Your Financial 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 2020 admission will receive merit scholarship awards with a notice of admission. Provided we have received your 2020-21 FAFSA, need-based financial aid awards, including eligibility for need-based Saint Michael’s Grants, federal grants, federal loans, and work-study will be provided after you receive your admission decision. Financial aid awards for applicants are sent by mail. After May 2020, new students beginning enrollment in the fall of 2020 will also have access to their award letter in the mySMC portal.
Financial aid awards for continuing Saint Michael’s students will be available online in Summer 2020. Watch your e-mail for your award notification.
Tentative Financial Aid Awards
In some cases, a student’s FAFSA can be selected for a process called ‘Verification’ where additional information or documentation is required to verify aid eligibility and finalize your financial aid award. Applicants for Fall 2020 admission who are required to submit additional documentation will receive a tentative financial aid award for planning purposes. Students are notified by e-mail for 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 a review of information provided. Failure to provide the required documentation will result in non-disbursement of federal aid and may result in a balance owed and/or holds on the student’s account. Additional insight into Verification can be found here.
Understanding your Awards
Your financial aid award may include several types of financial aid including scholarship, grants, loans, and student employment.
- 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 2020-21 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
- If you are a Vermont resident, your award may include an estimated Vermont State Grant.
- If you are an out of state resident, check with your own state’s Higher Education Agency for grant opportunities!
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
- Your financial aid award may include 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.
- 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.