Transcript 1998 - 99 Financial Aid Night

FINANCIAL AID SESSION
AGENDA
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How much will your education cost?
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What financial aid resources are available?
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What is the financial aid process?
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How much should you borrow?
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What else do you need to do to get financially
prepared?
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Tentative Cost of Attendance 2015-2016
Tuition
Books/Supplies
Rent/Utilities
Meals
Personal/Misc
Health Insurance
Student Fees
Transportation
Loan Fees
Total
* Estimated 9 month COA.
$49,950
$ 1,842
$10,254
$ 4,122
$ 2,482
$ 2,730
$ 430
$ 1,994
$ 1,216
$75,020
POTENTIAL SOURCES OF GIFT AID
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Churches
Civic Organizations
Family members
Employers
Special Interests
Corporations
Foundations
Professional Organizations
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Local Scholarships
FREE online scholarship
searches
www.fastweb.com
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MILITARY
Thank you for your service!
Process for VA benefits:
http://registrar.vanderbilt.edu/va-benefits/
Yellow Ribbon = if eligible:
$10,000 from VA and match from Vanderbilt
Owen School.
If awarded an Owen Scholarship, that will include your YR match.
INTERNATIONAL STUDENTS
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Vanderbilt International
Student & Scholar Services
www.vanderbilt.edu/isss
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Access Private Loans Opportunities:
http://www.vanderbilt.edu/financialaid/loan
s-payment/private-alternative.php
FINANCIAL AID AVAILABLE
•
Federal Direct Student Loans
(US Department of Education)
*must be a US Citizen or eligible non-citizen
•
Private Alternative Student Loans
•
VU Owen School = Scholarships
FEDERAL AID PROCESS
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WWW.FAFSA.GOV
Complete online after your 2014 federal
taxes are filed
Use the IRS Data Retrieval Tool
Correct name, date of birth, and social
security number are crucial
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QUALIFY FOR FEDERAL AID
The FAFSA application is verifying 
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US Citizen or Eligible Non-Citizen
Not in default on prior federal loans
SSN match
Selective Service Registration
* The FAFSA is not the loan application but it is
required if interested in borrowing federal
student loans.
FEDERAL DIRECT UNSUBSIDIZED LOAN
Maximum $20,500 per year
Current 2014-15 Award Year
6.21% fixed interest rate
Change effective July 1, 2015
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1.073 % origination fee
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Complete the MPN
6 month grace period before repayment
begins
FEDERAL DIRECT GRADUATE PLUS LOAN
Maximum Amount = COA minus other aid
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Loan is credit based
Can use endorser, if not credit approved
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Complete a Master Promissory Note first year
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Credit reviewed for second year loan
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FEDERAL DIRECT GRADUATE PLUS LOAN
Current 2014-15 Award Year
7.21% fixed interest rate
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4.292% origination fee
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Complete the MPN
6 month grace period before
repayment begins
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Loans are unsubsidized: Interest begins accruing as
soon as the funds are disbursed by the lender
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Disbursements: Fall and Spring term
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Funds sent to Vanderbilt and post to your student
account
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Repayment begins 6 months after end of enrollment.
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Save $ by paying the interest (if not, accrued interest is
capitalized and added to principle)
PRIVATE ALTERNATIVE STUDENT LOANS
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Borrow in place of
Federal Direct
Often NO Fees
Interest rate based on
credit
Variable or fixed
Interest accrues
Vanderbilt.edu/financialaid LoansPrivate
Alternative
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HOW MUCH DO YOU BORROW?
1.
2.
Calculate your budget – as a student!
Estimate your borrowing needs – keep to
minimum
3.
Determine if you can afford to repay your
estimated debt – what are your career goals?
4.
Cannot borrow over and above COA with either/or
Federal Direct and Private Alternative
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Budget Planning
List your estimated expenses:
Health Insurance
Books/Supplies/Computer
Rent
Utilities/Internet
Food (eat in or out)
Travel: Long distance and Local
Miscellaneous
YES (YOUR ENROLLMENT SYSTEM)
Commodore Fan
[email protected]
000201315
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TIMELINE
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April/May: Complete the FAFSA
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May/June: Financial Aid Award Notifications mailed
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June/July: Secure loans
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Complete loan promissory notes.
Federal Direct Unsubsidized MPN,
Federal Direct Graduate PLUS MPN, and/or
Private loan application online.
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Federal Direct Graduate PLUS - must “Request” required credit check
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Federal loans – require Entrance Counseling
Payments:
Fall
invoices sent via email 8/1
Spring
invoices sent via email 12/1
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payments due 8/13
payments due 1/2
August/January: Receive credit refunds, if due, three days after
classes start
ONLINE RESOURCES
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FAFSA (Free Application for Federal Student Aid) –
www.fafsa.gov
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Federal Direct Student Loans - www.studentloans.gov
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Vanderbilt Financial Aid Office Webpage www.vanderbilt.edu/financialaid
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Student Accounts Webpage –
www.vanderbilt.edu/stuaccts
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QUESTIONS?
Melinda Nixon
Office of Student Financial Aid
615-343-6778
[email protected]