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Frequently Asked Questions

What happens with my student loans after I leave Vanderbilt?
When enrollment at Vanderbilt ceases, your loan will enter a grace period. During the grace period, no principal payments are due, but interest may accrue depending on the type of loan. After the grace period has ended, principal payments begin. Also due upon first payment is all interest accrued during the grace period.

Can I pay the grace period interest as it accrues?
Yes. Statements will be sent to you during the grace period that reflect accruing interest.

When are my payments due?
A repayment schedule for each of your loans will be prepared and sent to you shortly after you leave Vanderbilt. Once repayment begins, billing statements are mailed on the first of each month for payments due on the fifteenth.

I need to make a payment but have misplaced my statement. What should I do?
Send your payment to VU Station B #356217, Nashville, TN 37235. Be sure to include your account number on your check.

If it is after the due date, can I overnight my payment?
Yes. Our street address is 110 21st Ave. S., Suite 106, Nashville, TN 37203.

How can I make extra payments to my loan account(s)?
Any payment received on an account that is more than what is due will be applied to the principal balance of the loans. The overpayment will be prorated across all loan accounts based on loan balances. If you would like the funds distributed in a specific manner (ex.: to loans with higher interest rates, low balances), please indicate with your payment how you would like the additional funds applied.

What if I want to make payments in advance for a period of time?
Please indicate with your payment the period of time that advance payments are to be made. The extra money will go into a suspense account from which future payments will be drawn. No billing statements will be generated during that time.

What types of deferment options are there on my loan and how do I apply?
Deferment options vary by type of loan. Please see the deferment page for more details. A deferment form can be found on the back of our billing statement as well as on the deferment page on this site. If you do not have a statement, forms are available on request from our office.

I have been deferring my Vanderbilt institutional loans for several months and more interest has accrued than I can afford to pay at one time. What can I do?
There are several options regarding repaying accrued grace and deferment period interest. Please contact our office for more details.

Am I eligible for partial loan cancellation?
A borrower may have all or part of his or her Federal Perkins Student Loan cancelled for engaging in various types of employment or public service. Eligibility depends on specific loan program rules and dates of loan disbursements. Please see the cancellation page for more details.

Due to temporary financial trouble, I am unable to make my payments. What should I do?
Short-term deferments and forbearances can be granted to assist borrowers through periods of temporary economic difficulty. Eligibility is determined by the Office of Student Loans and all requests should be made in writing. For more information, please contact our office.

Can I have my loans consolidated?
Only federal student loans (Stafford, Perkins, Federal Nursing, HPSL, PCL,e.g.) can be consolidated. There are several companies that specialize in student loan consolidation. Please see the loan consolidation page for more details.

Is there an independent office I can contact to resolve a dispute with my loan?
Yes, for federal loan programs only.  The U.S. Department of Education Student Financial Aid Office of the Ombudsman works with student loan borrowers to informally resolve disputes and problems.  The phone number is 1-877-557-2575.