Financial Aid FAQs

Applying for Aid FAQ's

When should I apply for financial aid?

Submit the FAFSA as soon as possible after October 1st for the following school year.  For example, to apply for aid for the 2017-18 school year, submit the 2017-18 FAFSA as soon as possible after October 1, 2016. Our priority financial aid deadline is February 1st. Submit your FAFSA by February 1st to ensure consideration for all available source of aid.  If you are an applicant for fall semester admission, you should apply for financial aid before you know where you enroll. In many cases, you may be applying for financial aid before you have applied for admission. 

What is Saint Michael's FAFSA School Code?

Use the Saint Michael's FAFSA School Code, 003694, to have your FAFSA sent to St. Mike's. 

When are financial aid applicants notified?

New students who have applied for fall semester admission and have submitted their FAFSA before November 1, 2016 will generally receive their financial aid award within a few weeks of their offer of admission. Financial aid awards for returning students are generally issued in late May or early June after spring terms grades and academic progress have been verified. 

Is financial aid renewable?

Saint Michaels' academic scholarships are generally renewable for a total of 4 years provide the student remains enrolled full-time in good academic standing. Need-based financial aid is re-evaluated annually based on changes to the FAFSA and family finances.  Eligibility for federal financial aid and need-based Saint Michael's aid requires that the student maintain Satisfactory Academic Progress.

 

 

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. 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 contact Student Financial Services by e-mailing finaid@smcvt.edu. Loan change requests must be submitted in writing.  

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