How do I find out if I qualify for a Stafford loan?
Your school determines your subsidized and unsubsidized Stafford 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 Subsidized Stafford Loan, you must have demonstrated financial need to borrow a subsidized Stafford loan. The federal government pays the interest while you are enrolled in school (at least half-time) and during grace and deferment periods.
The Unsubsidized Stafford 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 several steps that need to be completed before the loan will credit to a student's account.
First-time borrowers of the Federal Stafford and Perkins Loan programs 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 Stafford and/or Perkins Loans 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 comes from the lender you choose to loan you the funds and from Student Accounting for the Perkins loan. Entrance counseling can be completed online through http://www.mappingyourfuture.org/ and must be done through the combined Stafford and Perkins loan link, even if you do not have Perkins loan for this year.
How do I select a lender for my loans?
To assist families in making an informed decision regarding student loans, we have contracted with Simple Tuition to provide you with information regarding some suggested lenders that provide loan programs with the student’s best interest in mind.
Federal loans are regulated and are the same for every lender however, repayment benefits, as well as loan services, differ from lender to lender. We recommend that you review and compare lender benefits before choosing a lender.
Please Note: Our list of lenders is in random order. Some of the lenders will have their logos displayed and other’s will not. This is not an indication of any lender preference by Saint Michael's College.
To view Saint Michael's College suggested list of lenders please go to http://www.simpletuition.com/smcvt
You are not limited to selecting from our suggested lenders list. You have the right to select any lender you choose and your selection will not cause unnecessary certification delays. Please contact your lender of choice to complete the master promissory note (MPN) and forward the school copy to our office.
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 do not have to complete the FAFSA. They can complete the PLUS Loan Data Worksheet and mail or fax the form back to the one of the following locations depending on the students’ enrollment status.
All incoming students should have the PLUS Loan Data Worksheet sent to the Office of New Student Aid, Box 7, or fax to 802.654.2265. All other upper-class undergraduate students should send the form to Student Financial Services, Box 4, or fax to 802.654.2591.
Please be aware that the Federal 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. Revisions to these awards must be submitted in writing.