2020-2021 Terms & Conditions
- DURATION OF Financial Aid: Aid is determined for summer, fall and/or spring terms.
- CREDIT TO ACCOUNTS: No estimated financial aid is credited to accounts. If all financial aid and loan paperwork is completed, the aid will post electronically in two installments, typically in the fall and spring, after the semester drop/add period.
- ADDITIONAL AID: The receipt of any scholarship/grant not listed as part of your financial aid may result in an adjustment to your aid. When reporting an outside scholarship to the Financial Aid Office, indicate the name and amount of the scholarship and whether the scholarship is renewable in future years. NOTE: Outside scholarships are credited to the student’s account equally between the fall and spring semesters, unless otherwise noted in writing by the organization.
- ADJUSTMENTS: Castleton reserves the right to adjust a student’s financial aid in accordance with university, federal and state policies. Aid may be adjusted according to current program funding levels.
- SATISFACTORY ACADEMIC PROGRESS: You must be making satisfactory academic progress (SAP) in accordance with the University’s policy. Satisfactory academic progress will be reviewed at the end of the spring semester for those currently in good standing. Those on SAP probation are reviewed at the end of each payment period (semester).
- REFUNDS: Refunds created by financial aid will not be made until actual funds are received and processed for all sources of aid. Your financial aid will be used first to pay your tuition, fees, and room and board charges if you are living on campus. If you have a credit balance after all charges have been paid, the credit balance will be refunded. Credit balance refunds are normally disbursed at the end of the fourth week of semester. All refunds are processed by the Financial & Registration Services Office.
- If you plan to live off campus, you should have sufficient funds to pay for your housing deposit, first month’s rent, and enough living expense funds to sustain you until your account is paid in full and a refund of any credit balance is disbursed to you.
- Should the student later become ineligible for any part of the financial aid awarded, the student will be responsible for returning funds to Castleton.
- ENROLLMENT CHANGES: Certain changes to enrollment status may impact financial aid. It is the student’s responsibility to notify the Financial Aid Office when making any changes to their enrollment status (i.e. full-time to part-time, or less than half-time, etc.).
- WITHDRAWAL: Recipients of financial aid who plan to withdraw from the University should contact the Academic Deans' Office prior to withdrawal. A student’s financial aid may be adjusted or cancelled based upon the student’s withdrawal date/last date of attendance from the University.
- SPECIAL CIRCUMSTANCES: All financial aid is considered final; however, should a family’s financial circumstances change dramatically during the 2020-2021 academic year, please contact the Financial Aid Office.
- FEDERAL PELL GRANT: The Pell Grant is a need-based grant offered to eligible undergraduate students enrolled in a degree-seeking program. Eligibility is based on a formula established each year by the Federal Government as well as the student’s enrollment status. Full-time Pell Grant amounts for 2019-2020 range from $687 - $6,195. The amount of Federal Pell Grant funds a student may receive over their lifetime is limited by a federal regulation/law to be the equivalent of six years of Pell Grant funding. Since the maximum amount of Pell Grant funding a student can receive each year is equal to 100%, the six-year equivalent is 600%. Pell grant amounts for 2020-2021 have not yet been determined by the federal government.
- FEDERAL SUPPLEMENTAL EDUCATION OPPORTUNITY GRANT (FSEOG): Offered to enrolled students with exceptional need (Expected Family Contribution (EFC) of 0). If there are remaining FSEOG funds after making awards to all 0 EFC recipients, the students with the lowest EFCs will be considered next. Federal SEOG grants range from $200-$1,400. Final funding for 2020-2021 is based on Congressional appropriations.
- STATE GRANT: A State Grant indicated as part of the student’s financial aid is based on notification received from the state agency. It is assumed that the student will apply for the state grant prior to deadline dates and will meet all requirements of the grant including submitting any requested documentation required by the state agency. Student must maintain academic progress to continue eligibility. State Grants can be withdrawn if the student fails to meet academic progress requirements as outlined by the State Grant agency.
- UNIVERSITY SCHOLARSHIPS: Academic/merit scholarships awarded to incoming full-time undergraduate students are made to qualified students by the Admissions Office. Returning students can apply for scholarships by completing the Returning Student Scholarship application. Returning student scholarships are mainly from endowed funds. The amount of these scholarships varies from year to year depending on the funding levels. Recipients of these scholarships are notified in mid-May. Eligibility criteria for renewable scholarships is available on Castleton’s Financial Aid & Scholarships website.
- UNIVERSITY GRANTS: Institutional grant (gift aid) is based on financial need as determined by the FAFSA information and institutional review. Priority deadline for the 2020-2021 FAFSA is April 1, 2020. Grant amounts are determined after all other merit and need-based aid are taken into account. Eligibility is determined after review of your FAFSA information and/or completion of verification. For students with an EFC (eligibility index/expected family contribution) between 0 and 4,000, the amount of grant will range from $500 - $1,000. Funding for the institutional grant is determined each year and the grants will be awarded until funds are expended. Additional grant aid may be awarded based on extenuating circumstance and need. The amount of this grant can vary and is determined by the Dean of Enrollment and/or the Director of Financial Aid. Appeals for consideration can be sent to the Dean of Enrollment.
- SUBSIDIZED AND UNSUBSIDIZED FEDERAL DIRECT STAFFORD LOANS: This type of aid is a loan and must be repaid. The terms of the Subsidized Federal Direct Stafford Loan program require that student borrowers repay with interest this source of financial assistance. This program is referred to as subsidized because the interest subsidy is paid by the federal government while the student is enrolled in school at least half-time. The terms of the Federal Direct Unsubsidized Stafford Loan program require that student borrowers repay with interest this source of financial assistance. This program is referred to as unsubsidized because the federal government does not pay the in-school interest while the student is enrolled in school. Interest on the loan begins to accrue after the loan has been disbursed; however the student may choose to have the payment of interest deferred during enrollment and later capitalized (added to principal) at the time repayment begins.
New borrowers on or after July 1, 2013 become ineligible to receive additional Direct Subsidized Loans if the period during which the borrower has received such loans exceed 150% of the published length of the borrower's educational program. The borrower also becomes responsible for accruing interest during all periods as of the date the borrower exceeds the 150% limit.
- Origination Fees: The Department of Education charges an origination fee on all Federal Direct Loans which is calculated based on the gross amount awarded. The origination fee is subject to change based on Congressional action
- Graduate Students: Effective July 1, 2012, graduate and professional students no longer receive the Federal Direct Subsidized Loan. As a result, graduate and professional students will be awarded Federal Direct Unsubsidized Loan. This change was part of the Budget Control Act of 2011 signed into law on August 2, 2011.
- NEW BORROWERS: Federal Direct Stafford Loan Master Promissory Note (MPN) must be completed if you wish to borrow from the Federal Direct Stafford Loan program. The Federal Direct Stafford Loan MPN can be completed at: studentaid.gov.
- NEW BORROWERS: ENTRANCE LOAN COUNSELING must be completed at: studentaid.gov.
- ALL BORROWERS: If subsidized and/or unsubsidized Federal Direct Loan eligibility is listed on the student’s financial aid award, the loans will be processed for the amount listed unless the student notifies the Office of Financial Aid in writing or via email that he/she wants to reduce the loan amount(s).
8. PARENT FEDERAL DIRECT PLUS LOANS: Federal Direct PLUS loans are available to credit-worthy parents of dependent, undergraduate students enrolled at least half-time. Parent PLUS Loans also have an origination fee charged based on the gross amount of the loan. The amount of the origination fee is subject to change based on Congressional action. PLUS Loan applications and Promissory Note can be completed at studentaid.gov.
9. GRADUATE FEDERAL DIRECT PLUS LOAN: Graduate students must utilize their maximum Federal Direct Unsubsidized Loan eligibility before borrowing from the Graduate Federal Direct PLUS Loan program. The Graduate Federal Direct PLUS loan has a fixed interest rate set by federal regulations. Graduate students must be creditworthy as determined by the lending institution. Repayment begins after the student is no longer enrolled at least half-time. Graduate PLUS Loan applications and Promissory Note can be completed at studentaid.gov.
10. FEDERAL WORK-STUDY: Federal Work Study is a need-based program for eligible full-time students. Award amount shown is an estimate of potential earnings and is contingent upon available jobs and actual hours worked. The offer of Federal Work Study eligibility is not a guarantee of employment or earnings. Earnings are paid directly to the student, not to the student’s account, and cannot be deducted from billings. New students are typically awarded $1,500 for the year, returning students $2,000. Final funding for 2020-2021 is based on Congressional appropriations and is not yet available.
Eligibility for the programs listed is based on data we received prior to this notice unless otherwise indicated. You may have submitted corrections to the federal processor that we have not received and therefore have not considered. Revised eligibility notices are sent when necessary.
You may also expect a change in your eligibility if
- Undergraduate Level: You enroll for less than 12 credits per semester. You must be enrolled for at least six credit hours (half-time) per semester to be eligible for the Federal Direct Loan programs.
- Graduate Level: You must be enrolled for at least 3 credit hours (half-time) per semester to be eligible for the Federal Direct Unsubsidized Loan program.
- You receive additional scholarships, grants, or loan funds not listed (Including State Grants, Vocational Rehabilitation Sponsorship, Employer Assisted Tuition, Military Tuition Assistance, scholarships from local organizations such as Lions Club, Rotary, etc., or private loans).
- Corrections caused by discrepancy between information on your application and data reported on verification documents, tax transcripts, or any other forms requested by this office. This may occur with data for the current year and/or with data on file for any year.
- There is a change to your academic standing and/or program.
- Any of the costs used to determine your eligibility change.
- The University receives insufficient funds to meet the aid offered.
Reapply for Financial Aid Every School Year – Financial aid is not automatically renewed from school year to school year. Remember to apply each year – as soon after January 1 as possible.