Financial Aid & Scholarships

The financial aid office is dedicated to providing access, aid and advising services to promote student success and lifelong learning. We strive to balance responsible stewardship of all financial aid funds while providing exceptional aid and support for students to achieve their educational goals.

Financial aid can seem confusing at first, but our team at FVCC is here to help. Please reach out to our staff, ask your advisor, or come by the Learning Resource Center (LRC) to make sure that you understand financial aid and are receiving the financial support that will help you complete your higher education.

All financial aid determinations are based on the information on the Free Application for Federal Student Aid (FAFSA). In order to receive any type of aid, each student must complete a FAFSA form.

FVCC offers financial aid in the form of grants, work-study, loans, scholarships and/or some combination of these.

Grants

Grants are a form of financial assistance that do not have to be repaid. Awards are limited to students who demonstrate financial need through the financial aid application process. Excluding the Pell Grant, an enrollment status of six or more credits is required to receive aid.

Federal Pell Grants

  • Federally funded program
  • Awarded to undergraduate students without a bachelor’s or professional degree
  • Eligibility determined by a student’s Expected Family Contribution (EFC), which is calculated from the FAFSA and enrollment status

Federal Supplemental Education Opportunity Grant (FSEOG)

  • Federally funded program
  • Awarded to exceptionally needy undergraduate students
  • Reserved for students who are eligible for Federal Pell Grant funds

Loans

Loans are a form of financial assistance which requires repayment over time.

FVCC processes loans through the US Department of Education Direct Loan program. Direct loans are low-interest loans for students to help pay for the cost of education after high school. The lender is the US Department of Education rather than a bank or other financial institution.

All direct loans have a 6-month grace period. This means you will have six months from the time you graduate or stop attending school at least half-time (six credits) before you have to start making your student loan payment.

Subsidized Loans

Eligibility is based on financial need as determined from information provided on the Free Application for Federal Student Aid (FAFSA). You’ll find more information and current interest rates for federal subsidized loans at the Federal Student Aid website.

Unsubsidized Loans

Unsubsidized Direct loans are not based on financial need. Eligibility is open to any qualified student. You’ll find information and current interest rates for federal unsubsidized loans at the Federal Student Aid website.

Federal Parent Loan for Undergraduate Students (PLUS)

The PLUS loan is a loan that parents can apply for to assist with covering the cost of attendance. This loan is specifically for parents of undergraduate “dependent” students.

For more information about subsidized and unsubsidized student loans, visit studentaid.gov.

Besides annual loan limits based on grade level, students also have cumulative loan limits. As a dependent undergraduate student the limit is $31,000 (maximum $23,000 subsidized). As an independent undergraduate student the limit is $57,500 (maximum $23,000 subsidized). For more information on loan limits, visit studentaid.gov.

The origination fee for loans disbursed on or after October 1, 2017 and before October 1, 2018 is 1.066%. For loans disbursed on or after October 1, 2018, the origination fee will be 1.062%. The origination fee is a percentage of the principal amount of each Direct loan that you receive. The fee is deducted before you receive any of the loan funds. For the most recent interest rates and information, visit studentaid.gov.

A deferment or forbearance is a postponement of payments for a specific period of time. Deferments are an entitlement of the Federal Student Loan Program and if you meet eligibility requirements, a deferment will be granted.

Common types of deferments are in-school deferment, unemployment deferment, and economic hardship deferment. Forbearances are granted at the discretion of the loan holder/servicer.

Interest continues to accrue during both deferments and forbearances for Unsubsidized loans. For Subsidized loans, interest continues to accrue during forbearances.

Consolidation through the Direct Student Loan Program is another repayment option, especially when a student has loans with multiple lenders.

Before consolidation, check with your current loan servicer to determine if you have any repayment benefits. Consolidation is not the best option for every student. Please evaluate this option carefully before consolidating your loans.

FedLoan Servicing (PHEAA): 800-699-2908 | myfedloan.org
Great Lakes: 800-236-4300 | mygreatlakes.org
NelNet: 888-486-4722 | nelnet.com
Navient: 800-722-1300 | navient.com
CornerStone: 800-663-1662 | mycornerstoneloan.org
EdFinancial: 855-337-6884 | edfinancial.com
Granite State – GSMR: 855-337-6884 | gsmr.org
MOHELA: 888-866-4352 | mohela.com
OSLA Servicing: 866-264-9762 | osla.org

What is FVCC’s current loan default rate?

FVCC’s current cohort loan default rate for FY 2018 is 11.2%. The FY 2018 national cohort default rate is 7.3%. Read more about cohort default rates for colleges here.

Work-Study

Work-study is a federal and state-subsidized program designed to promote part-time employment of students to help them avoid excessive debt while in college. As a student employee, students gain valuable work experience, develop new skills, and earn a paycheck to help meet their educational and living expenses.

  • Work-study funds are awarded as part of a student’s financial aid package.
  • Work-study awards are based on financial need and available funding.
  • Any changes in a student’s financial aid package may result in a decrease in work-study funding.
  • A work-study award does not guarantee employment.
  • Students must participate in the recruitment process by applying to current student employment opportunities posted at www.fvcc.edu/jobs.

Does work-study go towards tuition?

Work-study awards are not applied towards a student’s tuition bill, nor is the amount of the award guaranteed. An award authorizes a student to participate in the program and sets a limit as to the amount of income a student can earn during the academic year.

It is the responsibility of the student to work enough hours to reach the earnings limit, and to budget wisely throughout the year to meet necessary college costs.

Who is eligible for work-study?

Eligibility for a work-study award depends on financial need as determined by the Free Application for Federal Student Aid (FAFSA). Since funds are limited, students applying by the priority filing date of March 1st and December 1st have the best opportunity to receive a work-study award.

Applying for work-study

To apply for a work-study award, a student must indicate on the Free Application for Federal Student Aid (FAFSA) that they are interested in receiving a work-study award.

Eligibility for student employment

In order to be eligible for student employment, a student must:

  • Be enrolled at FVCC as a credit-seeking student and maintain a minimum of six (6) credits per semester (audited classes are not considered degree-granted credits and do not count toward the credit hour requirement)
  • Maintain satisfactory academic progress per FVCC student guidelines.

How to apply for student employment

View student job openings here, then complete and submit an application. Most posted student employment jobs require you to upload a resume to the online application system. Before you start your job search, be sure to have or create a resume.

Maximum hours students may work per week

Depending on the supervisor’s needs, the maximum hours per week a student may work is up to 19 hours.

Questions?

For more information and support regarding financial aid and work study awards, please contact the financial aid office at (406) 756-3849.

For information and support with student employment, please contact the student employment coordinator at (406) 756-3960 or dgrabowski@fvcc.edu.

Scholarships

For information about available scholarships, please see our scholarships page.