I agree with fdgjfg’s outlook. During the recession of 2008, we asked our son to take out his federal subsidized loan amount which was under 7000. I wish we had done that at least 2 years. We had to use our home equity more than once. Home values dropped. We got older. He was able to pay his loans off pretty easily with his first bachelor’s level job and with the second job. He did his masters at night while holding a good job. It didn’t hurt him to have a little skin in the game if you keep the debt low. I will throw out a few random things.
There may be a summer when you want to take an unpaid internship. Do it --if it is a superb opportunity related to your goals. Lots of internships are unpaid which leaves you with the “gift” of also taking on uncovered summer room and board costs. Honest work for your dollars commands respect no matter what you did to raise money over the summer. My Vandy son had one paid internship and one stipended internship. In both cases, his summer room and board ate most of his summer income. He cleared a couple grand each summer but the resume builders from his internships paid off later. So be strategic.
His freshman roommate was a great guy from SoCal. He wanted to shoulder more of his costs so he competed for a job as a freshman advisor (unpaid) sophomore year and then for a paid position as a Resident Assistant later as an upperclassman. I know he did a fine job for new students. Inquire on how RA positions would apply to your situation should that be a pathway open to you. It is competitive.
There may be a semester you want to study abroad. Do it, even if you do not have much of a budget for weekend travels. It is always the case that some students have deep pockets and others watch their pennies. Be of good cheer and plan on going. It is very likely that foreign study will be about the same cost as the semester at Vandy campus and Vandy extends their tuition aid to your abroad courses if they are Vandy credited. Berlin was not an expensive city for students (son number one). Denmark was pricey as is London (son number 2). There is an international study office at Vandy devoted to helping you find a match for that semester with your budget and academic interests. They have advised scores before you.
Vandy has a strong office run by students for Alternative Spring Break. There is usually a fee you have to ante up to get to these (many) service locations. Some fees are quite nominal. Some are a bit high for airplane tickets. Vandy son worked in Atlanta (low fee…slept on church floors with his group working in a kitchen --training kitchen and food industry cooking type job skills), Nashville (low fee, slept on church floors with his group serving the homeless right there in Davidson County), and in St Louis (had to buy a plane ticket, slept on church floors with his group–serviced airplanes that are devoted to bring in medical and food supplies to remote parts of the world on missions of mercy.) I bring this program up because it is very mixed with the wealthy and the not so wealthy in the student body, with the Greek-affiliated and the independent. Vandy son found it to be very refreshing to hang with a whole new group of people once a year for about a week. You have to apply and interview for this program and put down your top three choices.
You are blessed blessed blessed with your No Loans Vandy education. Depending on your future grad school plans, you may or you may not be facing expensive tuition in grad school. Play your long game.
Financial need money may never be this good again.
Financial need aid can be hard to come by in grad school. Engineers can often get affordable graduate credentials with great effort on their part. Some pathways are quite reasonably done in state schools and night schools. Law has few need discounts and reduced tuition is usually merit based, and lastly, medicine is long and very costly for most people.
Many families of your classmates of all economic brackets are greatly sacrificing for their sons and daughters during their four years at Vandy. Vandy tends to be quite generous and very reasonable in deciding your family contribution. To be free of work study is a huge improvement for your quality of life. There may be a semester where an on campus paying job is too onerous and too hard to put in your schedule. There may be a semester when you do not mind picking up bit of paid work.
you have already accomplished so much in your four years of high school. Now is the time to have confidence in yourself and also to place confidence in Vanderbilt. They chose you. Just make it your ongoing job to learn all you can on how to manage well. You will be assigned a sophomore as a resource freshman fall. That is just step one in learning to ask for advice and help as you go from those just ahead of you. Best wishes and congrats.