<p>According to the Common Data Set language, if aid replaces any portion of the Expected Family Contribution, then by definition it isn’t need-based. See the CDS, section H2(i)), which refers to the calculation of need-based aid:
“Exclude any aid that was awarded in excess of need as well as any resources that were awarded to replace EFC”</p>
<p>Of course a private school like Vanderbilt can award any amount of aid to anyone and call it whatever they like. It should be big news if they are handing out as much as $40K/year in need based aid to more than a few isolated families making over $300K. Harvard created a stir in recent years by granting need based aid to families making as much as $180K. The Harvard ceiling this year is down to $150K; grants to families at that income level typically are only up to 10% of income (though in some cases families with even higher income do get need based aid).</p>
<p>[Harvard</a> College Admissions § Financial Aid: FAQs](<a href=“http://www.admissions.college.harvard.edu/financial_aid/faq.html]Harvard”>http://www.admissions.college.harvard.edu/financial_aid/faq.html)</p>