Scholarships, Grants and Loans

Scholarships are financial awards that do not need to be repaid. They are often merit-based (e.g., acknowledging academic achievement). Grant awards also do not need to be repaid. They can be merit- or need-based (based on FAFSA information) and can come from federal, state, college or private sources. Federal and private loans are a source of funding that must be repaid. It's possible to begin loan repayment or interest-only payments while still in school, or defer all payments until after graduation.

If you are a recipient of an institutional scholarship or a grant, your aid will not be transferable to another college or university, even if the second institution is part of a cooperative program. Scholarship or grant recipients in the 3+2 and pharmacy programs may apply those forms of aid only to their three years at Saint Michael's.

Presidential Scholarship

The Presidential Scholarship is a special award reserved for Vermont's top students attending Saint Michael's College. It is distributed in yearly increments and is worth up to the full amount of tuition. The Presidential Scholarship can be renewed each year for a maximum of four years, assuming that the recipient maintains a 3.0 cumulative grade point average and full-time student status. The application deadline for the Presidential Scholarship is December 1.

Eligibility

To be eligible for the Presidential scholarship, students must meet the following minimal requirements:

  • B+ average or higher in a college preparatory high school curriculum
  • Top 10% of graduating class
  • Students who do not wish to submit test scores should understand that they will be competing with other applicants who do submit test scores that are minimally 1800 combined test score for all three components of the SAT

In addition to SAT score, GPA and curriculum, scholarship applicants will be judged based on their leadership qualities, commitment to community service and potential to contribute to the Saint Michael's community.

How To Apply

Candidates for the Presidential Scholarship must be nominated  by their high school guidance office and complete their application for admission by December 1.

The Green Mountain Scholarship

The Green Mountain Scholarship recognizes the academic achievement and promise of Vermont's brightest students. The scholarships, awarded at a minimum of $20,000, are renewed each year for a maximum of four years, unless the student is enrolled in the 3+2 Engineering Program. In this case, scholarship eligibility is for a maximum of three years.

All accepted Vermont students are automatically considered for the Green Mountain Scholarship which is typically awarded to students with a minimum B+ average and combined 1800 SAT/27 ACT or higher. In addition to the test scores, high school grades and curriculum, scholarship applicants will be judged based on their leadership qualities, commitment to community service and potential to contribute to the Saint Michael's community.

Dean's Scholarship

The Dean's Scholarship Program awards merit-based scholarships to outstanding students living outside of Vermont. The scholarships, awarded at a minimum of $15,000, are renewed each year for a maximum of four years, unless the student is enrolled in the 3+2 Engineering Program. In this case, the scholarship eligibility is for a maximum of three years.

All accepted out-of-state students are automatically considered for this scholarship which is typically awarded to students with a minimum B+ average and combined 1800 SAT/27 ACT or higher. In addition to test scores, high school grades and curriculum, scholarship applicants will be judged based on their leadership qualities, commitment to community service and potential to contribute to the Saint Michael's community.

Students are automatically considered for the following scholarships by applying for financial aid at Saint Michael's College unless otherwise noted below.

Fairbanks Scholarship

$2,500 renewable scholarship awarded to Fine Arts majors. An audition or interview is required by April 15 (prior to fall entrance). Contact Professor Peter Harrigan in the Fine Arts Department at pharrigan@smcvt.edu for information.

Reiss Foundation Scholarship

The Reiss Foundation Scholarship was established by Dr. Paul Reiss, president emeritus of Saint Michael's College. The scholarship, worth up to $4,700 a year, is awarded each year to students who have attended schools in the Nativity program. 

Paulin Scholarship

$2,500 renewable scholarship awarded to Fine Arts majors. An audition or interview is required by April 15 (prior to fall entrance). Contact Professor Peter Harrigan in the Fine Arts Department at pharrigan@smcvt.edu for information.

Gil Grady Memorial Scholarship

Scholarship for a first-year science major.* Chemistry major is preferred. Scholarship is renewable providing the student maintains a 3.0 cumulative GPA.

Requirements:

  • Combined SATs of 1800 or above (all three sections)
  • B/B+ average

Rev. Gerald E. Dupont, SSE Scholarship

$5,500 scholarship, awarded to sons/daughters of alumni, renewable providing the student maintains a 3.0 cumulative GPA.

Requirements:

  • Combined SATs of 1800 or above (all three sections)

Doc Citarella Scholarship

$2,000 renewable scholarships for first-year students with a high regard for academics and soccer.

Requirements:

  • B+ average
  • Combined SATs of 1800 or above (all three sections)
  • Coach recommendation
  • Demonstrated financial need

Heinrich Journalism Scholarship

$1,500 scholarship for a first-year media studies, journalism and digital arts major. Scholarship is renewable every year (up to 4 years) providing the student maintains a 3.0 cumulative GPA.

Requirements:

  • Combined SATs of 1800 or above (all three sections)
  • Top 20% of class
  • Journalism major

Rev. Paul A. Morin, SSE Scholarship

Scholarship awarded to first-year student with high promise for academic and career success. Preference given to exploratory students, then to those majoring in Business, Accounting or Economics.

Requirements:

  • Top 20% of class
  • Combined SATs of 1800 (all three sections)

Beth Walsh Memorial Scholarship

Scholarship for first-year student with potential for significant academic achievement. Scholarship is renewable providing the student maintains a 3.0 cumulative GPA.

Requirements:

  • Combined SAT scores of 1800 or above (all three sections)
  • Top 10% of class

Cleveland Williams Scholarship

Scholarship for first year student with potential for significant academic achievement. Scholarship is renewable providing student maintains a 3.0 cumulative average.

Requirements:

  • Combined SATs of 1800 or above (all three sections)

Air Force ROTC Scholarship

Scholarship for students enrolled in the Norwich University Air Force ROTC program. Saint Michael's students awarded an Air Force ROTC scholarship receive matching scholarships from Saint Michael's College. Interested students may contact the Air Force ROTC Office at Norwich University at 802.485.2460.

Army ROTC Scholarship

Scholarship for students enrolled in the University of Vermont Military Studies courses. Saint Michael's students awarded an Army ROTC scholarship receive matching scholarships from Saint Michael's College. Interested students may contact the Department of Military Studies, University of Vermont at 802.656.5757.

The Edmundite Scholarship

The Edmundite Scholarship recognizes the commitment students have made to a Catholic education by attending a Catholic high school.

Students who graduate from Catholic high schools and are admitted to Saint Michael's College will receive a scholarship of $20,000 over four years ($5,000 per year) at Saint Michael's College. The scholarship must be applied to tuition only at Saint Michael's College. 

Eligibility
Students must be enrolled and graduate from Catholic high schools. Students who receive the Edmundite Scholarship are not eligible to receive the Parish Scholarship.

Students must be enrolled full-time and maintain a GPA of 2.00 in order to maintain scholarship eligibility for each year.

Deadline
Students who want to be considered for the Edmundite Scholarship must apply for admission by February 1.

The Parish Scholarship

The Parish Scholarship recognizes students who have been active in a Catholic parish.

Each parish in the Catholic Diocese may nominate one of its parishioners (who must be a first-year applicant to the College) to receive a scholarship of $5,000 per year for four years. Students who are enrolled in the 3+2 Engineering program will receive the scholarship for three years. The scholarship must be applied to tuition only at Saint Michael's College.

Deadlines

Nominations for the scholarship must be received by the Office of New Student Financial Aid & Scholarships according to the following schedule:

Early Action 1 applicants for Admission
December 1
Early Action 2 applicants for Admission January 1
Applicants for Regular Admission March 1

Nominations received after the above dates will be considered on a funds available basis.

Students who receive the Edmundite Catholic High School Scholarship ($5,000/year for accepted students who graduate from a Catholic high school) are not eligible to receive the Parish Scholarship.

Students must be enrolled full-time and maintain a GPA of 2.00 in order to maintain scholarship eligibility for each year.

How to Apply

A Parish Scholarship Nomination Form should be completed by your parish pastor and returned to the Office of New Student Financial Aid and Scholarships in time to meet the above deadlines. Please call the Office of New Student Financial Aid and Scholarships at 802.654.3243 for application information.

Questions

Office of New Student Financial Aid & Scholarships
Saint Michael's College
One Winooski Park, Box 4
Colchester, Vermont 05439
802.654.3243
Fax: 802.654.2591 
nsas@smcvt.edu

Information and Instructions

Your financial aid package will most likely include a low-interest student loan, a Federal Perkins Loan, or a Federal Direct Student Loan. These loans are taken out in the student's name, and do not require repayment while you are enrolled at least half time in a degree or program. Once you begin repaying the loans, the standard repayment term is 10 years. Student and parent loan funds will not be credited to your account until all necessary applications and promissory notes have been completed by you and/or your family.

Federal Perkins Loan

  • Saint Michael's College is the lender.
  • You must file a FAFSA to qualify.
  • The loan has a fixed 5% interest rate.
  • No interest will accrue while you are enrolled.
  • There are no additional fees.
  • You may repay all or part of the loan without penalty.
  • The minimum monthly payment for the loan is $40, and your payment may be higher.
  • You have a maximum of 10 years to repay the loan and accrued interest.
  • Repayment will begin following a nine-month grace period.

Subsidized Federal Direct Student Loan

  • This loan is issued to the student by the federal government.
  • You must file a FAFSA to qualify.
  • The government will pay the interest while you're enrolled, and during your post-graduation grace period.
  • This loan is fixed at 3.86% interest rate.
  • The loan has a 1.07% origination fee.
  • Repayment is deferred until after graduation unless you drop below half-time enrollment.
  • Repayment will begin after a six-month grace period.

Unsubsidized Federal Direct Student Loan

  • This loan is issued to the student by the federal government.
  • You must file a FAFSA to qualify.
  • You will pay all the interest, although you can have the payments deferred until after graduation.
  • This loan currently has a fixed 3.86% interest rate.
  • The loan has a 1.07% origination fee.
  • Repayment is deferred until after graduation unless you drop below half-time enrollment.
  • Repayment will begin after a six-month grace period.

Information and Instructions

If you will have education costs not covered by other sources of financial aid (such as scholarships or student loans), you and your family may want to consider a parent or private loan.

These additional loans are not listed in your award package. Based on your individual need, you may choose to apply for them. Refer to your pre-billing worksheet.

Federal Direct Parent Loan (PLUS)

  • Parents must file a FAFSA to apply for a PLUS loan.
  • This loan is issued to parents, stepparents, or adoptive parents by the federal government. Repayment will be the parent's responsibility.
  • The loan has a fixed 6.41% interest rate and a 4.288% origination fee.
  • Parents may borrow up to the cost of the student's education minus the student's financial aid award.
  • Be sure to borrow enough to cover both semesters.
  • Funds will be deposited directly into the student's account in two disbursements.
  • Repayment begins within 60 days after the final loan disbursement (usually spring semester).
  • You may request deferment while the student is enrolled, for up to four years.

To apply for a federal direct parent loan, complete the process at www.studentloans.gov.

Private Loan

  • Private education loans are issued in the student's name, with any creditworthy cosigner.
  • The loan may be fixed or variable interest rate.
  • Fees will vary by lender.
  • You may request up to the cost of your education minus your financial aid award.
  • You and your cosigner must pass a credit check.
  • You and your cosigner will be equally responsible for repayment.
  • Be sure to borrow enough to cover both semesters.
  • The loan can usually be deferred until after graduation unless you drop below half-time enrollment.
  • Funds will be deposited directly into the student's account in two disbursements. Interest will begin to accrue at this point.
  • You must reapply for your loans each year.

If you need assistance determining how much you can borrow, contact Student Financial Services.

Campus Visit Grant

Students who make an official visit to Saint Michael's College between April 1 of their sophomore year and May 1 of their senior year are awarded a $1,000 Campus Visit Grant, applied toward tuition, when they enroll, beginning Fall 2014.

In addition to visiting campus, an eligible student must gain acceptance to Saint Michael's College and submit an enrollment deposit by May 1 of their enrolling year. The grant is renewable for four years if the student remains enrolled and in good standing.

Please note: Students attending Saint Michael's through a program that meets or exceeds their tuition are ineligible for the Campus Visit Grant. Such programs include full-tuition Saint Michael's College Book Award scholarships, full-tuition athletic scholarships, tuition remission benefit, ROTC, Yellow Ribbon and any other combination of awards that equals or exceeds tuition expenses.

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.

Other Resources

Education Savings Plan

If you or your family has a 529 or other college savings plan that will be used to pay for part or all of your bills, please report any expected payments to Student Accounts at Saint Michael's College.

Please be sure to forward any special instructions associated with the 529 plan to our office, especially if we are required to send the trust company an invoice, complete special forms, or provide verification of enrollment. Additionally, ensure that the trust company has our correct address, and be sure to follow up with them if your account is not credited by August 5 for fall semester or December 15 for spring semester. Your account will be credited when Saint Michael's College receives the funds.

Outside Scholarships

Outside scholarships may be used to fund any remaining financial need, as defined by the federal government's formula. If your need is fully met, these scholarships will replace any need-based student loans or work programs. Grants and scholarships issued by Saint Michael's College are usually not affected by outside scholarships.

Please be sure to forward any special instructions associated with these scholarships to our office, especially if the donor requires that we send them an invoice, complete special forms, or provide verification of enrollment or grade transcripts. Your account will be credited when Saint Michael's College receives the funds.

If a scholarship check is sent directly to you, please forward it to Student Financial Services for processing. If the check is issued to you and Saint Michael's College jointly, you must endorse the back of the check before sending it to us. Please be sure to include a copy of the letter or certification that notifies you of your scholarship.

Student Employment

If your award included student employment (work-study), you will be able to work a specified number of hours on campus during the academic year. These earnings can help offset the cost of college. Your wages are not subtracted from your bill at the beginning of each semester because they are earned by you as you work the hours over the course of a semester. You may choose either to receive your earnings directly or to sign over all or part of your earnings toward your bill for the following semester.

Saint Michael's assigns work-study positions during the summer. You will receive your assignment during Orientation Weekend.

Pay varies by position. To continue campus employment, a student must maintain satisfactory academic progress, be enrolled as a full-time student, be a good campus citizen, and perform all assigned duties in a satisfactory manner.

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, and publications.

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.

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