Financial Aid 101 - Vanderbilt University Law School

Vanderbilt UniversityFinancial Aid OverviewInformation contained herein is accurate to the best of our knowledge but is not guaranteed.Office of Student Financial Aid and anderbilt.edu

Missing Documents Complete FAFSA each yearTo check your online missing items Login to “YES” Use your VUNET ID and password to login Check on the “ Financial Aid” linkIf missing it will state “Initiated” on youronline Financial Aid ChecklistFinancial Aid Overview2

Missing Documents Federal Direct Unsubsidized Loan MasterPromissory NoteFederal Direct Graduate PLUS Loan MasterPromissory NoteFederal Direct Unsubsidized and GradPLUS Entrance Counselingwww.studentaid.gov to complete allFederal Loan requirements. You will needFAFSA ID to access website.Financial Aid Overview3

Financial Aid Disbursements Timing Financial Aid authorized payments to studentaccounts beginning on August 10. All checklist items must be completed beforedisbursements are made to the studentaccount. Office of Student Accounts generates refunds. Direct Deposit or paper check to local addressFinancial Aid Overview4

Borrower Responsibilities Loan Servicer communications Read and retain all of your student loanrecordsEligible for in-school deferment statuswith at least half time enrollment statusYou must participate in exit counseling We will email the exit informationFinancial Aid Overview5

Types of Loans Available Federal Direct Unsubsidized Loan Federal Direct Graduate PLUS Loan 1.059% origination fee4.30% interest rate4.236% origination fee5.30% interest ratePrivate Alternative Loans variesFinancial Aid Overview6

Federal Direct Unsubsidized andGrad PLUS Interest begins accruing at the time ofdisbursementPayment is optional while in school,during grace or deferment period.Unpaid interest will eventually becapitalized.Interest rates determined every July 1 Same rate for the full life of the loanFinancial Aid Overview7

Federal Direct Unsub and GradPLUS Loan Repayment Terms Repayment begins 6 months after graduationor last date of half time enrollment A borrower may pre-pay all, or part of loanwithout penalty Deferment and forbearance options availableFinancial Aid Overview8

Loan Types: PrivateAlternative Loans Another option for students Can apply if enrolled less than half timeCan apply if not eligible for federal loansThe interest rate offered may be a variable orfixed rateCheck with lender for current rates.If you are an international student then youmay be required to have a U.S. co-signer.Financial Aid Overview9

Repayment Plans Standard Repayment Plan – 10 yearsGraduated Repayment Plan – 10 years with lowermonthly payments at first then increased over timeExtended Repayment Plan – up to 25 years if your loanbalance exceeds 30,000 Income-Driven Plans Income-Sensitive PlansFinancial Aid Overview10

Web Resources www.studentaid.ed.govwww.nslds.ed.govFinancial Aid Overview11

Taxpayer Relief information Potential education loan interestdeductionLifetime Learning Credit allows taxcredits annuallyConsult a tax advisor for detailswww.irs.gov/publications/p970/Financial Aid Overview12

Contact InformationAnne BathonVanderbilt UniversityOffice of Student Financial Aid615-322-3591Anne.bathon@vanderbilt.eduFinancial Aid Overview13

loans@vanderbilt.edu Financial Aid Overview. . Vanderbilt University Office of Student Financial Aid 615-322-3591 Anne.bathon@vanderbilt.edu. Title: Financial Aid 101 Author: SNG Created Date: 8/4/2020 2:47:53 PM .