Too poor to afford Vanderbilt, but too wealthy for financial aid? Early Decision??

Vanderbilt is my number one choice, and I would love to apply early decision, but I am hesitant to do so because of financial reasons. My family falls within a high income bracket, but has only set aside a specific amount of money to contribute to my college tuition (approx. 12k per year). Based on the Net Price Calculator, I would receive 2k in aid. This leaves over 40k per year for me to take in loans, and I just do not know if I can do that. Is it still worth applying early decision, and explaining this situation to financial aid officers in the event that I get in? Would it be possible to be released from the early decision agreement if I do not feel comfortable taking 120k in loans??

Thank you so much for taking the time to look at this, and I appreciate all insight and advice.

You cannot take out $40k/year in loans, unless your parents co-sign some sort of private loan (which means they are on the hook for it if you don’t pay). Are they willing?

For freshman year you can take out $5500 in federal student loans.

There is no use ‘explaining the situation’ (my parents have a high income but they won’t pay more than $12k/year for college) to the financial aid office. If that worked, everyone would go to college for free.

@Madison85 My parents may be willing, but I just don’t want to put them in that situation. What are my options though? If I can only take out $5500 in loans, will Vandy make up the rest in aid?

At the admissions session I attended, the main speaker said that financials were something a student should not worry about at all. The issue is that money is the only thing holding me back from applying ED and possibly even attending the school.

As far as I understand it, no school can force you to attend if you can’t afford it. So financial reasons are the one way to get out of binding ED. If it’s your dream school, apply ED, and if the financial aid doesn’t wash, turn it down. They can’t make you go 120K in debt!

And, re: admissions officers say not to worry about financials. Well, that’s their job! They want you to apply. Also, they likely mean that statement for those who have true financial need–ie: if your parents make peanuts, the financial aid is there. That statement doesn’t apply to people from wealthier backgrounds, unfortunately. However, does Vandy have merit aid? If so, do you have a chance at getting any?

No, why would Vandy make up the rest in aid just because your high income parents don’t want to pay their Vandy-calculated share?

Again, that makes no sense whatsoever. Everyone would state that their high income parents won’t pay for college if it meant that the school would make up the difference in more aid.

It’s not surprising that the main speaker said students shouldn’t worry about financials.

If I went into a car dealership and could only afford a Honda but I really wanted a Mercedes and my high income meant I couldn’t afford a Mercedes, though I really, really, really wanted one but I just didn’t want to pay that much, should the car dealership just sell me the Honda at the price of the Mercedes?

The financial aid at Vandy or any other will not care. Suggest you consign Vandy to a reach school, apply regular decision, and find some financial safety schools. Unless you get merit, don’t plan to go to Vandy.

Vandy isn’t going to make up the rest in aid…they’ve already determined that they will only give you $2k. They don’t care if your parents won’t pay more. Every parent would say that.


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. This leaves over 40k per year for me to take in loans, and I just do not know if I can do that.

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No, you shouldn’t do that…that would be crazy.

Your parents would be EXTREMELY naive co-signing that much debt.

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Would it be possible to be released from the early decision agreement if I do not feel comfortable taking 120k in loans??


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Yes.

BUT…since you already know that Vandy won’t be affordable, then likely MANY of your schools will be unaffordable.

So…what are your SAFETY schools (schools that you know you can afford)??

Do you realize that many of the schools that would give you large merit have scholarship deadlines that are in Nov and Dec? Don’t miss those deadlines by focusing on Vandy-like schools!!!

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At the admissions session I attended, the main speaker said that financials were something a student should not worry about at all.


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Ha! What a smooth talker. Did you get his name?

My sister had a child at Vandy and a child at Tufts at the same time. She got NO AID at all. Luckily, they didn’t expect any, but if they had, they certainly would have been “worried” about financials.

Thanks everyone for the advice…its just frustrating that I may not have the opportunity to attend a school that I have the credentials to get into and would LOVE to attend because I can’t afford it (although it doesn’t look that way on paper). I can get into (and probably get additional merit aid) to a very well known and reputable public university, but it isn’t where I want to go. I guess I have some more thinking to do…

Look at Tulane. It gives generous merit money and is another well-regarded southern private university.

You are not the first, or last student who can afford college costs that are near $60,000 a year…and who won’t qualify for need based aid.

I suggest you use Vandy as your reach school applying regular decision. That way…your Vandy decision and aid will come at the same time as (hopefully) acceptances to places with significant merit aid…and the sting of not being able to attend unaffordable Vandy won’t be so strong.

Are you absolutely certain you filled out the NPC correctly? I’m assuming you used 2014 numbers, but will they change much for 2015? You MAY be better off than you think, but probably not 40k per year better.

Vanderbilt may provide FA estimates ahead of time for people who want to apply early. Ask them. Also, talk to your parents. At a place with $ to give out like Vanderbilt, the reason you’re only getting 2k is because your parents have a high income, which you knew. You won’t get significant need-based aid anywhere. However, your parents may be willing and able to pay more per year, especially if they know they can do it as a payment plan (say 2k per month as opposed to coughing up one chunk all at once). Most schools let you spread the payments out and that can make a big difference.

@pheebers : However, your parents may be willing and able to pay more per year, especially if they know they can do it as a payment plan (say 2k per month as opposed to coughing up one chunk all at once). Most schools let you spread the payments out and that can make a big difference.

Why would you say 2k per month when it would be over $5,500 per month if the parents paid monthly over the course of the school year.

We visited Vandy, too, and I had the impression that we shouldn’t worry too much about the $$$. !!! (yes we still worry about the $62K/year price tag).

Let me ask you this: If your parents could afford to give you the cash difference between a Vandy education (full-pay), and a state flag-ship school where you got a full tuition scholarship, would you take the cash or the Vandy experience?

Even $40K per year is a great deal of money.

I completely understand why you love Vandy; it’s a beautiful campus in a beautiful place. Totally get that. But there is more than one way to get a great education.

I second the Tulane suggestion . . .

ETA: Vandy does have some merit scholarships so be sure to look at those. Have a feeling they are pretty competitive.

About 10% of students applying ED end up backing out based primarily on financial reasons. I think its acceptable to apply ED if there is a small gap between your expected financial aid and what you can afford. $40K is not a small gap by anyone’s standard. There is nothing wrong with reaching out directly to Vanderbilt and telling them your situation upfront. If you are an exceptionally strong applicant, you might be eligible for a lot of merit aid

@Jay1811 I didn’t say they’d pay for it all, just more. The difference could possibly be made up in merit aid and loans…but whether that’s a good idea is something else. Better to contact the school ahead of time and try to get a FA estimate and some advice directly from them.

Check your math…$40k over 4 years is $160k, not $120k, making it that more unreasonable financially.

Many upper income students have a difficult time accepting the fact that a college can be unaffordable. They aren’t used to things being out of reach, unlike poorer kids who have dealt with disappointment and making do all their lives.

I feel sorry for your disappointment.

You will have to look at less expensive schools if your parents are unwilling to pay for your education. Look at the thread on schools that guarantee merit scholarships.

You will discover that less elite schools are teeming with students just as bright and accomplished and deserving as you. Some with lower incomes. Some looking for bargains so they have money for graduate degrees. Some with parents like yours.

Your situation sounds very similar to my children’s. Approximately $12,000 per yr is all we can afford per child even though our expected contribution is significantly more than that. They are gifted high performing kids with high levels of academic achievements. We take the position that they can apply to schools where competitive scholarships eixst, but if they are not awarded one, it is no longer an option. We would not let them apply ED to any school where it is blanantly obvious that we cannot afford to pay w/o significant competitive merit.

I would strongly encourage you to apply early to several high merit schools and look into honors programs, so into schools where dept scholarships might be available. Wishful thinking is not going to bridge the gap you will face a lot of disappointment.

Fwiw, my kids have all loved where they have ended up attending even though their academic achievements are fare beyond the typical applicant pool. Plenty of high achieving kids are in the exact same predicament and so lots of peers are found on theses campuses. My kids have had fabulous opportunities at their schools. Don’t think that you are settling. Find out just what you can gain by attending those schools (honors programs, undergrad research, mentoring, taking grad level classes as an UG, etc.)

Do not apply ED to Vandy. The Vandy rep at our session said their Net Price Calculator is very accurate - within a few percent of what you’ll get from them. I believe him as their NPC is very detailed (as opposed to some schools completely horrible NPCs with one category for income “over $99,000” a year (American, I’m looking at you)). If you’ve run the NPC for Vandy and you’re not comfortable with the NPC, walk away from ED. Frankly, I’d say to walk away from RD as well unless you think your odds of merit are that good - merit is more likely if you’re in the top quartile of applicants which you can tell from Vandy’s data, or possibly if you have some hooks.

You’ll hurt yourself by applying ED to Vandy because: (1) you can only apply ED to one school and maybe there’s an affordable school you’d like to apply ED to; (2) you might allocate your application time too much to Vandy as an ED when you could be focusing on other affordable school’s with EA (or ED); (4) if you get in ED at Vandy, you’re supposed to withdraw ALL other pending applications; (3) Don’t give them your $50 if you can’t afford to attend.

DD2 had Vandy as a her top choice after we toured. While she would probably get accepted, we are not comfortable with the amount of debt we’d incur for her to attend (different from what they think you can “afford”), and she would not likely get the big merit awards. After some discussions, Vandy is simply off DD2’s application list.