TYPES OF FINANCIAL
ASSISTANCE
Grants available by
completing the FAFSA:
- Federal Pell Grant
For families with
low incomes. $890 to $4,731 per year. (Undergraduate Only)
-
Federal Academic Competitiveness Grant
(ACG)
This is a new grant program that began in the
2006-07 award year for full-time first and second year
undergraduate students who receive the Federal Pell Grant and are
U.S. Citizens. Students also must have completed a rigorous
secondary school program of study. Students must achieve at least
a 3.0 cumulative GPA following the first academic year to remain
eligible for the second academic year. The maximum award is up to
$750 for the first academic year and up to $1,300 for the second
academic year. For more information on this program eligibility
requirements visit: http://studentaid.ed.gov./
-
Federal National Science and Mathematics Access to
Retain Talent Grant (National SMART Grant)
This is a
new grant program that began in the 2006-07 award year for
full-time third and fourth year undergraduate students who receive
the Federal Pell Grant and are U.S. Citizens. Students must be
pursuing a major in mathematics, science, technology, engineering,
or a critical foreign language with at least a 3.0 cumulative GPA.
The maximum award is up to $4,000 for each of the third and fourth
academic years. For more information on this program eligibility
requirements visit: http://studentaid.ed.gov./
- Federal Supplemental Educational Opportunity Grant
(FSEOG)
For those with exceptional need. $200 to
$2,500 per year. (Undergraduate Only)
- Tennessee Student Assistance Award
File
the Free Application for Federal Student Aid by March 1, which
will then allow for information to be made available to the
Tennessee Student Assistance Corporation (TSAC). However, we
recommend filing much earlier as funding allocations by the state
may be limited. Eligibility for this program is determined annual
by TSAC. For 2008-09, awards range from $2,769 to $5,538
(Undergraduate Only).
Grants available by completing the PROFILE:
- University Need-Based Grant
Grant
assistance to undergraduate students pursuing their first
baccalaureate degree on the basis of financial need and academic
performance. Amounts vary based upon need.
Loans available by completing the
FAFSA:
- Federal Subsidized Stafford
Loan
Fixed-rate loan for students enrolled at
least half time. The interest rate is 6.0% for undergraduate
students and 6.8% for graduate students. Repayment starts 6 months
after college, graduate study, or military service. Click
here for more information regarding terms, conditions and
maximum loan amounts.
- Federal Unsubsidized Stafford
Loan
Fixed-rate non-need based loan for
independent students or dependent students whose parents have been
denied a Federal PLUS Loan and who are enrolled at least half
time. The Interest rate is 6.8% for both undergraduate
and graduate students. Interest is charged from the time the
loan is disbursed until it is paid in full. Option to allow
interest to accumulate and capitalize while in school. Repayment
of principal (and interest) starts 6 months after college,
graduate study, or military service. Click
here for more information regarding terms, conditions and
maximum loan amounts.
- Federal Perkins
Loan
Fixed-rate loan for students enrolled at
least half time. The interest rate is 5%. Repayment starts 9
months after college, graduate study, or military service. $500 to
$4000 per year to a maximum of $20,000 for undergraduates. Up to
$6,000 per year to a maximum of $40,000 for Divinity and Peabody
Graduate/Professionals (including any Perkins borrowed at the
undergraduate level). Click
here for more information regarding terms and
conditions.
- Federal Graduate PLUS Loan
Fixed
rate non-need based loans for graduate/professional students
enrolled at least half time. The interest rate is
8.5%. The student will qualify based upon his/her
credit and eligibility will continue based on annual credit
review. Interest is
charged from the time funds are disbursed until the
loan is paid in full. The student may borrow up to the annual cost of attending
Vanderbilt minus any other aid for which the student is eligible.
We suggest that you consider using the same lender for the Federal
Stafford and Graduate PLUS Loans. Click
here for more information regarding terms and conditions. Click here for listing of recommended Federal
Graduate PLUS loan providers.
Loans available by completing the PROFILE
- Vanderbilt Education Loan
Program
If the student is eligible for this loan then
it will be included in the financial aid award package. Please do not apply if this loan is not on your award
notification. It is a
Variable-rate loan for students enrolled at least half-time.
Repayment starts 6 months after college. Maximum amounts vary
based on need. Click
here for more information regarding application
procedures, terms and conditions.
- Vanderbilt University Student Loan Program
If
the student is eligible for this loan then it will be included in
the financial aid award package. It is a fixed-rate loan
for students enrolled at least half-time. Repayment starts 6 months
after college. Maximum amounts vary based on need. Click
here for more information regarding application
procedures, terms and conditions.
Other Loan programs to assist students and families
- Federal Parent (PLUS) Loans
Parents of
dependent undergraduate students may be eligible to borrow through
the Federal Parent Loan for Undergraduate Students (PLUS). These
loans are available from banks and other commercial lenders and
based upon the creditworthiness of the parent applicant. The
applicant may borrow up to the annual cost of attending Vanderbilt
minus any other aid for which the student is eligible. For more
information regarding the PLUS loan, including application
instructions and our recommended lender list, please contact the
Office of Student Financial Aid. Click
here for more information regarding application procedures,
terms and conditions.
- Private Alternative Loans
A number of
major lending organizations offer loan programs to qualified
borrowers to help finance the cost of a Vanderbilt education. Click
here for a list of lender options. We recommend
you examine all other options, including the federal student loans
listed above, before pursuing private loan
options.
Scholarship Programs:
- Tennessee Education Lottery Scholarship
Program
Undergraduate
students are required to complete the FAFSA each year to qualify
for the TELS programs. Additional eligibility requirements are
determined through the program rules. The deadline for fall
eligibility is September 1 and for spring eligibility is February
1 of each year.Click
here for additional information and eligibility requirements
for this program.
- Restricted Scholarships
Undergraduate
students must complete the PROFILE to be considered for Vanderbilt
restricted scholarships. More than 100 need-based programs. Some
specifically for minority students; students with specific majors,
extracurricular achievements, or career goals; residents of
particular states; veterans or their descendants; those who meet
other criteria. Varying amounts up to full tuition. Eligible
students will be matched with appropriate scholarship funds by the
staff of the Office of Student Financial Aid.
Federal Work Study
- Federal Work Study
Students must
complete the FAFSA to determine eligibility for this program.
Eligible undergraduate students may work up to 20 hours per week
on-campus. Eligible graduate/professional students may work up to
29.5 hours per week on-campus. There are a variety of work
locations and settings. Wages begin at $6.55, but vary depending
on type of job. Most undergraduate students are awarded $1000-2300
per year.
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