Financial Aid Information Vicky Cagle Director of Student Financial Services April 14, 2010
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Financial Aid Information
Vicky CagleDirector of Student Financial Services
April 14, 2010
Vanderbilt UniversitySchool of Medicine
Financial Aid Applications
Available Jan. 1 Complete prior year tax returns FAFSA – Free Application for Federal
Student Aid Need Access Application Priority deadline March 15
FAFSA
Available on our website at https://medschool.vanderbilt.edu/financial-services/ or www.fafsa.gov
Required for federal loans Student/spouse sections only School code E00459 (separate from
Vanderbilt University)
Need Access Application
Available on our website at https://medschool.vanderbilt.edu/financial-services/ or www.needaccess.org
Required of those applying for institutional need-based aid
Parental information required First time Need Access applicants
processing fee: $28 Renewal applicants processing fee:
$15
Financial Aid Award Letters
Mailed beginning April 15
Identifies aid eligibility
Funds from various sources meet total cost of attendance.
Estimated Cost of AttendanceFirst Year 2010-201112 months
Tuition $39,900Fees 3,153Books 500Living Expenses 22,867Subtotal $66,420Emphasis Summer Stipend
(3,600)
Total $62,820
Cost of Attendance May include dependent child day
care costs with documentation - only cost included for family
May not include credit card
payments May not include car payments Federal regulations and applies to all
schools
Budget
Have a budget and borrow less. Do not borrow money just because
you are eligible for it. Borrow what you need, not what you
want. Decline loans that exceed your need. “Live as a doctor now, and you will
live as a student later.”
Types of Aid Available
Scholarships
Loans
Scholarships
100% have scholarships ranging from $2,000 - $65,000
VMS Need-based Scholarships
VMS Non-need-based Scholarships
Other Scholarships
VMS Need-Based Scholarships
31% of student body qualify
Ranges from $1,000 - $12,000
Must complete the Need Access application and include parental info.
VMS Non-Need-Based Scholarships
100% of our students receive a minimum of $2,000—regardless of need.
Merit
Medical Scientist Training Program
Merit Scholarships
Awarded to 23% of our students No application process Every student that is invited is
considered. Offered shortly after invited Phone call from one of the Deans
and letter to follow Awarded for all four years of study Partial or Full Tuition
Medical Scientist Training ProgramMD/PhD Joint Degree
10% of our students are accepted.
Funds cover tuition, fees, and a stipend for duration of program.
VMS and NIH funding
Armed Forces Health Professions Scholarship Program
1% participating
Tuition, fees, books, and stipend each year
Service requirement
Minimum obligation three years
Other Scholarships
5% have secured Miscellaneous organizations and
foundations such as sororities, fraternities, and state agencies
Research on your own Emails sent by our office of
opportunities as they become available
Amounts vary
Loans
67% have loans ranging from $500 - $62,000
Federal Loans
Private Loans
VMS Need-Based Loans
Federal Loans
Federal Direct Subsidized Stafford Loans
Federal Direct Unsubsidized Stafford Loans
Federal Direct Graduate PLUS Loans
Federal Direct Subsidized Stafford Loan
67% of our students utilize these loans. $8,500 maximum available per year $65,500 maximum aggregate 6.8% fixed interest rate Interest-free while in school and grace 6-month grace following graduation 1% origination fee and an up-front
interest rate rebate of .5%
Federal Direct Unsubsidized Stafford Loan
55% of our students utilize these loans.
$47,167 minus any amount received from Subsidized Stafford
$224,000 maximum aggregate combined subsidized and unsubsidized
Same terms as the Subsidized Stafford except interest accrues from time of disbursement
Interest capitalizes at repayment
Federal Direct Graduate PLUS Loan
16% of our students utilize these loans.
Maximum available per year: cost of attendance minus any other aid received
No aggregate limit 8.5% fixed interest rate Interest accrues from time of disbursement 6-month grace following graduation Origination fee of 4% and an up-front interest rate
rebate of 1.5% Credit check - can be denied based on poor credit. If denied, may reapply with credit worthy cosigner. www.annualcreditreport.com
Private Loan
Available to international students with a U.S. credit worthy cosigner.
Maximum available is the cost of attendance minus any other aid received.
Interest rates vary based on credit score.
Interest accrues from time of disbursement.
VMS Need-Based Loan
International students will be considered for these loans since they do not qualify for federal loans.
Must complete the Need Access application and include parental info.
7% interest rate
Interest free while in school, 12-month grace, and three-year residency deferment
Options During Repayment
During residency, there are two choices:
Postpone paymentsGraceDefermentForbearance
Make paymentsSelect a repayment plan
Postpone with Grace
—a period of time following graduation when you are not required to make payments. Most occur automatically; Subsidized loans are interest-free to
borrower during grace; Unsubsidized loans continue to accrue
interest.
Availability and duration are based on type of loan.
Postpone with Deferment
—a period of time when a borrower may postpone payments.
You must apply and meet criteria; Subsidized loans are interest-free to borrower
during deferment; Unsubsidized loans continue to accrue interest.
Residents generally no longer qualify for deferment of federal loans.
Postpone with Forbearance
—a period of time when a borrower may postpone or reduce payments due to financial hardship. Application required; Used after grace and deferment; Interest accrues and capitalizes on all
loans.
Medical residency forbearance – lender must grant.
Repayment Plans
Determines payment amount and interest cost Standard (Level) Graduated Income Sensitive Repayment Extended Income Based Repayment (IBR)May extend payments to as many as
25 years
Income Based Repayment (IBR)
Payment based primarily on
household income. Family size also taken into
consideration. Partial subsidy available for the first
3 years. Must demonstrate a Partial Financial
Hardship (PFH). www.IBRinfo.org
Other Options
Loan Repayment Programs
Public Service Loan Forgiveness Program (PSLF)
Loan Repayment Programs
—programs that repay your educational debt after you complete residency in return for a commitment of service.
The National Health Service Corps (NHSC) at www.lrp.nih.gov
The National Institute of Health (NIH) at www.nhsc.hrsa.gov/loanrepayment
More programs listed at www.aamc.org/stloans
Public Service Loan Forgiveness (PSLF)
—program that forgives the remaining balance
due on your federal student loans.
Requires 120 payments to Direct Loans
Requires simultaneous work in public service
Does not have to be continuous work
Payments must be required (versus voluntary)
What is considered Public Service?
Non-profit, tax exempt, 501(c)(3) organizations
Federal, state or local government Military service Public not-for-profit schools and
colleges
Average Total Indebtedness (including undergraduate debt) - Class of 2009
Vanderbilt $138,000Private Schools $170,000
VMS range $8,500 - $254,500