question about vandy financial aid: EFC

paigetherage · 09-13-2009, 01:47 PM

Okay so i know that vanderbilt calculates what a person's expected family contribution (EFC) should be and then they pay the difference between the cost of attendance and that. but, if i were to get an outside scholarship, does that just decrease my EFC? or does that go into what vanderbilt is paying for?

also, in what ways can i try to decrease my EFC? if any...

sorry if these are stupid questions, i'm getting really confused by this whole financial aid thing. any input is appreciated! thanks.

crs1909 · 09-13-2009, 02:43 PM

anyone, correct me if im wrong, but im pretty sure you can lower your efc just by taking out all of the money you currently have in the bank, and this might also be true for your parents, too.

LittleLostFlute · 09-13-2009, 05:55 PM

Technically, when you take money out of the bank you're still in possession of it, and therefore it should be considered when calculating EFC. If you or your family are considering a big purchase (i.e., a new car, house, boat, etc.) around January, if you do that before you fill out your FAFSA and Profile that may help a little. Also, if you have savings in your name, try to move them to a sibling's name, or your parent's name. If it's in your name, then the university considers a higher percentage should be used toward paying your tuition. A lower percentage is considered if it's under your parent's, and even lower if it "belongs" to a sibling.

In the end though, there isn't a whole lot you can do to make a difference. Above all, be truthful, because audits do occur (or so I've heard).

swimcatsmom · 09-13-2009, 05:57 PM

Outside scholarships generally reduce your financial need, not your EFC.

paigetherage · 09-13-2009, 06:17 PM

thanks for your responses, everyone.
so basically, to pay my EFC, my only choice (besides actually having my family pay it) is to take out loans, right?

kelsmom · 09-14-2009, 01:26 PM

That is correct.

Vandy is "no loans," so you won't get any in your financial aid package. You can borrow $5500 in unsubsidized loans as a freshman, though, so that can go toward paying your EFC.

dshinka · 09-14-2009, 04:29 PM

Quote:

if i were to get an outside scholarship, does that just decrease my EFC? or does that go into what vanderbilt is paying for?

It takes away from your work-study/summer earnings expectation (if you have one), then cuts into your Vandy grant, then your EFC.

VandyPanda · 09-21-2009, 10:56 PM

Did anyone that receive financial aid receive the extra money that was supposed to pay for books yet because its the middle of September and i haven't received it yet and my mom is hounding me to pay her pay for the loans she gave me for my textbook.

Thanks

2VU0609 · 09-22-2009, 08:28 AM

D got a surprise (to her) grant for books during her last two years, but it was only received in January as a "gift card" to the Vanderbilt bookstore. When she first received this, the e-mail indicated that it was for junior and senior students who weren't receiving enough financial aid to really help cover their books. I think it was for $400 each year. I don't think it was included in the financial aid award letter either year.