 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? 2

Tuition $49,950 Books/Supplies$ 1,842 Rent/Utilities$10,254 Meals$ 4,122 Personal/Misc$ 2,482 Health Insurance$ 2,730 Student Fees$ 430 Transportation$ 1,994 Loan Fees$ 1,216 Total $75,020 * Estimated 9 month COA. Tentative Cost of Attendance

 Churches  Civic Organizations  Family members  Employers  Special Interests Corporations Foundations Professional Organizations  Local Scholarships  FREE online scholarship searches 4

Thank you for your service! Process for 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.

 Vanderbilt International Student & Scholar Services  Access Private Loans Opportunities: s-payment/private-alternative.php

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

  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 8

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.

Maximum $20,500 per year Current Award Year  6.21% fixed interest rate Change effective July 1, 2015  % origination fee  Complete the MPN  6 month grace period before repayment begins

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 11

Current 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)

14  Borrow in place of Federal Direct  Often NO Fees  Interest rate based on credit  Variable or fixed  Interest accrues  Vanderbilt.edu/financialaid  Loans  Private Alternative

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 15

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

18 Commodore Fan

 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: Fallinvoices sent via 8/1 payments due 8/13 Springinvoices sent via 12/1payments due 1/2  August/January: Receive credit refunds, if due, three days after classes start

 FAFSA (Free Application for Federal Student Aid) –  Federal Direct Student Loans -  Vanderbilt Financial Aid Office Webpage  Student Accounts Webpage –

Melinda Nixon Office of Student Financial Aid