Federal Student Aid Programs
The College administers the full range of Title IV Federal Student Aid Programs. These include the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (SEOG), the Federal Work Study Program and the William D. Ford Federal Direct Loan program. To be considered for funding from these programs, a student must submit the Free Application for Federal Student Aid (FAFSA) indicating Southern Vermont College School Code (003693). The FAFSA may be completed online at www.fafsa.ed.gov.
Federal Pell Grant
The amount awarded varies from $590 – $5,815 for the 2016-2017 academic year, based on the federal calculation and Pell tables. Pell Grants are awarded to the neediest students.
Federal Supplemental Opportunity Grant (SEOG)
Awarded to Pell Grant recipients. Funds are limited and awarded based on availability of funding. To be considered for SEOG or Federal Work Study, your processed FAFSA application, needs to be received by the College no later than March 1 for the summer and fall semesters or November 1 for the spring semester.
Federal Direct Loan (Subsidized)
The Federal Direct Subsidized Loan is available to students enrolled for at least six credits and who have demonstrated financial need through submission of the FAFSA. Southern Vermont College participates in the William D. Ford Federal Direct Loan Program for all Federal loans. Student and parent borrowers will receive funding directly from the U.S. Department of Education. Review the information on the U. S. Department of Education’s Federal Direct Loans Web site at www.studentloans.gov. Freshman (0-29 credit hours) may borrow up to $3,500; a sophomore (30-59 credit hours) may borrow up to $4,500; a junior (60-89) and a senior (90-120 plus) may borrow up to $5,500 annually. The maximum aggregate borrowing limit in the subsidized program is $23,000 for undergraduate study. Undergraduate dependent students can borrow a maximum of $31,000 (no more than $23,000 of which can be subsidized). Undergraduate independent students can borrow a maximum of $57,500 (no more than $23,000 of which can be subsidized).
Federal Direct Loan (Unsubsidized)
The Federal Direct Unsubsidized Loan is available to students who have financial need and those do not demonstrate financial need. Those who are independent by virtue of the regulations governing the Federal Student Aid Programs are eligible to borrow the Federal Direct Unsubsidized Loan in addition to their Federal Direct Subsidized Loan. Independent freshman and sophomores are eligible for an additional $4,000 per year. Independent juniors and seniors are eligible to borrow an additional $5,000 per year. The primary difference between the subsidized and unsubsidized loan programs is the interest. For unsubsidized loans the interest on the loan is not subsidized (paid) by the government during the in school period. Therefore, while a student is in school, the interest on the loan must either be paid periodically or capitalized. The 2016-17 interest rate is 3.76%. There is an origination fee of 1.068%.
Federal PLUS Loans (for Parents)
Federal PLUS (Parent Loan) loans are made to parents. Under this Federal program, parents can borrow up to the full cost of attendance at a college, minus any other financial aid the student receives. The PLUS Loan interest rate for 2016-17 is 6.31% with an origination fee of 4.272%.
Federal Grant awarded to students who have participated in TRIO programs while in high school. For example: Talent Search, Upward Bound and other volunteer activities, and/or TRIO Programs.
Federal Work Study Program (FWS)
The FWS program provides on- and-off-campus employment opportunities for eligible students. To be eligible, a student must demonstrate financial need through submission of the FAFSA. FWS employees typically work four to six hours per week, and pay rate is determined by the college. Students awarded FWS cannot earn wages in excess of their award amount. Students must maintain a minimum GPA of 2.0 in order to work. Students are responsible for finding a position at the College. Before commencing employment, students must complete FWS paperwork, W-4 and I-9 forms.
For more information on any of these programs, please contact email@example.com or 802-447-6366.