Understanding my Award Package
1. Why did a receive a smaller Pell Grant than what I was offered?
The Pell grant is a prorated grant awarded per credit a student is enrolled in. If you are in 12 or more credits, you will receive the full amount of Pell you were awarded. If you are in less than 12 credits, you will receive a prorated amount based on your enrollment. If any changes are made to your account, this amount will automatically recalculate based on course load.
2. What is EFC (Expected Family Contribution)?
Expected Family Contribution is the calculated amount of monetary assistance you will be receiving. This amount is determined per the information provided at the time of the FAFSA application and it is calculated by the Department of Education.
3. How many credits do I need to be in to get financial aid?
Students must be enrolled in six or more financial aid eligible credits to receive their loans (subsidized/unsubsidized). Grants are awarded if students are enrolled in less than six credits, however the Pell grant will be calculated per their enrollment.
4. I didn't get all of my financial aid. Why is my refund so low?
Depending on what you are receiving for your financial aid, it is possible you will receive portions of it at different times during the semester. The subsidized and unsubsidized loans will pay out first which occurs about a week before classes begin. The Wisconsin Higher Education Grant usually pays out around the same time as the subsidized and unsubsidized loans, depending on when the school receives the funds. The Pell grant pays out five weeks into the semester. Please note if the only funding from financial aid you are receiving is the Pell grant, you will not see a refund until five weeks into the semester. Any additional funding sources (other grants, scholarships, etc.) are disbursed once CVTC has received the funds for them to be processed onto accounts
5. My award notification lists subsidized and unsubsidized Stafford Loans. What is the difference?
Subsidized Stafford Loans are need-based and interest-free, while you are in school. Unsubsidized Stafford Loans are non-need based and interest-bearing loans, therefore interest will accrue while you are in school and will be added to the principle when repayment begins.
6. Will I get all my financial aid at the beginning of the year?
You will get one disbursement of aid in September (1/2) and one disbursement (1/2) in January as CVTC has a two semester academic year.
7. What is work-study? How can I get work-study?
If Federal Work Study is part of your financial aid award, you are eligible to search for Work-Study jobs on campus and earn up to the amount listed on your Award Letter. Your Work-Study award amount does not apply to your bill; you earn these funds by working and receiving a paycheck every other week for hours worked. Students can access current work-study opportunities via Wisconsin Techconnect.