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?

Estimated Cost of Attendance 2017/2018 Tuition $53,990 (Projected) Student Fees $ 457 Books/Supplies $ 1,842 Rent/Utilities $11,160 Meals $ 4,248 Personal/Misc $ 2,898 Health Ins. Allowance $ 2,538 Transportation $ 2,070 Loan Fees $ 1,343 Total $80,546 * Estimated 9 month COA.

Potential Sources of Gift Aid Churches Civic Organizations Family members Employers Special Interests Corporations Foundations Professional Organizations Local Scholarships FREE online scholarship searches www.fastweb.com

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 Private Loans Opportunities Prodigy Finance Global Select MBA

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 the 2017/18 FAFSA 2015 income is reported Use your federal tax return information Correct name, date of birth, and social security number are crucial

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 2016-17 Award Year 5.31% fixed interest rate 1.068 % origination fee Complete the MPN/Entrance Counseling 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 credit is not approved Complete a Master Promissory Note first year Credit reviewed for second year loan

Federal direct graduate plus Loan Current 2016-17 Award Year 6.31% fixed interest rate 4.272% 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 Borrow in place of Federal Direct Loan Often NO Fees Interest rate based on credit Variable or fixed Interest accrues Vanderbilt.edu/financialaid Loans & Payment Private Alternative Loans

How much do you borrow? Calculate your budget – as a student! Estimate your borrowing needs – keep to minimum Cannot borrow over and above COA with either/or Federal Direct and Private Alternative

Budget Planning List your estimated expenses www.Vanderbilt.gradready.com Health Insurance Books/Supplies/Computer Rent Utilities/Internet Food 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 8/31/17 Spring invoices sent via email 12/1 payments due 1/4/18 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

Office of Student Financial Aid Questions? Melinda Nixon Office of Student Financial Aid 615-322-3591 m.nixon@vanderbilt.edu