Award Information

Award Information

If you have applied for or received financial aid as a Northern Vermont University student, please review this information to understand the conditions and policies associated with your award.

Conditions That May Affect Your Financial Aid Award

  • Your enrollment status changes. For example, if your award is based on full-time (12-18 credits) and you will be enrolled part-time, please notify us.
  • You receive additional scholarships, grants, or other funds we were not aware of (examples: state grants, vocational rehabilitation sponsorship, and/or scholarships from outside organizations).
  • Corrections required due to discrepancies between information on your FAFSA application and data that you report on your verification documents, tax transcripts, or other forms requested by our office.
  • There is a change to your academic standing and/or program.
  • Any of the costs used to determine your eligibility change.
  • A reduction in federal funding levels due to congressional action and/or state resources. We are not responsible for changes in funding levels that may affect the aid awarded to you.
  • If you choose to defer your enrollment, financial aid awards (including scholarships) are not guaranteed.

Federal Verification

Verification is the process your school uses to confirm that the data reported on your FAFSA form is accurate. Schools have the authority to contact you for documentation that supports the information you reported. Verification can be needed if your FAFSA contains conflicting or unclear information; it is also possible to be randomly selected for verification. Verification typically requires submitting federal tax information (parents' and student’s) which must come to us through the online IRS Data Retrieval System or, alternatively, in the form of an official “tax transcript” from the IRS.

Federal Student Grants

Pell Grant: The Federal Pell Grant is available to undergraduate students with exceptional financial need. Eligibility is based on a formula established each year by the Federal Government and can vary based on enrollment status. Eligible recipients may receive a Pell Grant for up to 12 semesters or the equivalent. 
Supplemental Educational Opportunity Grant  (SEOG): Federal SEOG grants assist undergraduates with exceptional financial need and are administered by the Financial Aid Office. Funds are awarded on a first-come first-served basis until funding is exhausted.

Federal Work Study Program (FWS)

Federal Work-Study funds are provided by the Federal government. FWS is awarded to eligible students on the basis of financial need as determined by the Financial Aid Office. It is not guaranteed from year to year and is awarded on a first-come first-served basis until funding is exhausted. There is no separate application required; if you are eligible, it will be listed on your award letter. FWS provides part-time job opportunities for students. Jobs typically require a commitment of 5 to 6 hours per week. Wages are paid directly to students on a bi-weekly basis either via direct-deposit or paper check. Total earnings cannot exceed the FWS award allotment. Federal Work-Study earnings are paid directly to student sand cannot be credited directly to student bills.  

State Higher Education Agencies/State Grants

Please visit your state’s website for more information, as eligibility requirements vary from state to state.

Students from other states should consult the State Higher Education Agencies in their home state.

Federal Student Loans

Federal Direct Subsidized Loans: These loans are available to undergraduate students with financial need. The Department of Education pays the interest on these loans while students are enrolled at least half-time, for the first six months after leaving school (grace period), and during a period of deferment. First-time borrowers are required to complete a Master Promissory Note (MPN) at https://studentloans.gov. In addition, first-time borrowers must complete Direct Loan Entrance Counseling at https://studentloans.gov. Repayment does not begin until six months from the time of graduation, leaving school, or enrollment in school at less than a half-time basis (6 credits for undergraduates). 

Federal Direct Unsubsidized Loans: This is a non-need based loan program available to both undergraduate and graduate students. Students that do not qualify for all or part of the Federal Direct Subsidized Loan previously described may qualify for a Federal Direct Unsubsidized Loan. This loan has the same terms and conditions as the Federal Direct Subsidized Loan, except that interest accrues while students are in school unless they choose to pay the interest. If interest is not paid during enrollment, then the amount of accrued interest will be added to the outstanding principal. The principal does not go into repayment until six months from the time of graduation, leaving school, or enrollment in school at less than a half-time basis (6 credits for undergraduates and 4.5 credits for graduate students).

Dependent students may also borrow additional loan funding if their parents’ credit is not approved for a Federal Direct Parent Loan for Undergraduate Students (PLUS). If a parent borrower has completed a Direct PLUS Loan application and has subsequently been denied, their student may be eligible to borrow a Federal Direct Unsubsidized Loan up to $4,000 or $5000, depending on the student’s year in school.  

No loan disbursements will be credited to student accounts until all requested information is completed. The amount received will depend on such factors as actual number of credits earned, grade level, transfer credits, and need. Students must be enrolled at least half-time status to be eligible.

Federal Direct Parent Loans for Undergraduate Students (PLUS) 

The PLUS loan program is a non-need based federal loan program for parents of students enrolled at least half time. Parents of dependent students can borrow up to their student’s cost of attendance less financial aid from Northern Vermont University and outside sources. Parents must be considered creditworthy to borrow a PLUS loan. In order to start the process, parents must complete the Direct PLUS Loan Application as well as a Direct PLUS Loan Master Promissory Note by signing in at https://studentloans.gov using their own parent FSA ID. Repayment begins 60 days after disbursement of the full amount borrowed for an academic year. Interest accrues as soon as the first disbursement is made. Parents may request to defer the repayment of their PLUS loan until six months after their student is no longer enrolled at least half-time.

Annual and Aggregate Federal Student Loan Limits 

Year Dependent Undergraduate Student (except students whose parents are unable to obtain PLUS Loans) Independent Undergraduate Student (and dependent students whose parents are unable to obtain PLUS Loans) Graduate and Professional Degree Student

First year
(0-29 credits)

$5,500 – No more than $3,500 of this amount may be in subsidized loans  $9,500 – No more than $3,500 of this amount may be in subsidized loans. $20,500 – As of July 1, 2012, this amount is unsubsidized only.

Second Year
(30-59 credits)

$6,500 – No more than $4,500 of this amount may be in subsidized loans. $10,500 – No more than $4,500 of this amount may be in subsidized loans.  

Third Year and Beyond
(60+ credits)

$7,500 – No more than $5,500 of this amount may be in subsidized loans. $12,500 – No more than $5,500 of this amount may be in subsidized loans.  
Maximum Total Debt from Stafford Loans (aggregate loan limits) $31,000 – No more than $23,000 of this amount may be in subsidized loans.  $57,500 – No more than $23,00 of this amount may be in subsidized loans. $138,500 – The graduate debt limit includes Stafford Loans received for undergraduate study.