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