate or medical students, and to parents of dependent undergraduate or eligible non-degree students. This loan is unsubsidized so it starts to accrue interest right away.

UVM offers loan financing options to students through several institutional loan programs. Eligibility for these programs are determined through financial need. Loan terms vary by program and the promissory note should be referenced for full loan terms.

Private education loans may be an option for students and families seeking to supplement other financial assistance.

• Dependent students would consider the benefits of the Federal Direct PLUS loan before applying for a private educational loan.
• Since Federal loans are generally more attractive than private educational loans, we recommend students apply for financial aid and maximize their Federal loan borrowing before borrowing through private educational loans. Compare the differences between federal and private student loans.
• Learn more about private education loans and how to research your options.

Federal work study provides part-time jobs for undergraduate and graduate students with financial need, allowing them to earn money through work to help pay education expenses. The program encourages community service work and work related to the student’s course of study.