TYPES OF FINANCIAL ASSISTANCE

Grants and Scholarships can be awarded from a variety of sources including Vanderbilt, federal, state and private entities. These funds are considered "gift" assistance and do not have to be repaid.

Grants and Need-Based Scholarships available by completing the College Scholarship Service Financial Aid PROFILE:

• University Need-Based Grant

  Grant assistance to undergraduate students pursuing their first baccalaureate degree and awarded based upon financial need. Amounts vary based upon need.

• University Restricted Scholarships

  Grant (gift) assistance to undergraduate students pursuing their first baccalaureate degree and awarded based upon financial need and academic performance. Amounts vary based upon need. Dollars for this assistance are provided by generous alumni and friends of Vanderbilt. Eligible students will be matched with appropriate scholarship funds by the staff of the Office of Student Financial Aid.

Grants available by completing the Free Application For Federal Student Aid (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 physical, life or computer science, mathematics, 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 (undergraduates 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, Tennessee residents only).

• 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 (undergraduate, Tennessee residents only).

Loan assistance includes dollars that must be repaid, with interest, based upon a certain repayment schedule. Beginning in the fall of 2009, for undergraduate students at Vanderbilt, loans will not be included in financial aid packages based upon our new initiative of replacing need-based loans with grant assistance. Under certain conditions and based upon individual family circumstances or desires, however, loans from federal and other sources may ultimately be made available to students upon request to replace any earnings expectation in the award or to replace some portion of the family's expected contribution.

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 $4,000 per year to a maximum of $20,000 for undergraduates. Up to $6,000 per year to a maximum of $40,000 for graduate/professional students (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.

Student employment opportunities offer students a chance to gain valuable work experience in addition to receiving a paycheck for their hours worked. Employment positions are not assigned; students must initiate the job search and application process.

• 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 $1,000-$2,300 per year. Students are normally paid bi-weekly for hours worked.

• Vanderbilt Institutional Employment Program

  Vanderbilt has an institutional employment program for those students who do not qualify for the Federal Work Study program. Most positions are obtained through the HireADore job website. 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. Students are normally paid bi-weekly for hours worked.