<p>I know Vanderbilt is reputed to be generous with aid and merit scholarships, and that they do meet 100% of need loan-free. </p>
<p>However, after I filled out my FAFSA, my EFC was friggin' ridiculous. $37,000! Holy crap! My parents only have about $50,000 in my 'true' college fund, and most of their money is set into their retirement funds. They both work blue collar jobs (my dad works in a factory and gets a nice pension from the Army and my mom is a waitress) and my mom is looking to stop working soon. I can't afford $37,000 a year. </p>
<p>Is anyone (current student or prospective) in a similar situation? Did Vandy help you out so that you didn't have to take out massive amounts of loans? </p>
<p>I know I'm counting my chickens before they hatch, but still, it's daunting knowing that even if I get into my so-called dream schools they'd be impossible to pay for, you know?</p>
<p>When do we find out about our package??</p>
<p>wow… my EFC is just 1000…
well, its probably because im considered independent by FAFSA</p>
<p>with your situation, you can appeal the financial aid decision. when you submitted your CSS/PROFILE to Vanderbilt, did you explain your family’s financial situation? if you didnt, send the financial aid office a mail or email explaining everything…</p>
<p>to be honest though, typically, the EFC from CSS/PROFILE is normally more than those of FAFSA. CSS/PROFILE considers home equity in estimating financial need, and also, it is tied to the consumer price index rather than the “lower” part of standard of living. so you might have to end up taking alot of loans. stafford loans are generally limited (around 5k i believe) but you can also take out perkins loans throughout your undergraduate years. worse come to worst, you might have to take out a third party loan.</p>
<p>I know that, but I’m trying minimize loans.</p>
<p>snoopy…,</p>
<p>I’m facing the same issues. My EFC is even higher ($40k+) and I’ve been accepted into some great schools (Duke, W&M, WashU, …) … but the reality is sinking in that after ALL the effort, my ONLY real choice is STATE … I hope you also have a good STATE choice …</p>
<p>The system is SO broken, if your income is UNDER $70K or OVER $200K there is NO PROBLEM, … your EFC will be somewhere between 25% to ZERO% of income, … but if you’re in the MIDDLE, it could be as high as 50%!!</p>
<p>Please just wait until you receive your aid package before you panic. The aid package will come with the acceptance letter.</p>
<p>We are in the bracket palumazul says gets a bad deal, but we found Vandy to be very good in terms of aid. I am going to caution you about something: Add up “real” costs … tuition, fees, room, and board. You DO have control over the other things in the budget (personal expenses, books - they can be purchased used for much less than new, travel expenses, etc). Vandy includes a pretty high amount in the budget for the “other things,” so you want to make sure you just look at your actual costs. Now, subtract your aid (except for work study, since that is earn-as-you-go if you choose to get a job) from the “real” costs. This is what you will owe the school. The amount you owe may surprise you … it may be less than you expected; ours was. In addition, your parents can sign up for a 10 month payment plan, which has been great for us.</p>
<p>As for Profile EFC being more than FAFSA EFC, that is not necessarily so. For those with lots of assets, it can be an issue … but for the average Joe, Profile is generally not a problem in terms of increasing EFC.</p>
<p>Thanks for the replies.</p>
<p>I actually did get accepted a few weeks ago (through MOSAIC) and the wait really is killing me. Roughly calculating without the personal expenses bit [url=<a href=“http://www.vanderbilt.edu/financialaid/costfin.htm]here[/url”>http://www.vanderbilt.edu/financialaid/costfin.htm]here[/url</a>], total cost of attendance plus travel for me is over $50,000. A lot of cash.</p>
<p>But yeah, I know I’m totally overreacting right now. I guess all I can do is wait, right?</p>
<p>People tend to underestimate how wealthy they are relative to the general population. The finaid forum is filled with shell-shocked posters.</p>
<p>What it boils down to, for us middle income families, there are TWO hurdles to clear, … you must FIRST get accepted, THEN the university must REALLY want you … enough to IGNORE the EFC and make a REAL offer … only then does it make sense to choose the private vs. state …</p>
<p>Vanderbilt doesn’t utilize student loans anymore. Effective in fall of '09, they replaced loan awards with grants and other aid. I don’t know if they will be able to sustain this policy, but it’s awesome for the students on financial aid.</p>
<p>1) Vanderbilt is 100% need blind…so (see part with starts) </p>
<p>"What it boils down to, for us middle income families, there are TWO hurdles to clear, … you must FIRST get accepted, THEN the university must REALLY want you … <strong><em>enough to IGNORE the EFC and make a REAL offer</em></strong> … only then does it make sense to choose the private vs. state … " </p>
<p>doesn’t happen at Vanderbilt. Admissions choose whom to admit, and financial aid gives them the financial aid package they deserve based upon their demonstrated need. They are indepdent of each other. Vanderbilt does not choose whom to admit based on ability to pay. </p>
<p>2) Vanderbilt will meet 100% of demonstrated need (as calculated by the institution using CSS Profile and FAFSA). They will meet this need with GRANT AID and NO LOANS will be included as part of this package. However, students may still elect to take loans if they wish. </p>
<p>3) Vanderbilt is continuing with this policy despite the recent decline in the economy. </p>
<p>From this article, “Opportunity Vanderbilt” [Arts</a> and Science Magazine Opportunity Vanderbilt](<a href=“http://www.vanderbilt.edu/magazines/arts-and-science/2009-12/opportunity-vanderbilt/]Arts”>http://www.vanderbilt.edu/magazines/arts-and-science/2009-12/opportunity-vanderbilt/)</p>
<p>"Opportunity Vanderbilt is seeking $100 million in new gifts to support this financial aid initiative. Why not postpone this, given the current economy?</p>
<p>INGRAM: By waiting we could be denying someone who is qualified a chance to attend our university. Though we are certainly mindful of the current economic climate, Vanderbilt’s strategic decisions and philanthropic priorities focus on what’s important to sustain the university’s mission over the long term. And increasing Vanderbilt’s scholarship endowment is crucial to that mission." </p>
<p>Useful links on financial aid at Vanderbilt can be found here (as with that article from #3: </p>
<p>[Vanderbilt</a> University | Expanded Aid Program](<a href=“http://www.vanderbilt.edu/expandedaidprogram/]Vanderbilt”>http://www.vanderbilt.edu/expandedaidprogram/)
[Expanded</a> Aid Program | Scholarship Loan Financial Aid Application Process | Vanderbilt University](<a href=“http://admissions.vanderbilt.edu/expanded-aid-program.php]Expanded”>http://admissions.vanderbilt.edu/expanded-aid-program.php)
[Vanderbilt</a> Expanded Aid Program | No Need-Based Loans | Student Debt Reduction | Office of Student Financial Aid](<a href=“http://www.vanderbilt.edu/financialaid/expanded-aid-program.php]Vanderbilt”>http://www.vanderbilt.edu/financialaid/expanded-aid-program.php)</p>
<p>@zmoose,</p>
<p>The PROBLEM is the ** EFC **, … ANY FA office that uses the EFC to determine “demonstrated need” for a family earning between 80-180K, is going to effectively block many of those students from attending … HENCE, the “two hurdle” metaphor … my family’s EFC is about $45K, … that’s around 45% of income!! It’s INSANE! … The only private universities I could attend are those that do NOT use the EFC for FA. (i.e. H and P) …</p>
<p>I sympathize with your situation. But I don’t think EFC is solely based upon income. There are many factors that are taken into consideration.</p>
<p>I think at this point, you don’t know whether Vanderbilt will be affordable without seeing your financial aid award (assuming you have applied/been admitted). So it may be best to relax, hope for the best and wait and see.</p>
<p>Maybe you’ll be surprised with your award.</p>
<p>"Maybe you’ll be surprised with your award. "</p>
<p>I sure hope so … but after W&M and WashU’s awards, (still waiting on Duke’s FA award) I really WOULD be surprised … it all comes down to H and P, if I don’t get into either, … I go to STATE <sigh></sigh></p>
<p>Of the schools that you listed that you have been accepted to, Vanderbilt is known to be generous. Isn’t Wash U need aware?</p>
<p>Our D was admitted to W&M and they were surprisingly kind to her. We did not think it would be a possibility, based on what others have posted, as we are OOS as well. Still she does have a stafford loan in her aid package. Very few places do not include loans…Vandy is one of them.</p>
<p>Good luck! You are obviously a very bright, talented person and you should do well, where ever you end up.</p>
<p>plumazul… whats wrong with a state school bro?? I got into Cornell, Duke and Vandy but im going to THE University of Florida… GO GATORS</p>