Vanderbilt Expands Financial Aid

Colleges & Universities Vanderbilt University
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<p>Dear Vanderbilt Students:</p>

<p>I write today to share with you some exciting news about an initiative that will make a Vanderbilt education more accessible to talented undergraduate students. Beginning in fall 2009, the university will eliminate need-based loans and replace them with Vanderbilt grants and scholarships for all undergraduate students with demonstrated financial need. This step is in keeping with Vanderbilt’s commitment that ability, achievement and hard work - not a family’s financial circumstances - should determine access to a great education.</p>

<p>For our current seniors who will graduate in May 2009, this new initiative will be extended for the 2009 spring semester, and any need-based loans in your financial package for the spring 2009 semester will be replaced with institutional grants. Eligible seniors will receive revised financial assistance letters by mid-November.</p>

<p>Over the past seven years, Vanderbilt has worked aggressively to reduce student loan debt, and this enhanced financial aid initiative is the pinnacle of that strategy and represents the foresight of our Board of Trust.</p>

<p>Funding for this new initiative will come from a combination of strategic internal allocations and increased scholarship endowment, including an additional $100 million in gifts and pledges that will be sought through the university’s Shape the Future campaign, which already has allowed us to reduce students’ loan debt by 17 percent over the past several years.</p>

<p>You will hear much more about this new initiative in the coming weeks and months, but I wanted you to be among the first to know about this very significant moment in the life of your university. This bold step will allow Vanderbilt to continue recruiting the most highly achieving students in a very competitive way and will strengthen our mission of nurturing a student body composed of young men and women of all economic, cultural and geographic backgrounds. For when our campus population is reflective of our greater society, it further enriches the Vanderbilt experience for all of us. To read more about the new initiative, please visit the Web site [Vanderbilt</a> University: Expanded Aid Program](<a href=“http://www.vanderbilt.edu/expandedaidprogram]Vanderbilt”>http://www.vanderbilt.edu/expandedaidprogram) or for specific financial aid questions, contact <a href=“mailto:finaid@vanderbilt.edu”>finaid@vanderbilt.edu</a>.</p>

<p>Sincerely,</p>

<p>Nicholas S. Zeppos
Chancellor</p>

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<p>Props to Vanderbilt for this.</p>

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<p>Another of Chancellor Zeppos’ goals is to expand financial aid to those students who want to study abroad in the summer. I’m not sure if he has already implemented that one or not, but he certainly is to be commended for these moves!</p>

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<p>So very happy. This will save DD thousands in loans her senior year!</p>

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<p>at least Vandy did not ignore its current seniors (which Dartmouth did when it went no-loan last year).</p>

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<p>I actually traded e-mails with Chancellor Zeppos on this subject several months ago. I was very impressed that, for starters, he e-mailed me back directly and responded to my questions rather than sending out a form letter. I have been holding my breath that this would happen since our senior S is looking at Vandy as his #1 choice as well. Eventually all of the elite colleges are going to have to go this route or further.</p>