Your Financial Aid Award

The Saint Michael's Student Financial Services staff is available to assist you in understanding your financial aid award and navigating the college financing process.  Below you will find answers to common questions and information about the financial aid that may be included in your award and other sources of financial aid and financing options.  We encourage you to contact us with any questions by e-mail or by calling 802.654.3243.

Receiving your Financial Aid Award

Applicants for Fall 2018 admission will receive merit scholarship awards with a notice of admission. Provided we have received your 2018-19 FAFSA, need-based financial aid awards, including eligibility for need-based Saint Michael’s Grants, federal grants, federal loans and work study will be mailed within a few weeks or your admissions decision. Financial aid awards for applicants are sent by mail.  Beginning in May 2018, aid awards for members of the SMC Class of 2022 will be posted online in the mySMC portal.   

Financial aid awards for continuing Saint Michael’s students will be available online in late Spring 2018.  Watch your e-mail for your award notification. 

Tentative Financial Aid Awards

In some cases, additional information or documentation is required to complete your FAFSA and finalize your financial aid award.  Applicants for Fall 2018 admission who are required to submit additional documentation will receive a tentative financial aid award for planning purposes.  Students are notified by e-mail or any information and documentation required and required documents are also listed on the financial aid award letter.  Need-based financial aid (including grants, loans and work study) may change if any updates are made to the FAFSA based on review of information provided. 

Understanding your Awards

Your financial aid award may include several types of financial aid including scholarship, grants, loans and student employment. 

Merit Scholarships

  • Merit scholarships do not require repayment and are awarded in recognition of academic and personal achievement.  Saint Michael's merit scholarships are awarded for a total of 8 semesters or until graduation, whichever comes first and are renewed automatically provided you remain enrolled full-time in good standing. 
  • Students participating in a 3+2 program are eligible to receive Saint Michael's merit scholarships for a total of 3 years/6 semesters.
  • Saint Michael's merit scholarship may not be applied toward summer or winter session courses and may be adjusted if students are eligible for tuition remission, tuition exchange, VA/military tuition benefits or other tuition benefits. 
  • 75% of a student's merit scholarship may be applied toward an approved study abroad program, limited to one semester abroad.   
  • Learn more about Saint Michael's merit scholarships.

Federal Pell Grant

  • Federal Pell Grants included on your 2018-19 Financial Aid Award are estimated pending approval of the federal budget. 
  • Federal Pell Grants are awarded based on financial need as determined based on the FAFSA and do not require repayment.
  • Awards are made based on a schedule set by the U.S. Department of Education and financial need. 
  • Federal Pell Grant eligibility is re-evaluated annually and if any corrections are made to your FAFSA. 
  • You must maintain Satisfactory Academic Progress to remain eligible for Federal Pell Grant funds.
  • Learn more about the Federal Pell Grant.

Federal Supplemental Educational Opportunity Grant (SEOG)

  • Federal SEOG funds are awarded from federal funds to students with the highest level of financial need based on the FAFSA.
  • Federal SEOG funds do not require repayment.
  • Federal SEOG eligibility is re-evaluated annually and if any corrections are made to your FAFSA. 
  • You must maintain Satisfactory Academic Progress to remain eligible for Federal SEOG funds. 
  • Learn more about the Federal SEOG program.

Saint Michael's Edmundite Grant

  • The Edmundite Grant is a need-based grant awarded in  consideration of financial need as determined by the FAFSA, other financial resources such as federal and state grants and academic merit.
  • Learn more about the Edmundite Grant

State Grants

  • If you are a Vermont resident, your award may include an estimated Vermont State Grant.
  • You must apply separately for a Vermont State Grant with VSAC.
  • VSAC will determine your Vermont Grant eligibility and will notify you and St. Mike's.
  • Vermont Grant funds are awarded on a first-come, first-served basis; if you haven't applied yet, apply now!

Federal Student Loans

  • Your financial aid award may include Federal Direct Subsidized and/or Unsubsidized Student Loans. 
  • Federal Direct Subsidized and Unsubsidized Loans require repayment beginning six-months after you graduate or fall below half-time status.
  • Learn more about Federal Student Loans

Student Employment

  • Your financial aid award may included need-based student employment (Federal College Work Study or Student Employment)
  • You must maintain Satisfactory Academic Progress to remain eligible for work study and student employment awards. 
  • Learn more about student employment.

Financing Options

  • The Federal Parent PLUS Loan allows the parent(s) of a dependent student to borrow amounts not covered by student financial aid, up to the cost of attendance.
  • Private student loans may be available to cover amounts not covered by student financial aid, up to the cost of attendance.
  • The Monthly Payment Plan allows you to spread college costs over 8, 10 or 12 monthly installments. 

Next Steps and Finalizing your Financial Aid Award

We look forward to welcoming you to the Saint Michael's community.  Review our financial aid checklist for information on finalizing your financial aid and next steps in the process. 

 

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