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March 24th, 2015
“but are their fee-waivers”
is a typo. Should be corrected to *there fee waivers.
March 24th, 2015
Good catch – we’ve updated that!
September 23rd, 2016
My son is interested in applying for ED. As a parent, I am concerned about paying for VU. At the risk of sounding dumb, ignorant, or both, I am trying to figure it all out. I have done the Net Price Calculator. Frankly, I can’t come out of pocket on a monthly basis to cover the EFC. How does the overall financial package work to cover the cost of school, including the need based portion and the EFC portion? How do students cover the EFC if the family really can’t pay that amount out of monthly or annual income?
September 30th, 2016
Hi Chuck, thanks for your question. And my apologies for the late reply – your comment got caught in our moderation filter. I’m glad to hear your son is interested in Vanderbilt, and I hope I can answer your questions or point you in the right direction. The Net Price Calculator is a great place to start, so I am glad to hear you have already completed it. As you will have seen, the NPC estimates the family’s Expected Financial Contribution in the same way the Financial Aid office will for students that apply for aid. Once the EFC is determined for an applicant, the financial aid officer calculates the difference between the cost of attendance and the EFC to determine financial need. VU will cover the family need with grants and a small work contribution, instead of loans.
If the EFC isn’t something you are comfortable with, you have some options. One is merit-scholarships. VU awards a limited number of merit-scholarships that cover full tuition. (You won’t find out the results of merit-scholarship applications until spring, so if you are counting on them to afford VU, then ED may not be appropriate.) Second, while VU financial aid does non include loans, families are able to use loans to finance the EFC.
Our Office of Student Financial Aid and Scholarships can give you more information about financial aid and scholarships – they’re there to help and will gladly explain in more detail. You can check out their site and find their contact information at vanderbilt.edu/financialaid. Thanks again for your question!
October 19th, 2016
Are all outside scholarships, even ones considered to be merit-based, counted against the need or can the student apply any non-VU awarded merit scholarships againt the EFC?
October 19th, 2016
Thank you for your question, Chuck. Any outside scholarships, including merit awards, are taken into account as a part of your total need-based aid package and cannot count as a part of, or as a replacement for, your EFC. If you have more questions about financial aid, feel free to reach out to the Office of Student Financial Aid and Scholarships at https://www.vanderbilt.edu/financialaid/