Financial Aid
Outside/Private Scholarships
Payment of these scholarships to the Student Account bill must be disbursed to the Student Account Office by the semester due date. Please send a copy of the scholarship award letter to the Student Account Office. Additionally, financial aid recipients should be aware that these scholarships may reduce your eligibility for other programs if the Financial Aid Office has not been made aware of the award. Contact Financial Aid at 802-860-2730 or finaid@champlain.edu
DIRECT PLUS Loans
The federal parent PLUS loan has an origination fee that is deducted from the loan amount and is disbursed in two equal payments for each semester.
Review the Financial Aid webpage for further loan information.
Use the formula below to calculate the net disbursement amount of the loan:
If the award amount of a DIRECT PLUS loan amount is $15,000 for the year, divide the $15,000 gross loan amount by .975 (an origination fee of 2.5%). The fee is $146.25 for the full year loan. Subtract the fee truncated to $146.00. The net disbursement will be $14,854.00 ( $15,000 less $146) in two disbursements of $7,427.00. Once the loan is approved, the fall and spring semester disbursements are received and applied to by the third week of each semester.
DIRECT Loans
The Direct loan has an origination fee of .05% that is deducted from the loan amount and is disbursed in two equal payments for each semester. Review the Financial Aid webpage for further loan information.
Use the formula below to calculate the net disbursement amount of the loan:
For a Direct subsidized loan award of $3500, multiple the $3500 by .995 (the origination fee of .05%) which equals the fee of $34.82 for the full year loan. Subtract the fee truncated to $34.00. The net disbursement will be $3466 ($3500 less $34.00) in two disbursements of $1733.
For a Direct non-subsidized loan of $2000, with the same origination fee of .05%, the net amount is $1981 disbursed $990 per semester.
Perkins Loans
Current Champlain Students
Perkins Loans are awarded to the student from the Financial Aid Office. The promissory note and entrance counseling form is mailed to the student from the Financial Aid Office prior to the fall semester to be signed and returned. The award is listed on the Student Account billing statement as a pending financial aid credit.
Repayment
Perkins Loans are repaid to Champlain College through Campus Partners. Students must complete an exit interview with the Perkins Loan Coordinator before graduation or if they withdraw from Champlain College. Contact Cheryl Taylor at taylor@champlain.edu or call 802-865-6482.
Public Relations work created by graduate Robyn Estabrook