Types of Aid
All undergraduate financial assistance at Middlebury is based on financial need as determined by Student Financial Services. We do not offer merit scholarships at Middlebury. The three major types of financial aid are grants/scholarships, student loans, and jobs.
Grants / Scholarships
Grant and scholarship assistance is gift aid that does not have to be repaid. Your grant assistance could be a combination of College, Federal, and State grants.
|Institutional Grants and Scholarships|
|Federal Pell Grant|
|Federal Supplemental Educational Opportunity Grants (FSEOG)|
|State Grants - CT, ME, MA, NH, PA, RI, and VT|
Middlebury utilizes the student loans as part of the need-based financial aid award. 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 toward your billed fees from the College. There are several different types of loans, which are summarized below.
Perkins Loan (Federal)
This federally subsidized loan will allow you to borrow up to the amount we suggest at a fixed 5% interest rate. The interest on the loan is subsidized by the federal government while you are in school. The loan 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 part of the aid package for eligible students.
College Loan (Institutional)
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.
Subsidized Stafford Loan (Federal)
This federally subsidized loan has a fixed 3.4% interest rate. The interest on the loan is subsidized by the federal government while you are in school. The loan does not begin to accrue until you begin repayment six months after you graduate or cease to be enrolled at least half time. Middlebury will process a loan from any Stafford lender.
Unsubsidized Stafford Loan (Federal)
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 the interest quarterly or let it accrue while you are in school.
Work Study / College Job
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 through the Student Employment Office. Student accounts are not credited with the amount offered in your aid package; instead, students are paid every two weeks in the form of a paycheck.