1. Financial Aid Session

2. 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?

3. 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.

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

5. Military 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.

6. International Students
Vanderbilt International Student & Scholar Services
Private Loans Opportunities
Prodigy Finance
Global Select MBA

7. 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

8. 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

9. 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.

10. Federal direct unsubsidized Loan
Maximum $20,500 per year
Current Award Year
5.31% fixed interest rate
1.068 % origination fee
Complete the MPN/Entrance Counseling
6 month grace period before repayment begins

11. 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

12. Federal direct graduate plus Loan
Current Award Year
6.31% fixed interest rate
4.272% origination fee
Complete the MPN
6 month grace period before repayment begins

13. 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. 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

15. 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

16. Budget Planning List your estimated expenses
Health Insurance
Books/Supplies/Computer
Rent
Utilities/Internet
Food
Travel: Long distance and Local
Miscellaneous

18. 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 8/ payments due 8/31/17
Spring invoices sent via 12/1 payments due 1/4/18
August/January: Receive credit refunds, if due, three days after classes start

19. Online Resources
FAFSA (Free Application for Federal Student Aid) –
Federal Direct Student Loans -
Vanderbilt Financial Aid Office Webpage -
Student Accounts Webpage –

20. Office of Student Financial Aid
Questions?
Melinda Nixon
Office of Student Financial Aid