Financing Your Education

Applying for Aid

To apply for financial aid at Saint Michael's College for the fall of 2013, a student should submit the following as soon as possible:

• The Free Application for Federal Student Aid (FAFSA)

In addition to the FAFSA, we may also notify you that the following documents are required:

• Parents' 2012 Federal Tax Transcript *
• Parents' Federal W-2 forms
• Student's 2012 Federal Tax Transcript *
• Student's Federal W-2 forms
• Dependent 2013-14 Verification Worksheet

These documents should be sent as soon as possible after being requested to the Office of New Student Aid, One Winooski Park, Box 4, Colchester, VT 05439.

* Tax Transcripts can be requested from the IRS online at irs.gov or by calling 800.908.9946. The IRS does not charge a fee for transcripts. Copies of tax returns will not be accepted.

Students and parents who have completed their 2012 Federal tax return will be able to link to the IRS and transfer their tax information to their FAFSA. Many applicants will not have their federal tax returns completed by our FAFSA priority deadline of February 15th. In these cases, applicants can use "estimated income" information on the initial FAFSA. Return to FAFSA on the web for corrections once the tax returns are completed and link to the IRS database at that time.

The FAFSA

The FAFSA form should be received by the Federal processing agency by February 15, 2013, if possible. For some families this may mean using estimated income and tax figures, which may be updated at a later date. The FAFSA can be filled out and submitted online, and is available anytime after January 1st. You should not wait for an admission decision from Saint Michael's College before filing these financial aid documents. You must list Saint Michael's College as one of the colleges to receive a copy of the report from the processing agency.

The Saint Michael's FAFSA code is 003694.

What is the average amount of financial aid and scholarships?

Percentage of students receiving need-based aid: 78%
Average student loan debt for the class of 2011 (Federal and Private loans): $21,873

Saint Michael's offers competitive merit scholarships that are based on academic achievement and promise. Scholarships range from $1,000 to full tuition. All accepted students who meet minimum academic criteria will automatically be considered for competitive merit scholarships. These are limited in number.

Use our Net Price Calculator to get an estimate of your financial aid package.

Undergraduate Program Tuition and Fees for 2013-2014

This total fee includes tuition, room, board (on-campus meals) and some fees, but does not include books, supplies, personal spending and travel expenses.

Saint Michael's College Medical Insurance Policy

Saint Michael's College requires that every full-time student enrolled for 12 or more credits have medical insurance coverage - either a personal policy, or the one offered by the College. The Saint Michael's Student Health Insurance has a $1148 annual premium.

Students are automatically enrolled in the Saint Michael's Student Health Insurance program without exception unless they are already covered under another policy. In that case, students can activate a waiver of the purchase of the Saint Michael's student medical insurance by completing the Medical Insurance Waiver Form, by the deadline dates shown on the form.

Additional Expenses

You must also plan on expenses for books, supplies and lab fees for some courses. We estimate this will cost approximately $1,200 per year. Personal spending and travel expenses are not included in this estimate.

Financial Resources

The College Board 
The College Board's Scholarship Search homepage.

College.gov
A site for students by students serving as go-to source for information and resources about planning, preparing and paying for postsecondary education. College.gov is maintained by the U.S. Department of Education.

College is Possible
An information campaign sponsored by the Coalition of America's Colleges and Universities.

FastWEB
FastWEB (Financial Aid Search Through the WEB) is the largest and most complete scholarship search on the Internet. It provides access to a searchable database of more than 400,000 private sector scholarships, fellowships, grants, and student loans available to students.

Perkins Loan Information
This site provides an excellent source of information for Perkins Loan borrowers regarding lending questions, repayment details and more. The site is sponsored by the U.S. Department of Education and offers the most current information on the topic. After entering the Web site, select The Student Guide, then Campus-Based Programs - Federal Perkins Loan Program.

Internal Revenue Service (IRS)
The IRS website allows access to tax information, forms, publications and more, including:

Scholarships and Fellowships

Please note: The information presented here is not intended as legal or tax advice. Saint Michael's College can only answer questions relating to tax information the College provides to the student. For answers to person income tax questions, individuals should contact either the IRS or a tax consultant.

State Grants

Students are encouraged to apply for State Grants. If you reside in one of the following states you may be eligible to apply for grant or other funding from the state. Please follow the links below for additional information.

• Massachusetts
• Pennsylvania
• Rhode Island
• Maine
• New Hampshire
• Vermont

Important Financial Forms

The following forms are available for you to download in PDF Format.

2013-2014 Financial Aid Forms

• Federal Dependent Verification Worksheet
• Federal Independent Verification Worksheet
• Federal Direct Parent Plus Worksheet
• Graduate Application for Financial Aid

2012-2013 Financial Aid Forms

• Graduate Financial Aid Form for 2012-2013 
• 2013 Summer Session Financial Aid Application
• Graduate students seeking FAFSA information:
  www.fafsa.ed.gov - School Code is 003694

Please note that other documents may be requested by the Office of Student Financial Services during the verification process.

Financial Aid FAQ's

Student Loan FAQ's

How do I find out if I qualify for a Federal Direct Student Loan?

Your school determines your Federal Subsidized and Unsubsidized Direct loan eligibility; details of your eligibility will be included in the financial aid award package provided to you by your school. The same application is used for both loan types; you do not need to complete multiple applications.

What is the difference between Subsidized and Unsubsidized loan?

To be eligible for the Federal Subsidized Direct Loan, you must have demonstrated financial need to borrow a Federal Subsidized Direct loan. The federal government pays the interest while you are enrolled in school (at least half-time) and during grace and deferment periods.

The Federal Unsubsidized Direct Loan is not based on demonstrating financial need and the federal government does not pay the interest; you are responsible for all interest. Interest begins to accumulate immediately upon disbursement. Repayment of accrued interest will be deferred until repayment of principal is required.

What do I need to do after I have accepted my loans?

Once a student loan has been accepted by a student there are still a few steps that need to be completed before the loan will credit to a student's account.

First-time borrowers of the Federal Direct Loan program will be required to sign a Master Promissory Note (MPN) and complete and online entrance counseling session. The Master Promissory Note is valid for 10 years and once signed will be used for any Federal Direct Loan through this 10-year period. Entrance counseling is a short orientation to the rights and responsibilities of being a student loan borrower. Both of these steps must only be completed once for each student while they are attending Saint Michael's. The MPN and Entrance counseling can be completed online through studentloans.gov.

When can I get my loan funds?

Loans are disbursed by term. Once you have resolved all eligibility issues (including verification and satisfactory academic progress) your financial aid for the upcoming term will in most cases be disbursed on the first day of classes. Final adjustments due to changes in your credit hours will occur approximately two weeks after the start of the term.  Your financial aid will be credited to your Saint Michael's tuition and fees, room and board and miscellaneous fees.

What happens to excess loan funds on my student account?

If the amount of financial aid and other credits on your bill exceed tuition, fees, and other charges, you may receive a refund. You may use your refund for books, indirect expenses, or any other education expenses for the term. You will receive a check in your Saint Michael's mail box or you can arrange to have it held in the Cashier's office.  No funds will be released before the first day of classes.

How do my parents borrow from the PLUS loan program?

If a parent of a dependent student would like to borrow the PLUS loan, they need to complete the FAFSA.  To apply for the PLUS loan, the parent needs to complete the Master Promissory Note (MPN) and the PLUS Loan Application on the Federal website studentloans.gov.  In addition, they must complete the Federal Direct PLUS Loan Data Worksheet and mail or fax the form back to Student Financial Services, Box 4, or fax to 802.654.2591.

Please be aware that the Federal Direct PLUS Loan is contingent upon a credit approval and can only be certified for the amount remaining after consideration of the cost of attendance less all other financial aid awarded and accepted.

How can I make changes to my loan amount?

If you would like to adjust/reduce the Federal Stafford Loan or Federal Perkins Loan you were awarded, please use this form if you are an undergraduate student, or please use this form if you are a graduate student. Revisions to these awards must be submitted in writing.

Private/Alternative Loans

We recognize that students may need to rely on a variety of resources to assist them in paying for their educational expenses. As you consider the educational loans available from each program, be sure to keep in mind that some loans are more expensive than others. Generally, federal loans should be used first as they may provide the best terms, conditions, benefits, have a fixed interest rate, and the Federal Direct Subsidized/Unsubsidized loans do not require a credit check. Private loans should generally be used once other options have been exhausted as they may have higher interest rates, less favorable terms and conditions and often have more strict qualifying credit criteria.

Before applying for a loan be sure to research the loan product(s) to ensure you are getting the most competitive rates, fees and terms available. As you research available loans, be sure to review the websites or ask the lenders how your specific needs and the terms of the loans meet your individual situation. Listed below are some items to consider:

• Is the interest rate fixed or variable?
• Does the loan have a maximum (capped) variable interest rate?
• Can you receive a better interest rate if you have someone co-sign the loan?
• Are payments required to be made while in-school?
• Can the loan be used if only taking 3 credits (less than half time)?

The Lender List

Our lender list is a three year list of lenders used by our undergraduate students. It is not ranked in any way and we do not have a preferred lender arrangement with any of the lenders on this list.

Please note that some lenders are restricting loans based on the students' residency and/or banking or company affiliations. (e.g. If you are not from Maine, you would not be eligible for the MELA loan as it iss restricted to residents of Maine.)

• Citizens Bank TruFit Student Loan
• Connecticut Higher Ed Supplemental Loan Authority (CHESLA)
• Discover Student Loan
• Maine Educational Loans (MELA)
• Massachusetts Educational Financing Authority
• New Jersey Class Loan
• Rhode Island Student Loan Authority (RISLA) Loans
• Sallie Mae Smart Option Loan
• Student Choice (various credit unions)
• SunTrust Educational Loans
• Union Federal Private Student Loan
• VSAC Advantage Loan
• Wells Fargo Collegiate Loan

Billing Information

Saint Michael's College mails all billing correspondence in the student's name to their home address. It is the student's responsibility to inform the College if an address other than home should be used for billing purposes. Someone other than the student may be designated as the primary billing contact person; however, the student must complete the Release of Billing Information Form to authorize this request.

Payment Options

Send a check by Mail:

Saint Michael's College
P.O. Box 991
Brattleboro, VT 05302-0991

Please include both the student name and ID # on the check.

Pay by check in person:

At the Cashier's Office in Alliot Hall, Room 207, Monday-Friday, 9:00 AM-3:00 PM; or at the Office of Student Financial Services in Founders Hall, Room 149, 8:00 AM-4:30 PM.

Credit Card and Other Electronic Payments:

Online Payment Center

Payment Plan Options:

Tuition Pay
800.635.0120 or online

Refund Policy

Complete information concerning the following policies can be found in the Saint Michael's College 2012-13 Catalog.

For Enrolled Students

Credit balances for enrolled students will remain on the account unless requested by the student. Refunds are issued within three weeks of the request and will be issued to the primary billing contact, as designated by the student, unless otherwise directed in the refund request. For accounts with Title IV monies in excess of allowable charges, the excess funds will be refunded to the student with 14 business days.

For Withdrawn Students

Students who withdraw will be eligible for a refund of tuition and fees in accordance with the following schedule:

Withdrawals must be approved by the Assistant Dean of your College and processed through the Registrar before refunds will be processed. Students offered a Saint Michael's College scholarship or grant will forfeit a percentage of their award equal to the percentage at which the tuition charges are refunded. Students with Title IV federal aid, who withdraw before the 60% midpoint of the semester, will have their federal aid recalculated according to the Federal Return of Title IV Aid policy. Students may be eligible to receive some of the federal aid based upon the percentage of the term completed. Saint Michael's College may be required to return Federal Funds, they will be returned in the following order: Federal Direct Unsubsidized Loan, Federal Direct Subsidized Loan, Federal Perkins Loan, Federal Direct Graduate Plus, Federal Direct Parent Plus, Federal Supplemental Education Opportunity Grant, Federal Pell Grant. In some cases, students may owe Saint Michael's College a balance due as a result of the returned federal aid.

Tuition Refund Insurance

As a supplement to the College Refund Policy, we offer an insurance program called the Tuition Refund Plan (TRP), through A.W.G. Dewar, Inc. For more information you can visit them on the web at www.tuitionrefundplan.com.

The TRP provides coverage for tuition, activity fee, and room and meal charges. Benefits paid under the TRP have provided a useful resource for students who have withdrawn for medical reasons.