Online Resources

College financial aid can seem like a maze of forms, regulations, and figures. Even students who have received financial aid in previous years find that a new year brings new questions. This handbook is designed to explain those regulations as well as the College’s procedures. It should be used in conjunction with personal contact with members of the Financial Aid Office staff.

The Financial Aid Office is located in Barn 104 and is open from 9:00 am to 5:00 pm weekdays during the term; 8:30 am to 4:00 pm during the rest of the year. Students are welcome to stop by with questions at any time or to make an appointment with a staff member. 

Direct and Indirect Costs

A graduate student’s Bennington College bill will show the tuition charge and other mandatory expenses. Budgeting for the full cost of a student’s academic year, however, requires planning for general expenses as well. These may include books and course supplies, transportation, and personal and living expenses; MATs should also take into account teacher certification charges. 

Term Start-up Expenses

For many students, most of the funds for books, supplies and personal expenses are needed at the beginning of a term, generally before the student can get an on-campus job and paycheck. A student should plan to arrive on campus with sufficient funds for books, supplies, and initial living expenses (at least $600). The first paycheck for students with on-campus jobs arrives nearly a month after classes begin. Students who will not work should anticipate needing at least $3,000 for books, supplies, and personal expenses during the year.

Low-Residency Masters Programs

For students in low-residency programs, education-related expenses can include only the program tuition and residency charge (with the exception of the writing program final residency, for which no aid is available) and an allowance for transportation, loan fees, and required books and supplies. Students cannot borrow to pay costs of room and board during their non-residency period and are therefore eligible to borrow amounts lower than the annual graduate maximum of $20,500.

Financial aid awards for graduate students indicate the maximum loan amounts available to those students. Students who wish to borrow less than the offered amount(s) should reduce the offered loan amount on their online aid award and indicate the amount of loan they wish to borrow.

Students receiving funds such as employer-tuition benefits or outside scholarships are required to notify the Financial Aid Office of those resources. Outside resources may alter a student’s eligibility for loan funds.

Scholarship search websites include: 

• www.fastweb.com
• www.scholarships.com
• www.scholarshipamerica.org
• www.collegeboard.com

Bennington Tuition Assistantships

A few master’s degree applicants are selected as graduate assistants. Their assistantship awards are applied against their tuition charges. As these awards represent payment for work performed, they are considered taxable income and are subject to FICA as well as state and federal tax. This income is reported on the recipient’s W-2 Wage and Tax Statement. All assistantship recipients will be required to complete an I-9 form stating eligibility to work in the United States, as well as a W-4 form indicating the amount to be withheld from the assistantship for state and federal taxes. These forms are available at the Bennington College Payroll Office. Bennington College will adjust the amount of the assistantship award applied against tuition by the amount of FICA tax required to be withheld on the income and by the amount of state and federal tax elected to be withheld. All assistantship recipients will receive specific information on withholding options from the Payroll Office after the start of the term.

Bennington Graduate Teaching Grants and Scholarships

Some MATSL degree students may be awarded a teaching grant. These funds are awarded on the basis of need and academic merit and applied against tuition charges. 

Writing Program Scholarships/Grants

These awards are made on the basis of merit and need to students in the Master of Fine Arts in Writing Program. 

Veterans Administration and Yellow Ribbon Benefits

Beginning August 1, 2019, in accordance with the Veterans Benefits and Transition Act of 2018, students using Ch. 33 Post 9/11 GI Bill or Ch. 31 Voc Rehab benefits, even if the VA has not yet paid tuition and fees, will not be prevented from enrolling, assessed a late penalty fee, required to secure alternative or additional funding, or be denied access to any school resources (access to classes, libraries, or other institutional facilities) that are available to other students that have paid. Students will need to:

• produce the VA’s Certificate of Eligibility by the first day of class,
• provide written request to be certified, and
• accept the benefits noted in their award on their My Financial Aid page.

Federal Education Loans

The federal government offers three types of loans in support of graduate study:

• Unsubsidized federal direct student loan: There is no federal in-school interest subsidy on these loans, and borrowers make interest payments or capitalize interest due while they are in school. Capitalizing interest means that the interest a student owes (while in school and not making payments) is added to the total amount of the loan. See the Financial Aid Office staff for details.

Annual Maximums 

• Master’s Degree Candidates: $20,500 or education costs for the year minus other aid, whichever is lower.

MFA Writing Students’ Final Residency

Because the fifth (and final) term of the writing program is the ten-day residency only, participants do not qualify for a federal student loan for that period.

Applying for a federal student loan is a multi-step process.

• The student files a financial aid application (including a FAFSA and institutional form) and receives an aid award establishing eligibility for a federal direct student loan. 
• Once an aid award is calculated, the student accepts (or reduces or refuses) the loan amount on the My Financial Aid pages.
• The student completes any additional required items such as FAFSA corrections using the IRS Data Retrieval Tool, online loan counseling, and a new promissory note at studentaid.gov, or the Student Loan Authorization Form, available after a login at My Financial Aid. 
• Loan proceeds will be disbursed near the beginning of the academic term, after the student has fully registered for classes. 

Applying for Federal Direct parent PLUS or Grad PLUS Loans

Through the PLUS program, a parent of a dependent post-baccalaureate student may borrow up to the cost of attendance for the academic year minus any other financial aid. The parent completes the federal direct PLUS application, and, if a new borrower, a master promissory note at studentaid.gov. If the loan is approved, funds are disbursed at the beginning of the academic terms.

A first-time federal student loan borrower is required to complete loan entrance counseling at studentaid.gov. Borrowers must complete loan exit counseling at the same website before graduating, withdrawing, or taking a leave of absence from the College.

Student loans are transmitted to Bennington electronically. No funds will be credited to a student’s account unless the student has registered for classes, so it is important that the student complete registration as soon as possible. The borrower is notified when loan funds are credited to the student’s account. A student has 14 days, beginning the day of notification, to request that the loan be canceled and the funds be returned, if desired.

Disbursement Amounts

When the loan period is a full academic year, half of the student or parent loan is disbursed each term. Borrowers who wish different amounts each term can take separate one-term loans. Federal loan regulations prohibit one-term loans for the MATSL program.

Timing of Disbursements

Standard-term Programs

For MFA students, federal loans are disbursed in the first days of the term if the student:

• has completed all required aid paperwork by July 1 (fall entry) or by January 15 (spring entry).
• is fully registered for classes before the term begins.

Writing Program

If loan paperwork is timely, loan proceeds arrive at Bennington on the first day of residency classes.

MATSL Program

Because the two terms of MATSL academic year are of very different lengths, this program is subject to a special federal student loan disbursement schedule. Half of the loan is disbursed in July for the summer term. The remaining half is disbursed halfway through the academic year calendar, in February. Bills for the nonresident term, however, are sent in August.

MATSL students whose summer disbursement will not cover all summer charges and students who will pay non-resident term charges with the second (February) loan disbursement may contact the Business Office to arrange a payment contract accommodating the student disbursement schedule.

Credit Balances

Borrowers whose loans cover more than the balance due to Bennington College will have a credit balance after loan disbursement. A credit balance can be refunded to the student borrower within 14 days.

Repayment of a federal student loan generally begins six months after a borrower leaves school or graduates. The standard repayment period is ten years, though other options are available (including extended repayment, graduated repayment, income-contingent repayment, and income-based repayment). See Finaid.org's calculators for loan payments, comparisons, and more. Check with your loan servicer, online or on the phone, for additional information about your qualifications. You will see your federal loan history – both federal Stafford loans and federal direct loans—on the studentaid.gov site. Logging in will require the borrower’s federal (FAFSA) PIN.

If you are having repayment difficulties, contact your federal loan servicer. Your servicer’s name and contact information for each one of your federal loans appears on your NSLDS loan history page. Staying in contact with your loan servicer will ensure you stay on track for repayment.

Private alternative loans are not included on NSLDS. To see all loan history—including both private loans AND federal loans, a student may request a copy of their credit report here. Enter your social security number and other authentication information (such as the lender for a particular credit or loan account, loan payment amount, or a previous address), and retrieve the loan information.

Estimating monthly payments

Estimate what your monthly payment amount will be by using an online loan calculator. Note that a student who has borrowed the standard undergraduate maximum, $27,000, at a 6.4 percent interest rate would pay approximately $310 per month for ten years. A student who borrowed $10,000 would pay approximately $115 per month for 10 years. 

Default Rate

The three-year federal loan default rate for Bennington students was 2.9 percent for 2015.

PLUS Loans

Repayment of PLUS loans begins as soon as the loan is fully disbursed.

Tax Deduction on Education Loan Interest

According to federal regulations, up to $2,500 of annual interest paid on federal education loans (student or parent) is tax-deductible if certain conditions are met. More information is available from the IRS website, where publication #970, “Tax Benefits for Education,” can be found. 

Information on and links to loan forgiveness programs for volunteer work (Peace Corps, VISTA, AmeriCorps) military service (Army National Guard), legal or medical services, teaching, and for loan repayment for federal agency employees is available from the following sites:

• General information on loan forgiveness (Finaid.org)
• Loan forgiveness for employment in public service
• Government employee loan repayment
• Loan forgiveness programs for teachers

When you accept a loan, you accept legal and financial responsibilities that last until the loan is repaid. Here’s a checklist of your responsibilities, as well as your rights as a borrower. 

When you accept a student loan, you agree to:

• repay your loan(s), including accrued interest and fees, whether or not you complete your education, complete the program within the regular time frame, obtain employment, or are satisfied with your education;
• complete online exit counseling before you leave school or drop below half-time enrollment;
• notify the current holder of your loan within 10 days if you change your name, address, or phone number, drop below half-time status, withdraw from school or transfer, or change your graduation date;
• direct all correspondence to the current holder or servicer of your loan; 
• make monthly payments on your loan after leaving school, unless you’re granted a deferment or forbearance;
• notify the current holder of your loan of anything that might change your eligibility for an existing deferment. 

As a student borrower, you have the right to: 

• receive a disclosure statement before repayment on your loan begins, including information about interest rates, fees, loan balance, and the size and number of payments;
• prepay all or part of your loans without a prepayment penalty;
• apply for deferment of your loan payments for certain specified periods, as long as you’re eligible;
• request forbearance if you’re unable to make payments and don’t qualify for deferment (you must qualify according to the loan holder’s requirements);
• receive proof when your loan is paid in full. 

Find your loan servicer: Go to studentaid.gov. Use your FSA-ID pin to log in and see a list of all your federal student loans. A drill-down will allow you to see contact information. If you have difficulty, be in touch with the staff of Bennington’s financial aid office, finaid@bennington.edu or 802-440-4325.

Required Paperwork

Before students can receive any compensation from the College for work, including tuition assistantships, they must complete W-4 and I-9 forms, available from the Business Office. Completion of an I-9 form requires showing a passport or, alternatively, an original Social Security card or certified birth certificate and some form of picture identification card.

Payment Arrangements

Students with on-campus jobs (other than assistantships) must submit timesheets and are paid every two to three weeks for hours worked. Note: Because the first paycheck may not be disbursed until almost a month after the start of classes, students should arrive with sufficient funds for books, supplies, and initial living expenses. 

Verification

Verification is the required process of confirming information on which an aid award is based. It may include submitting required documentation, explanations, or confirmations such as an IRS Tax Return Transcript. Students complete the verification process as early as possible before the school year begins, confirming aid eligibility.

IRS Tax Return For Data Match

U.S. income tax filers must now, per federal regulation, get direct IRS confirmation of their FAFSA tax information rather than submit copies of tax returns. The quickest and often simplest method is to use the IRS Tax Return Transcript, which can be requested approximately 2–3 weeks after e-filing or 8–11 weeks after paper filing. Go to irs.gov for transcript.

Late Tax Returns

Students who file late federal income tax returns submit:

• a copy of the IRS Form 4686
• copies of all W-2s
• a copy of the IRS approval of the extension (if the return will be led after April 15)
• a corrected FAFSA, confirmed using an IRS tax return transcript, showing the recently led tax information (after the tax return has been led)

If appropriate, a student’s award will be adjusted once tax information is confirmed.

Filing an Amended Tax Return

An individual who files an amended IRS income tax return must provide both of the following:

• A signed copy of the original IRS income tax return that was filed with the IRS or an IRS Tax Return Transcript; AND
• A signed copy of the IRS Form 1040X, “Amended U.S. Individual Income Tax Return,” filed with the IRS, along with an IRS Tax Account Transcript. 

Before each term, the student will receive a bill from the Business Office. For students in the standard on-campus programs, all charges are expected to be paid by August 1 for the fall term and February 1 for the spring term. For standard term students, the College will permit a partial payment equal to 50 percent of the term’s charges due August 1 and February 1. Interest will be assessed at 1.5 percent per month on any outstanding balance, exclusive of financial aid, after these dates. Payment in full is due October 31 and April 30.

Payment for low-residency writing program terms is due by mid- May and mid-December. For the MATSL program, payment is due June 1 for the summer residency and August 1 for the school year term.

Federal and alternative loans and institutional grants and scholarships are credited to the student’s account after:

• all aid paperwork is complete (including electronic forms such as the loan promissory note),
• the award has been “accepted” (online, after a login on the My Financial Aid page),
• the student has registered for classes, and
• classes have begun.

Outside scholarships and employee tuition benefits are credited to the account of an enrolled student when the proceeds are received.

Any credit balance on a student’s account will be returned unless the student requests in writing that the College hold it to assist in managing funds for the following term. No interest on this credit balance will be paid to the student.

Refund checks will be issued within 14 days after the credit balance occurs.

Students who are receiving aid and withdraw from the College must provide official notification of intent to withdraw. Refunds of tuition and other payments, should there be any, will be based on the withdrawal notification date. For standard-term programs, official notice may be given by completing a withdrawal form and submitting it to the Office of the Dean, Barn 123, or the Dean of Students, Barn 113. (Office hours are 9:00 am to 5:00 pm during the term; 8:30 am to 4:00 pm during FWT and the summer.) A withdrawing student also may give oral notice to the Dean or the Registrar or, in the case of a medical withdrawal, the Dean of Students.

The College requests that standard-term students who are withdrawing schedule an appointment with the Dean (802-440-4400).

Master’s students in a low-residency program begin the withdrawal process by notifying the Dean’s Office at Bennington College. For a student withdrawing during the term, the date of withdrawal will be the date that the student officially notifies the school of intent to withdraw, unless the student has participated in an academically-related activity (such as attending a class, or turning in an assignment) at a later date. It is the withdrawal date that determines how much federal student aid a student has “earned” (by virtue of being enrolled and present) and how much must be returned per the federal “return-of-funds” calculation.

For students who attend classes but withdraw from the College by the deadlines below; an adjustment is made to charges. In addition, a portion of aid funds received will be returned to sources according to institutional, federal and, where applicable, outside guidelines.

Certain charges are nonrefundable, including fines (library, parking, maintenance, etc.), meal tickets, the health service charge, fees for health services provided, enrollment deposits for new matriculants, and interest charges due to late payment.

Bennington Refund Policy

Standard Term Programs

Institutional policy requires an adjustment both to charges and to institutional aid for students who withdraw before the 21st class day of the fall or spring term. A standard-term student who withdraws during the first five days of the term is charged 25 percent of the term’s comprehensive fee (tuition, room and board). For students who withdraw after the first five class days but before the 11th class day, the charge is 50 percent. After the 10th day but before the 21st day of classes, the charge is 75 percent of the comprehensive fee. Withdrawals on or after the 21st day involve no adjustments to institutional charges. Aid recipients will have their institutional grants, scholarships, or fellowships adjusted at the same percentage rate as the charges are adjusted.

Low Residency Programs

The withdrawal policies for the low-residency writing program and the low-residency teaching program are sent to participants with the first bill for the term. Statements of these policies are also available from the Business Office at Bennington College.

Return of Federal Funds

A portion of federal aid must be refunded to its sources if a recipient withdraws before or at the point at which the term is 60 percent over. Regulations specify the amount of “earned” and “unearned” federal aid according to the percentage of term days completed before withdrawal; the amount of federal funding to be returned is calculated accordingly. The calculated federal refund is returned to the aid programs in the order shown below. For example, a student whose award included an unsubsidized student loan would have the federal refund amount returned to that program. If the refund amount were greater than the unsubsidized loan borrowed for that term, the remaining funds would be returned to the programs next on the list (from which the student had received funds for the term).

1. Federal Unsubsidized Student Loan
2. Federal Subsidized Student Loan
3. Federal PLUS Loan
4. Other Title IV student assistance

Withdrawals During the Term

Withdrawing students should be aware that a departure during the academic term will have implications for the financial aid they are receiving and for the amount due Bennington College. Recipients of federal aid such as federal direct student loans and Grad PLUS loans will find that these must be returned on a pro-rata basis unless a student is withdrawing more than 60 percent into the term. In general, this means that if a student withdraws 25 percent of the way into the term, approximately 75 percent of federal aid will be returned to its sources. This may leave a student owing money, possibly a substantial amount, for the academic term. Contact the Financial Aid Office (Barn 104 or finaid@bennington.edu) for more information.

In addition, according to Bennington’s standards of academic progress, students who receive financial aid for a term in which they withdraw and thus receive no academic credit do not make satisfactory academic progress. See the section on “Reinstatement After Loss of Aid Eligibility.”

Withdrawing students who have received education loans are required to do online loan exit counseling using the FAFSA pin to log in. Once students have withdrawn, their loan deferment status will change.

The financial aid award is subject to the following terms and conditions:

1. At Bennington College, financial aid awards are determined in accordance with principles and regulations established by the College and by the federal government.
2. Because the financial aid award may be determined without knowledge of other aid the student may receive, individual portions of the aid award may be adjusted if other aid is received.
3. Any scholarship/grant assistance received in excess of the amount of tuition, fees, and required books and supplies must be reported as gross income on a federal income tax return.
4. Federal regulations require that a student receiving financial aid from federal sources maintain satisfactory academic progress (see below).
5. Federal law requires that prior to receipt of any federal student aid funds, each male student must register with the Selective Service, or indicate the reason he is not subject to registration. Male students who do not do so cannot receive federal funds.
6. Current legislation specifies that federal Title IV aid eligibility is suspended for a student convicted of violating any federal or state drug possession or drug sale law. Any person convicted of such a crime must indicate such in the FAFSA. Bennington College has substance abuse prevention programs. Details are available in the Student Life Office.
7. No financial aid is available for studies beyond those required by the College for graduation. Elective additional work will not be funded.
8. Aid recipients must ensure that all aid application materials they submit are true and correct. Should an amended return be filed, a copy must be sent immediately to Bennington College and an IRS “tax account statement” must be ordered and forwarded to that office so that aid eligibility can be reviewed. Failure to do so jeopardizes aid.
9. Bennington will not award aid to an applicant (or applicant’s family) who does not file a U.S. tax return by the federal deadlines, if required by law to do so.
10. Applicants who are in default on a federal student loan and who have not made satisfactory repayment arrangements enabling them to borrow again cannot receive aid at Bennington College.
11. Bennington College awards merit- and need-based financial aid based on the total cost of tuition, room, board, and required fees. Award packages for students who seek and are granted permission to be excluded from the College's meal plan or from Bennington College housing will be reduced by 15% for each exclusion. 

Satisfactory Academic Progress and Financial Aid Eligibility

Federal regulations require that students receiving federal financial aid (including loans) make satisfactory progress in their education program. Students who do not do so cannot continue receiving federal financial aid.

Masters of Fine Arts, Standard-term Students

See the Dean’s Office for more information.

Masters of Fine Arts in Writing

Continued eligibility for financial aid for Bennington’s MFA in Writing program is based on satisfactory academic progress and is evaluated at the end of each term, both in qualitative terms (Pass, Marginal Pass, Fail) and in quantitative terms (number of credits completed over number of credits attempted).

All writing program students are considered full-time, taking 16 credits per term. No partial credit for a term is awarded; students who receive an incomplete will be considered to have earned no credit unless the incomplete is replaced by a grade of Pass or Marginal Pass per terms of the incomplete status. A total of 64 credits is needed to fulfill the degree. Students are evaluated at the end of each five-month term.

A writing program student must earn a grade of Pass for the term to be making “satisfactory academic progress” for purposes of financial aid eligibility. Aid students who do not earn a Pass may continue to receive financial aid for the succeeding term in “financial aid warning” status. At the end of that warning term, the student must earn an evaluation of Pass to continue to receive financial aid.

Only one term on “financial aid warning” is permitted, so that any succeeding evaluations of marginal pass, fail, or an incomplete that is not changed into a pass will make the student ineligible for further financial aid.

The MFA in Writing program is a full-time, low-residency program, encompassing four five-month terms and one final 10-day residency. In extenuating circumstances, such as student illness, injury, or death in the family, a student with an otherwise satisfactory academic record who did not complete or receive credit for one term may be authorized by the Director to take 

five full terms, rather than four, to complete the program.

Quality of Academic Performance

Every student’s progress is evaluated by assigning grades and by reviewing the consistency of performance in other areas. Those elements determine a student’s academic status—Good Academic Standing (including Academic Notice), Academic Warning, Academic Probation, or Dismissal.

Academic Pace

MATSL students must satisfactorily complete all courses (a total of 13 courses) and generally complete the program in four terms, though the maximum allowed is five terms. In some circumstances, students may be allowed to take less than a full course load, though there may be implications for financial aid eligibility.

In addition, a MATSL student with financial aid must maintain a minimum ratio of cumulative MATSL credits earned to MATSL credits attempted. (Course withdrawals, incompletes, and failures are considered credits attempted but not completed.) A student not earning the minimum required ratio of credits earned over credits attempted will be placed on Financial Aid Warning.

Financial Aid Warning and Aid Eligibility

A student in Financial Aid Warning status may continue to receive financial aid. At the end of that warning term, that student must regain “Good Standing” or lose financial aid eligibility.

In unusual circumstances, it may be mathematically impossible for a student on Warning to return to Good Standing in just one term. In such a case, the student may request that aid be continued by filing an appeal. The program director will review the student’s request and academic record, and, upon approval, will place the student on Academic Probation and work with the student to outline a special academic plan. The plan will specify the conditions for regaining Good Standing, as soon as possible. The student on this plan must meet all conditions of the plan each term in order to continue on financial aid. No second appeal is permitted.

Students on Financial Aid Warning may continue to receive financial aid only if, at the end of the warning term, they

• return to Good Academic Standing, or
• (if it is mathematically impossible to return to Good Academic Standing in the one warning term) have led an appeal that is successful, are placed on Academic Probation and, in subsequent terms, continue to meet the requirements of the academic plan approved by the program director and the student. 

Post-Baccalaureate Students

Post-baccalaureate students must complete this program within one year, including the summer term, and can receive financial aid for a maximum of one year. Academic progress is evaluated at the end of each post-bac term—summer, fall, and spring.

Students are expected to:

• attempt and complete at least 12 credits each term (unless they have prior permission from the Dean’s Office for a reduced schedule), and
• earn a cumulative grade point average per term of at least 3.0.

A student who does not meet these standards is put on a status of Financial Aid Warning for the following term. After that term, the student must regain good standing—in terms of credits earned and cumulative GPA—in order to continue receiving financial aid.

Financial aid based on need is awarded for one academic year at a time. The student must reapply each year; Bennington’s renewal of aid instructions are available online. It is the student’s responsibility to ensure that all required forms have been received by the Financial Aid Office in time to determine eligibility and process loan applications.