Financial Aid Programs in Vermont

Go to School for Less

A reliable source for information about the types of financial aid available to college students in Vermont is the Vermont Student Assistance Corporation (VSAC). VSAC is a public nonprofit created by the state of Vermont in 1965 to provide information about and access to the college planning process, including financial resources like grants, scholarships, and loans. The following is an outline of Vermont’s current aid programs for students.

Grants From The State Of Vermont

VSAC administers three grant programs, all of which require you to create a user account (called a myVSAC account) so you can submit an application and track its progress online. There is also an option for schools to register online in order to help students manage their college aid applications. Note: Grants given for degree programs require you to fill out a Free Application for Federal Student Aid (FAFSA), which can also be completed either online or by mail.

Vermont scholarships for college

Find A Scholarship Through VSAC

VSAC maintains a helpful page of detailed information on where to find scholarships, including a downloadable booklet containing listings for about 150 current scholarships (2013-2014 academic year). To be eligible for VSAC-assisted scholarships, you must qualify as a Vermont resident, you must file a FAFSA, and you must submit a Unified Scholarship Application to VSAC. Documentation requirements vary among the scholarships.

Here is a sampling of the available awards:

As you can see, the list of VSAC-assisted scholarships offers a great deal of variety, and you will certainly be able to find some form of assistance suited to your needs therein. VSAC’s other recommendations for sources of scholarship aid are local organizations and businesses, the school you plan to attend, and a short list of online resources like VSAC Online Presentations.

Find A Loan Through VSAC

VSAC has compiled a page of information summarizing your federal loan options. There’s also a private loan available through VSAC called the Vermont Advantage, and while you should always take federal loans before private loans, if your college budget still has a gap after you’ve exercised your federal options then by all means consider the Vermont Advantage product.

Vermont Advantage Private Loan

Vermont Advantage loans are given to both Vermont residents, wherever they attend school, and to out-of-state students going to school in Vermont. To be eligible for the Vermont Advantage loan, you must:

You can apply online at VSAC, and your loan will take several weeks to process. Your school receives the loan proceeds after the federally mandated “Right to Cancel” period has ended. The terms of the Vermont Advantage loan are straightforward: you may choose one of three fixed-rate plans depending on your repayment preference. Here are your rate options:

Loan origination fees depend on your cosigner’s credit rating. If it’s excellent, you pay no fee. Otherwise the fee is either 3% or 5%.