Frequently Asked Questions

1. Do I have to apply for financial aid every year?
   Vanderbilt requires families/students to apply /re-apply for need-based financial aid every year. The Free Application for Federal Student Aid (FAFSA ) and College Board CSS PROFILE are required each year. Deadlines for the applications are listed in our Calendar. Applications may be found in our How to Apply section, from the Financial Aid Web page main menu. Parents' and student's current year income information, signed copies of federal tax returns, must also be sent to our office each year.

2. Will I receive the same financial aid package every year?
   While Vanderbilt's costs may increase from year to year, if your family's circumstances remain relatively unchanged, you can expect to receive a comparable amount of aid during your upper-class years. The self-help (loans and work-study) portions of your award may increase slightly as you progress through the four years.

3. How is my financial aid eligibility and package calculated?
   Need-based financial aid is determined through a formula that takes the Cost of Attendance (COA) minus your calculated Expected Family Contribution (EFC). The difference is called your financial need. Vanderbilt then uses parameters to fill your financial need with Vanderbilt grant funds, federal grant funds, state grant funds, federal or institutional loans, and federal work study.

4. How is my Expected Family Contribution (EFC) determined?
   Your Expected Family Contribution is determined by the data collected on the FAFSA and CSS PROFILE applications. The information you provide goes through a federal and institutional methodology formula, which calculates your EFC.

5. My tax return will not be completed by the time I need to complete the FAFSA or PROFILE application. Should I wait to complete the applications or estimate my income?
   You should estimate your income, if necessary, in order to complete your financial aid applications by the priority deadline.

6. What changes may affect my financial aid award?
   It is the goal of Vanderbilt to maximize a student's financial aid package and for the student to maintain that same level of assistance for the four year period. At times, however, there are situations that may increase or decrease a family's EFC. For example, when a family has had two students in college and reported in the household and one of the students graduates from college and moves out of the household, the EFC will typically increase by 40%. When a student's parent changes jobs where their annual income would increase or decrease, the EFC will be impacted. If a student's parent loses their job anytime during the academic year, then a re-evaluation of financial need may be appropriate. The parent would be encouraged to call the financial aid office to discuss their circumstances. We would encourage students and families to become familiar with using a family contribution calculator to estimate how their personal circumstance/changes may impact their EFC. (http://www.finaid.org/calculators/finaidestimate.phtml)

7. My Financial Aid Notification letter says that my financial aid is contingent on receipt of additional documents and information such as my parents' federal income tax return. Does this mean my financial aid award could change?
   If the additional documentation or information reflects different information than what your family provided to us on the CSS PROFILE or FAFSA, your aid eligibility will be re-evaluated. Your award package may then be changed to reflect the more accurate information.

8. Does Vanderbilt require my non-custodial parent to complete a financial information application?
   Vanderbilt does not automatically require or send a non-custodial application. There may be times when we will request information and documentation from your non-custodial parent. We will send the appropriate forms if this is deemed necessary.

9. Will Vanderbilt match financial aid packages that I have received from other schools?
   Vanderbilt University does not "negotiate" or match financial aid awards from other universities. It may be that another university is offering scholarships based on factors such as merit, and not demonstrated financial need. If, however, the other school has information about your family's financial situation that you did not share with us, or if you have reason to believe we have made an error in our evaluation, please contact us to discuss a possible re-evaluation.

10. Does Vanderbilt require a separate application for merit based scholarships?
    To be considered for honor or merit-based scholarships, students need to complete both the application for admission and the Vanderbilt Scholarship Application by the appropriate deadline. For additional information, please visit the Office of Undergraduate Honor Scholarships www.vanderbilt.edu/scholarships.

11. Do I have to reapply for the merit based scholarship I receive?
    You do not need to re-apply for merit scholarships. If, however, you have received need-based aid in addition to the merit scholarship, then you must update your financial records by filing renewal financial aid applications (Free Application for Federal Student Aid and and College Board PROFILE) every year in the spring. Students receiving certain merit scholarships may have to meet academic standards to retain these awards.

12. Can I apply for financial aid to assist with summer school expenses?
    Students attending Vanderbilt are encouraged to work over the summer to assist with their educational expenses. However, if a student wishes to attend the summer sessions, then they must provide their own financial assistance. Parent loans ( Federal PLUS Loan) or student alternative loans may be an option. If you are advised by the Dean of your enrolled college to attend a summer session and you have been a need-based financial aid recipient, then need-based funds may be available for you. Students are encouraged to notify our office of their intention to attend summer sessions by completing the Summer School Application www.vanderbilt.edu/FinancialAid/summer_aid.htm. The completion of this application does not imply that funds will be available.

13. Can I use my financial aid for a study abroad program/semester?
    Students receiving financial aid, who plan to study abroad with an approved Vanderbilt program, may use their financial aid for programs offered during the academic year (fall or spring semester). Students wishing to attend a study abroad program during the summer months and needing financial assistance will have to consider parent loans or alternative loans.

    Your financial aid will credit to your Student Account as will your Vanderbilt Study Abroad program charges. The Office of Student Accounts will refund any aid, beyond the cost of the program, to you. You are responsible for using these funds to pay any additional costs associated with your study abroad program. Before you leave for your study abroad program, the Office of Student Accounts requires a Refund Request Form be completed so that they may issue a refund check.

14. How will outside scholarships affect my financial aid package?
    Your outside scholarship(s) must be taken into account as part of your overall/total need-based aid package. It cannot be counted as part of your Expected Family Contribution (EFC). If an adjustment in your need-based financial aid package is necessary, the outside scholarship will be used first to replace an equivalent amount of need-based self-help aid (subsidized loan and/or work-study awards). If the amount of outside aid received exceeds the amount of subsidized loan and work study in your package, Vanderbilt grant funds are then reduced. If you are receiving some form of outside scholarship or outside assistance (such as employee tuition assistance or state grants), you should download the Outside Scholarship Form from our website at : http://www.vanderbilt.edu/financialaid/outside.pdf.

15. What if my outside scholarship does not arrive in time to meet the tuition deadline?
    Vanderbilt encourages students to apply for outside scholarships and we will add to add these funds to the financial aid package. However, the recipient is responsible for the delivery of funds to the Office of Student Financial Aid. The outside scholarship will be part of the anticipated aid displayed on the first invoice of each semester. However, should the funds not arrive during the first weeks of scheduled classes, a late fee may incur. We encourage families to cover the scholarship amount in order to prevent such late fees. Once the scholarship arrives and is posted to your student account, creating a credit balance, a refund may be requested.

16. I am going to be a Resident Advisor next year. How will this impact my aid package?
    Resident Advisors do receive a financial compensation toward their student account. Such funds are treated as an outside scholarship. The funds will be used to replace your need-based self-help first (Subsidized Stafford, Perkins, VU Edloan,and work-study awards). If the amount of RA funds exceeds the amount of loan and work in your package, Vanderbilt grant funds are then reduced. Most students remain eligible for an Unsubsidized Stafford loan.

17. I want to apply as an Early Decision Admissions Applicant. Can I apply for financial aid at the same time?
    Students may complete the CSS PROFILE by the stated deadlines found in our Calendar. An estimated financial aid package will be sent at the time of your ED acceptance. However, it will be necessary for you and your parents to complete the required FAFSA and submit appropriate signed tax returns in order to verify and accurately determine your eligibility for need-based aid.

18. What happens to my financial aid if I decide to live off campus?
    If you choose to live off campus, Vanderbilt will neither increase nor decrease your budget. Need-based aid will be awarded using a budget that includes the value of a standard on-campus dorm room and the value of a standard meal plan. If you live off campus, aid will be credited to your Student Account in the normal manner. If your aid exceeds your billable charges, the Office of Student Accounts may refund your credit balance after you complete a refund request form. Please contact them for further instructions.

19. I have qualified and/or am receiving the Tennessee Education Lottery Scholarship. Do I need to apply/reapply for this scholarship? Are there deadlines?
    In order to receive the Tennessee Education Lottery Scholarship you must complete the FAFSA. For students entering the fall semester, the deadline is September 1. For students being admitted in the spring semester, the deadline is February 1. The FAFSA must be completed every year to remain eligible.

20. How much loan indebtedness will I incur?
    Student loans are part of the financial aid package offered to Vanderbilt students. It is up to each individual to determine if the loan is necessary to meet educational expenses. An average of 37% of all undergraduates receive student loans each year, with an average yearly loan amount being $4,603.

21. I want to play sports for Vanderbilt. Are there athletic scholarships?
    If you are interested in participating in intercollegiate athletics and have questions regarding scholarship opportunities, please contact the Vanderbilt Athletic Department. Their website, including contact information is: http://www.vucommodores.com/

22. What are some jobs available through work study? How much will I be paid?
    There are a variety of jobs available through the FWS program.  Payment is dependent upon the position obtained and type of work performed.  Every fall, a Federal Work Study Job Fair is held on campus to allow students and employers to meet and hire or be hired.  Students who have been granted FWS awards by July 1 will be sent an invitation in late July to attend the Fair.  Work study, non work study, and off-campus jobs are listed at www.hireadore.com - to access this site, you must be a currently enrolled student.