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 Federal Family Education Loan Programs (FFELP). 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).
To be considered for SEOG or Federal Work Study, the Institutional Student Information Report (ISIR), which is generated by filling out the FAFSA, must be received by the College no later than March 1 for the summer and fall semesters or November 1 for the spring semester. The FAFSA may be completed on line at www.fafsa.ed.gov.
- Federal Pell Grant ~ Varies from $976 - $5,350, awarded to the neediest students (based on federal calculation).
- Federal Supplemental Opportunity Grant (SEOG) ~ Awarded to Pell Grant recipients (limited funds).
- Academic Competitiveness Grant (ACG) ~ This grant is available to Pell eligible US citizens/eligible non-citizens who are enrolled either full time or part time in their first or second academic year and have graduated from a rigorous high school program of study.
- National Science and Mathematics Access to Retain Talent (SMART) ~ This grant is available to Pell eligible US citizens/eligible non-citizens who are enrolled either full time or part time in their third or fourth academic year, majoring in mathematics, science, technology, engineering, or critical foreign languages and maintain a minimum GPA of 3.0.
- Federal Stafford Loan (Subsidized) ~ The Subsidized Federal Stafford Loan (FSL) is available to students enrolled for at least six credits and who have demonstrated financial need through submission of the FAFSA. The loan is borrowed through a bank or other lending institution chosen at the discretion of the borrower. The 2009-2010 interest rate for the FSL is 5.6%. On July 1, the new interest will be released. Maximum annual borrowing limits are established for the FSL based upon the class year of the borrower. 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 for the FSL if $23,000 for undergraduate study.
- Federal Unsubsidized Stafford Loan ~ The Unsubsidized Stafford Loan (UFSL) is available to students who do not demonstrate financial need for the Subsidized Stafford Loan. Also, who are independent by virtue of the regulations governing the FSA Programs, are eligible to borrow funding through the UFSL, in addition to their FSL eligibility. Independent freshman and sophomores are eligible for $4,000 per year in addition to their FSL eligibility, and independent juniors and seniors are eligible to borrow $5,000 per year in addition to their FSL eligibility. The primary difference between the UFSL and FSL is that, for the UFSL, the interest on the loan is not subsidized by the government during the In-School Deferment period. Therefore, while a student is in school and deferring payment of the UFSL, the interest on the loan must either be paid periodically or capitalized. The 2009-2010 UFSL interest rate is 6.8%.
- Federal PLUS Loans (for Parents) ~ Unlike Stafford Loans, federal PLUS (Parent Loan for Undergraduate Students) loans are made to parents. Southern Vermont College automatically includes the PLUS Loan as part of the students’ initial award package, but parents can decline the loan if they chose. 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. PLUS Loan interest rate for 2009-2010 is 8.5% and these loans have an origination fee of 3% and a default fee of 1%. Some lenders have agreed to absorb the default fee.
- Trio Awards ~ 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 six to ten 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 through the Work Study Coordinator in the Campus Shop. Before commencing employment, students must complete FWS paperwork, W-4 and I-9 forms.
Academic Eligibility for Federal Title IV Programs
For more information on any of these programs, please contact us at financialaid@svc.edu or 802-447-6317.
