<p>I've just done the Net Price Calculator for Vandy and I got this:
<a href="http://i.imgur.com/5RZax.png%5B/url%5D">http://i.imgur.com/5RZax.png</a>
How can I pay for the remaining 9k without taking out loans?</p>
<p>Rob a bank?</p>
<p>Earn the money over the summer plus work part time during the school year?</p>
<p>Ask your parents to pay for some of it?</p>
<p>Be thrifty and not spend 2600 on personal expenses and 1400 on books. (however, the transportation estimate is ridiculously low)</p>
<p>There isn’t a tuition fairy.</p>
<p>(keep in mind that this was just an estimate of your aid…the actual amount could be more or less)</p>
<p>It looks like there isn’t a loan component, so you should be able to take out 5.5k in loans, and then work over the summer/through the school year. Find a scholarship or two. Or magic.</p>
<p>Does this already include the Hope Scholarship and General Assembly Merit Scholarship?</p>
<p>It says that it includes Vandy, state, and outside grants…so yes, it would be including those grants. </p>
<p>It has determined that your family should pay about $9k based on their income. If you get more scholarships or grants, then Vandy will just reduce what the school gives you.</p>
<p>Getting outside scholarships won’t help your situation. the school has determined that you should only get a total of about $51k in free money…no matter what source it is.</p>
<p>I’m a little confused. You are getting an 85% discount off sticker price and you are concerned about coming up with the last 15%?</p>
<p>I disagree with mom2ck, there is a tuition fairy and you have just found it. Tuition at Vandy is $43k and the are estimating that they will give you $51k - you are coming out ahead! I doubt you could find a state school anywhere that would cost less than $9k.</p>
<p>Without even trying hard, you can save $3k over the summer. You can also easily save $3k working 10 hours/week during the school year. That leaves $3k for either reducing expenses (as mom2ck suggested) or simply using the money that you would otherwise spend on food if you were living at home. Or you could even consider the possibility of working extra hours.</p>
<p>Thanks for the replies.</p>
<p>@mom2collegekids Robbing a bank is definitely on the list 
</p>
<p>I can’t work over the summer because I will be away in another country. </p>
<p>The reason I am asking this question is because I am trying to decide whether to apply EDII (increasing my chances for admission) or RD and the financial package is a big part of it. </p>
<p>My parents will probably help me pay some part of it, but I was hoping to get off their backs when I go to college.</p>
<p>I will definitely be “thrifty”. And transportation shouldn’t be an issue since I will be living on campus.</p>
<p>As for the scholarships, another person on the forums has said that I can have scholarships contribute but only up to $2000.</p>
<p>@purpleacorn I’m wanting to avoid loans as much as possible and I’m hoping to find 2k worth in scholarships that will help me cut down on costs.</p>
<p>@rmldad Yes, I know, I am just trying to explore every option I can in order to avoid loans. I am considering work-study in order to help cut down on costs.</p>
<p>I will definitely be “thrifty”. And transportation shouldn’t be an issue since I will be living on campus.</p>
<p>“Transportation” includes the cost to travel to and from campus from your home at the beginning of the school year, at holidays, spring break and end of school year. If you live close to Nashville, then that cost may not be much. </p>
<p>I don’t know what that person is talking about, but according to what your link shows, outside scholarships would be included in your grant award.</p>
<p>Work study is an award from the school. It will just depend on Vandy whether they give you that. And it may not reduce family contribution.</p>
<p>I clicked on the “?” next to the Estimated Grant/Gift Aid and it said this: “Your estimated grant aid is based on your personal characteristics and financial circumstances and how those match up with the college’s financial aid resources and practices.”</p>
<p>So, I don’t think scholarships or other types are not included since I have not given them any of my scores (which is what HOPE and GMAS is based on).</p>
<p>^^
Right. That’s typical that the school doesn’t know about other sources of aid.</p>
<p>That does NOT mean that you’ll get that aid in ADDITION to what’s mentioned in Vandy’s estimate.</p>
<p>Schools do this all the time. They give an estimate based on the given info. THEN, when they find out the student also qualifies for other aid (Pell grant, state grant, private scholarships), then the school reduces its own grants. </p>
<p>With the NPC, Vandy has estimated how much they expect your famly to pay…regardless of the various sources of aid that you eventually get.</p>
<p>Once Vandy learns about your HOPE and GMAS awards, they will reduce their own grant…so that the total is still the same.</p>
<p>Look at is this way…</p>
<p>If your family was very low income and your aid estimate said that you were going to get the full amount $61k in grants, that would NOT mean that once HOPE and GMAS were awarded that you would get MORE than $61k. No. Vandy adjusts their aid at that point. </p>
<p>Vandy determines family contribution (in your case, $9k) and then gives grants and maybe work study to cover the rest. They expect the family to pay the family contribution.</p>
<p>Have your parents said they’re not willing to pay at least a part of the 9k/yr?</p>
<p>
</p>
<p>Why? If you need summer earnings to help pay for college, then stay home!</p>
<p>I don’t know if you’re going on an educational exchange, visiting family, or building toilets in Guatemala, but if you need the money for college, perhaps you need to stay home this summer.</p>
<p>Also, keep in mind that the figure you’re getting from the NPC is an estimate only - not a guarantee. If you’re admitted, your award may not be the same. If this is a significant concern - and especially if there are factors which might significantly impact your award such as unusual assets or self-employment - you might want to wait for the RD round.</p>
<p>I do not recommend that you apply ED2 because I think you want to compare packages. I think Vanderbilt will likely give you one of the better need based awards, but it will integrate outside scholarships with the award and you/your family will have to come up with the rest through loans, work, savings, etc. It is possible that you may get a more generous merit award at other schools with stats that make you a likely candidate for Vanderbilt, but you won’t know that if you apply ED2 at Vandy. What will happen if you are accepted there, is that you will have so much time to take or leave the financial aid offer. But you will be in a vacuum as to what else you might be able to get. That is how ED works. You get a little extra boost in admissions and find out early in exchange for the ability to fully compare what other schools are willing to give you in financial aid and merit pacakges. By applying RD, you’ll have all of the offers on the table having some negotiating room and some choices, instead of take it or leave it. If you do accept Vanderbilt’s offer, you have to withdraw all of your other applications, and if you decline it, then Vanderbilt is totally off your list for this year, and it could be that is your best package. That’s why anyone who wants maximum leverage and see all of the options financially, should not apply ED.</p>
<p>OP, you also need to be aware that grant/scholarship awards in excess of tuition and fees are considered taxable income ( federal and state tax liability).</p>
<p>@cptofthehouse I see your point, but I’ve compared Vanderbilt to other schools that I am interested in, and Vanderbilt is the most generous with their aid (compared to UTK for example). I will have to pay much more for other colleges.</p>
<p>Outside scholarships can contribute up to $2000 towards your financial aid before reducing need-based aid at Vandy. They are not taken into account on those estimates unless you list on the financial aid calculator that you have received X in outside scholarships.</p>
<p>I do not believe this is true of outside grants, which will immediately reduce your Vanderbilt grant and not be helpful.</p>
<p>As for work study, you will be eligible. It does not affect the value of your grant.</p>
<p>Wow I’m getting different messages lol. I first called Vanderbilt earlier and the guy said any outside scholarships will reduce my price with no limit and another lady basically countered what he said and that I would probably not be eligible for work study since I’m already getting a “good” package.</p>
<p>It actually may be more than 2000.</p>
<p>There is a portion of your EFC that is called “student contribution.” This is the amount Vanderbilt expects students to contribute without the help of their parents (in an ideal world). The first 2000 of outside scholarships first go directly into this fund and reduce it to zero.</p>
<p>After that, I was told it reduces the amount of work-study you qualify for, and will continue to reduce your EFC essentially. </p>
<p>Once you hit the maximum for work-study (which is 2700 or something?), THEN it will begin to reduce your need-based GRANT.</p>
<p>From the office of finaid: “If an adjustment to a need-based financial aid package is necessary, the outside scholarship will be used first to replace a student’s earnings expectation before reducing Vanderbilt need-based assistance”</p>
<p>Eligibility for work study is based on FAFSA and with your EFC I don’t understand why would would not qualify. My EFC was higher and I qualified.</p>
<p>I have to echo cptofthehouse- I don’t think you should go ED2. Financial aid is clearly important to you, so in that case you shouldn’t take the risk. They’ll give you the same financial package if you get in RD as they would if you got in ED. Doing RD will allow you to compare other offers and even see if you’re awarded a nice scholarship somewhere. I recommend the U of Alabama if you’ve got nice test scores- if you have a 32 or higher ACT, you get full tuition! But back to Vandy, if you’ve already submitted your app under the RD plan, I’ve heard that it hurts you to switch to ED2 because it looks like you had “commitment issues” or whatever. I’ve had 3 friends who switched to ED2 from RD and all were rejected. Maybe that has nothing to do with it, but I still find it interesting. Just stick with RD and see how it all pans out.</p>