FAQs for Other Degrees
For federal student loans, applicants must complete the Free Application for Federal Student Aid (FAFSA) after Oct. 1 – the school code is 003535.
A merit-based scholarship may be available through the specific degree program to which you’re applying. You are encouraged to speak to the program manager in the degree program to see if scholarships are available and to learn of deadlines.
The FAFSA must be submitted annually. If you do not require federal loan assistance, there is no need to complete the FAFSA.
The FAFSA must be completed prior to the end of the term in which you wish to apply for a loan.
International students may be considered for merit scholarships along with the rest of the accepted students. Speak to the program manager in the degree program to see what funding available and to learn deadlines.
Financial Aid award letters will be sent to new and returning students on a rolling basis as departmental scholarships are confirmed and FAFSA information is received.
The William D. Ford Federal Direct Unsubsidized loan has a fixed interest rate of 4.30% for disbursements between July 1, 2020 – June 30, 2021. Unsubsidized loans first disbursed after 10/01/2019 have an origination fee of 1.059% deducted at each disbursement.
The William D. Ford Federal Direct Graduate PLUS loan has a fixed interest rate of 5.30% for disbursements between July 1, 2020 – June 30, 2021. Graduate PLUS loans first disbursed after 10/01/2019 have an origination fee of 4.236% deducted at each disbursement. Credit is checked; the loan may be denied if you have an adverse credit history. The credit check is good for 180 days.
1) Obtain an endorser. An endorser is someone who does not have adverse credit and is willing to repay the loan if you do not repay it.
2) You may appeal the credit decision if you believe it was based on incorrect information or if you have extenuating circumstances. Log into StudentLoans.gov and select “Document Extenuating Circumstances. Follow directions, and Applicant Services will contact you with further instructions. You may also contact them directly at 1.800.557.7394.
Borrow only what’s necessary. Prepare an estimated budget of your expenses to determine how much you need. Unsubsidized and Grad PLUS loans begin to accrue interest right away. To decline part or all of the loan(s), email MedFinaid@vanderbilt.edu. If you need the funds later in the year, you may request an amount up to your federal eligibility.
Your financial aid award may include scholarships and/or federal loans and is for one academic year. Funds will be disbursed equally in two or three payments, occurring at the beginning of the fall, spring and/or summer terms.
If a credit balance remains in your student account after tuition and fees have been paid, a refund will be processed. You are encouraged to sign up for Direct Deposit from your YES page; otherwise, you will receive a paper check at your local address.
The University Registrar’s Office will notify the National Student Clearinghouse that you are a full-time student once classes begin, and your loans will be put into in-school deferment. If your loans are already in repayment, send your deferment paperwork to the URO for completion.
The Department will notify you of your eligibility for scholarships. You must complete the Free Application for Federal Student Aid in order to receive student loans each year.