Financial Aid Questions Answered by Vanderbilt University
By admin on July 17, 2009
In this video Douglas Christiansen, Associate Provost for enrollment and Dean of Admissions at Vanderbilt University, answers questions commonly asked about financial aid.
Q: What if I am uncomfortable talking about my finances?
A: Financial aid officers are your partners in helping determine the best financial aid package for you. They can’t help you if they aren’t fully aware of your situation.
Q: We’re just starting the college search. What are the first steps we should take in the financial aid process.
Dean Christiansen suggests that it may be a little early to start discuss financial aid terms as an incoming high school freshman; however, it is a good time to start looking at the admission requirements for schools that you may want to attend.
Financial Facts:
- Gift Aid: Grants and scholarships which do not have to be paid back.
- Loan Aid: Borrowed money that is repaid with interest.
- Work Aid: Money earned as wages.
Q: What are some questions we should ask about a school’s financial aid program?
- Is the institution need aware or need blind?
- Does the institution meet need with 100 percent gift or a combination of loan and work study?
- Ask about the institution’s financial aid policy.
- Do they meet full need?
- How do they meet full need?
- How do they determine need?
Q: What is an estimated family contribution or EFC? How is EFC used at different schools?
A: The EFC is the amount determined by a college that the family is expected to pay for their child’s education.
Q: What is a FAFSA and CSS Profile?
A: FAFSA is the free Application for Federal Student Aid and is the starting point for all financial aid applications. The CSS Profile is the College Scholarship Service Profile. It requests additional information that colleges can use to determine financial aid and/or scholarship award.
Q: Should we look at the cost of tuition when deciding where to apply for college.
A: Keep your options open during the application process and apply regardless of cost. A college that has a higher tuition cost may possibily offer a more attractive financial aid package. Make your final decision once all of the financial aid offers are received.
Finance Facts
- Remember each school’s deadline.
- Apply early but accurately.
- Estimate income, if necessary, to meet deadlines.
Q: Why do universities have financial aid and where does the money usually come from?
A: Universities and colleges offer financial aid to fill the gap between what a family can afford to pay for their child’s education and the total cost of that education. Financial aid offices pull funding from a variety of sources including: federal funds, state funds, private donations, and endowments.
Financial Facts
- Tuition & Fees +
- Books & Supplies +
- Room & Board +
- Transportation +
- Miscellaneous =
- Total Cost of Attendance
Q: What are some unique new financial aid programs that various schools have launched?
A: In recent years, many institutions have implemented expanded needs assessment to allow more flexibility in financial aid for middle income families without a heavy load of loans. Vanderbilt University is now 100% need blind and meets 100% of demonstrated need.
Q: Will it impact my chance for admission if we ask lots of questions about financial aid?
A: Ask any question that comes to mind. The financial aid office can’t help you if they don’t know your situation.
Q: My family is doing OK financially. Is it worth applying for financial aid?
A: Definitely yes. You won’t know what programs are available to you unless you apply. Many families opt out of financial aid because they assume they won’t, when in fact they would have received aid.
