Tuition and Aid for Graduate Students

Graduate students may be eligible to borrow through the Federal Direct Unsubsidized and/or Federal Direct Graduate PLUS Loan programs.  Individuals interested in these loans should complete the Free Application for Federal Student Aid (FAFSA).  A separate FAFSA will need to be completed every academic year.

Graduate students that are receiving tuition benefits from their employer can have their payments deferred by completing a Deferred Payment Agreement form.  This form will need to be completed every semester.

Please Note:

• Graduate students need to be accepted into a degree program in order to be offered aid. Conditional acceptances and acceptances to certificate programs do not meet the requirement.
• In order to receive/retain federal loans, the graduate recipient must have a 3.0 cumulative GPA consistent with the requirements for graduation, as determined by Federal Satisfactory Academic Progress Standards and Saint Michael’s College.
• A graduate student must also be enrolled at least half-time per semester (six credits) to be considered for these aid programs.

How do I find out if I qualify for a Federal Direct loan?

Your Federal Direct Loan eligibility will be included in the financial aid award authorization that is emailed to your Saint Michael’s College email address once you have filed the FAFSA and completed the Graduate Application for Aid.

What are the terms of the Federal Direct Unsubsidized Loans?

• The loan is issued to the student by the federal government.
• You must file a FAFSA and meet eligibility criteria set by the federal government.
• The student is responsible for all interest which accrues.
• Repayment of interest and principal begins 6 months after you graduate or fall below half-time status.
• The fixed interest rate for Federal Direct Unsubsidized loans borrowed by graduate students for the 2024-2025 school year is 8.08%.
• An origination fee is deducted from each disbursement by the federal government. The origination fee for unsubsidized loans is 1.057%.

What are the terms of the Federal Direct Graduate PLUS Loan?

• The loan is issued to the student by the federal government.
• You must file a FAFSA and meet eligibility criteria set by the federal government.
• Your credit must be approved by the federal government, or you must have a credit-worthy endorser.
• The student is responsible for all interest which accrues.
• Repayment of interest and principal may be deferred until after you graduate or fall below half-time status.
• The fixed interest rate for Federal Direct Graduate PLUS loans borrowed for the 2024-25 school year is 9.08%.
• Additionally, there is a loan fee on all Direct PLUS Loans. The loan fee is a percentage of the loan amount and is proportionately deducted from each loan disbursement. The percentage for all Direct PLUS loans first disbursed on or after Oct. 1, 2020, is 4.228%.

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 Direct and the Graduate PLUS Loan programs will be required to sign two different Master Promissory Notes (MPN), as a separate MPN is required for the Graduate PLUS Loan. The Master Promissory Note is valid for 10 years and once signed will be used for any Unsubsidized Federal Direct Loan and/or Graduate PLUS Loans through this 10-year period. Entrance counseling is required, which 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. You can complete the Entrance Counseling requirement as well as the MPN process online at https://studentaid.gov/mpn/grad/landing.

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 after the end of the drop/add period for the semester.

What happens to excess 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. Saint Michael’s College will issue a refund within two weeks of the disbursement date. Refund checks are mailed to the address on file with the college.

Post-9/11 GI Bill® Chapter 33 ‘Yellow Ribbon’ Program

Saint Michael’s College is a “Yellow Ribbon” institution. Under the Post-9/11 GI Bill® (known as the Yellow Ribbon Program), the Department of Veteran Affairs will cover tuition for graduate study at Saint Michael’s College in the graduate degree programs (up to 25 applicants; first-come, first-served basis). You must be enrolled in a graduate degree program at Saint Michael’s College. Please contact your Department of Veteran Affairs for application information and forms.

Post-9/11 GI Bill® is a registered trademark of the U.S. Department of Veterans Affairs (VA). More information about education benefits offered by VA is available at the official U.S. government Web site at http://www.benefits.va.gov/gibill.

Office of Student Financial Services
Saint Michael’s College, Box 4
One Winooski Park
Colchester, Vermont 05439
E-mail: finaid@smcvt.edu
Tel: 802.654.3243
Fax: 802.654.2591

Please note: Most federal, state, and college aid for post-secondary education is available primarily to undergraduate students. Graduate students often need to look outside of traditional sources to foundations, special grants, employer education funds, etc., to find financial assistance.