Other Degrees Types of Aid
Vanderbilt Merit-Based Scholarships
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.
Federal Direct Unsubsidized Loans
Students that complete the FAFSA and meet student eligibility requirements are eligible to receive a Federal Direct Unsubsidized Loan. The maximum that an MPH student may borrow for a full 12-month period is $37,167 and for a 9-month academic year is $33,000. For all other professional degree programs at the School of Medicine, the maximum that a student may borrow for a full 9-month or 12-month period is $20,500. For loans first disbursed on or after July 1, 2019, but before July 1, 2020, the interest rate for Federal Direct Unsubsidized Loans is 6.08%, and is fixed for the life of the loan. Effective July 1, 2020, the interest rate will be 4.30%. Interest will accrue during the in-school, grace, and deferment periods. These loans may replace the estimated family contribution. A loan origination fee of 1.062% will be deducted at each disbursement. New loans disbursed on or after October 1, 2019, have a loan origination fee of 1.059%. Repayment begins 6 months after the last date of attendance. The maximum aggregate loan limit for MPH students is $224,000. For all other professional degree programs, the maximum aggregate loan limit is $138,500. The aggregate loan limit includes undergraduate loans.
Students borrowing Federal Direct Unsubsidized Loans at Vanderbilt for the first time must complete Entrance Counseling and the Master Promissory Note. Both of these steps need only be completed one time, and students should use the Federal Student Aid ID and password from the Free Application for Federal Student Aid. Vanderbilt will receive notice when these steps have been completed.
Federal Direct Graduate PLUS Loans
Students utilizing all of their Federal Direct Unsubsidized Loan eligibility may need to borrow additional funds for educational expenses. The Federal Direct Graduate PLUS Loans is available to students who pass a credit check and meet student eligibility requirements. The maximum amount that a student may borrow per academic year is the cost of attendance less any other financial aid. For loans first disbursed on or after July 1, 2019, but before July 1, 2020, the interest rate for Federal Direct Graduate PLUS Loans is 7.08%, and is fixed for the life of the loan. Effective July 1, 2020, the interest rate will be 5.30%. Interest accrues from the time the funds are disbursed. Repayment begins six months after the last date of attendance. A loan origination fee of 4.248% will be deducted at each disbursement. New loans disbursed on or after October 1, 2019, have a loan origination fee of 4.236%. If you have an adverse credit history, the loan may be denied. If you are denied, you may reapply with a credit-worthy co-signer.
Students borrowing Federal Direct Graduate PLUS Loans at Vanderbilt for the first time must complete the Master Promissory Note. Students show use the Federal Student Aid ID and password from the Free Application for Federal Student Aid. Vanderbilt will receive notice when this step has been completed. The credit check process is required every year the student wants a loan.
Private Alternative Loans
Examine all other options, including the federal student loans, before pursuing private loan options, as these loans may be more expensive than other options. The interest rates listed for private loans are either variable or fixed, and monthly payments are extended over several years. Interest will accrue from the time the funds are disbursed. Private loans are credit-based and may require a cosigner. Vanderbilt University provides a historical list of previous private lenders, FASTChoice, which is a tool for comparing private loan lenders through which our students have borrowed during the past three award years. The lenders are listed in random order, and the information provided is accurate to the best of our knowledge. You may choose to borrow through any lender, including lenders not on this list. If you choose to borrow through a lender that is not on this list, we will process your application and certify your eligibility with that lender. If you are an international student, please review the list; some lenders allow international students to borrow with a U.S. co-signer. International students in their last two years of medical school can apply for a loan without a co-signer.