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FINANCIAL AID SESSION
AGENDA
How much will your education cost?
What financial aid resources are available?
What is the financial aid process?
How much should you borrow?
What else do you need to do to get financially prepared?
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Tuition $49,950Books/Supplies $ 1,842Rent/Utilities$10,254Meals $ 4,122Personal/Misc $ 2,482Health Insurance $ 2,730Student Fees $ 430Transportation $ 1,994Loan Fees $ 1,216
Total $75,020* Estimated 9 month COA.
Tentative Cost of Attendance 2015-2016
POTENTIAL SOURCES OF GIFT AID
Churches Civic Organizations Family members Employers Special Interests
CorporationsFoundationsProfessional
Organizations Local Scholarships FREE online scholarship
searcheswww.fastweb.com
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MILITARY
Thank you for your service!
Process for VA benefits: http://registrar.vanderbilt.edu/va-benefits/
Yellow Ribbon = if eligible:$10,000 from VA and match from Vanderbilt Owen School. If awarded an Owen Scholarship, that will include your YR match.
INTERNATIONAL STUDENTS
Vanderbilt International Student & Scholar Services
www.vanderbilt.edu/isss
Access Private Loans Opportunities: http://www.vanderbilt.edu/financialaid/loans-payment/private-alternative.php
FINANCIAL AID AVAILABLE
• Federal Direct Student Loans (US Department of Education)
*must be a US Citizen or eligible non-citizen
• Private Alternative Student Loans
• VU Owen School = Scholarships
FEDERAL AID PROCESS
WWW.FAFSA.GOV Complete online after your 2014 federal
taxes are filed Use the IRS Data Retrieval Tool Correct name, date of birth, and social
security number are crucial
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QUALIFY FOR FEDERAL AID
The FAFSA application is verifying - US Citizen or Eligible Non-Citizen Not in default on prior federal loans SSN match Selective Service Registration
* The FAFSA is not the loan application but it is required if interested in borrowing federal student loans.
FEDERAL DIRECT UNSUBSIDIZED LOAN
Maximum $20,500 per year
Current 2014-15 Award Year 6.21% fixed interest rateChange effective July 1, 2015 1.073 % origination fee
Complete the MPN 6 month grace period before repayment
begins
FEDERAL DIRECT GRADUATE PLUS LOAN
Maximum Amount = COA minus other aid Loan is credit based
Can use endorser, if not credit approved Complete a Master Promissory Note first year Credit reviewed for second year loan
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FEDERAL DIRECT GRADUATE PLUS LOAN
Current 2014-15 Award Year 7.21% fixed interest rate
4.292% origination fee Complete the MPN
6 month grace period before repayment begins
Loans are unsubsidized: Interest begins accruing as soon as the funds are disbursed by the lender
Disbursements: Fall and Spring term
Funds sent to Vanderbilt and post to your student account
Repayment begins 6 months after end of enrollment.
Save $ by paying the interest (if not, accrued interest is capitalized and added to principle)
PRIVATE ALTERNATIVE STUDENT LOANS
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Borrow in place of Federal Direct
Often NO Fees Interest rate based on
credit Variable or fixed Interest accrues Vanderbilt.edu/financialaid LoansPrivate
Alternative
HOW MUCH DO YOU BORROW?
1. Calculate your budget – as a student!
2. Estimate your borrowing needs – keep to minimum
3. Determine if you can afford to repay your estimated debt – what are your career goals?
4. Cannot borrow over and above COA with either/or Federal Direct and Private Alternative
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Budget Planning
List your estimated expenses:
Health Insurance
Books/Supplies/Computer
Rent
Utilities/Internet
Food (eat in or out)
Travel: Long distance and Local
Miscellaneous
TIMELINE April/May: Complete the FAFSA
May/June: Financial Aid Award Notifications mailed
June/July: Secure loans Complete loan promissory notes.
Federal Direct Unsubsidized MPN, Federal Direct Graduate PLUS MPN, and/or Private loan application online.
Federal Direct Graduate PLUS - must “Request” required credit check
Federal loans – require Entrance Counseling
Payments:Fall invoices sent via email 8/1 payments due 8/13Spring invoices sent via email 12/1 payments due 1/2
August/January: Receive credit refunds, if due, three days after classes start
ONLINE RESOURCES
FAFSA (Free Application for Federal Student Aid) – www.fafsa.gov
Federal Direct Student Loans - www.studentloans.gov
Vanderbilt Financial Aid Office Webpage - www.vanderbilt.edu/financialaid
Student Accounts Webpage – www.vanderbilt.edu/stuaccts
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