The three major types of financial aid are grants, loans, and wages.
Grant assistance is gift aid that does not have to be repaid. Your grant assistance could be a combination of College, federal, and state grants. This aid is applied first to your billed fees from the College.
Loans are student loans that we recommend that you borrow for each academic year. You are not required to accept the loan portion of your aid package, but your family will be responsible for any amount you decline. The loan is applied first toward your billed fees from the College. There are several different types of loans, which are summarized below.
Perkins Loan: This federally subsidized loan will allow you to borrow up to the amount we suggest at a 5 percent interest rate. The interest on the loan is subsidized by the federal government while you are in school, and does not begin to accrue until you begin repayment nine months after you graduate or cease to be enrolled at least half time. The Perkins Loan is awarded as part of the aid package for eligible students. There is no separate application for this loan.
College Loan: This loan source is reserved for students who do not qualify for need-based federal financial aid or are ineligible due to citizenship status or academic progress. The terms are similar to those listed above for the Perkins Loan. The College Loan is awarded as part of the aid package for eligible students. There is no separate application for this loan.
Subsidized Stafford Loan: This federally subsidized loan has a fixed interest rate. The interest on the loan is subsidized by the federal government while you are in school and does not begin to accrue until you begin repayment six months after you graduate or cease to be enrolled at least half time. When interest begins to accrue, it is at a rate of 6.0%. Middlebury will process a loan from any Stafford lender.
Unsubsidized Stafford Loan: This loan is similar to the Subsidized Stafford Loan described above, except that the federal government does not subsidize the interest while you are in school. The interest rate on this loan is 6.8%. You may either pay it quarterly or let it accrue while you are in school.
The College Job or Federal Work-Study is also an optional part of your aid package. You are not required to work, but the College will not replace this portion of your aid. It is your responsibility to find a job once on campus. Student accounts are not credited with the amount offered as Work-Study or College Job; instead, students are paid every two weeks for the hours worked. The recommended job packaged for first year students at the beginning pay rate would assume approximately 5-7 hours of work per week.
On Campus Employment
Students who are awarded Federal Work-Study or College Job are eligible to work on campus. Available positions are posted on the Student Employment website.
Off Campus Work-Study
Federal Work-Study recipients are also eligible to work off campus. If you decide you would like to work at one of our approved off-campus non-profit agencies, first review the jobs being offered at the Student Employment Office or their web site listed above. Once you have identified the job you would like to apply for, obtain an authorization from from Student Financial Services. If you are hired by the off campus agency, they must complete the authorization form. This form must be returned to Student Financial Services before you may begin work.