Vanderbilt undergrad, graduating with 40k debt : worth it?

happymomof1
Thu, 09 Apr 2015 18:56:00 +0000

cluelessinKS -

It looks like Vandy has decided that your family EFC is in the $24,000 range. Do I understand that correctly? Does your aid package include work study, or is that your own estimate? Vandy would have to assign you work study money, you can’t just ask for it. Did Vandy package the federal loans as part of the aid, or are you able to apply them to the EFC? Please ask Vandy how they treat outside scholarships. At most places those are considered to reduce your need, and will reduce any need-based aid. In other words, any outside scholarships might not do you any good.

You can only borrow the student loans on your own, so you need to ask your parents NOW if they will co-sign loans or borrow PLUS loans for each year you would be at Vandy. This is a good question to address with their potential loan sources. Sometimes parents qualify for loans the first year, but can’t qualify again in future years. You also need to verify NOW that they can and will contribute $10k each year. Find out where that money will come from. Is it already saved up for you, or will your parents need to tighten their budget in order to have it for you? If the breadwinner’s job vanishes, will you be able to complete your education on time?

If there are any other kids in your family, talk with your parents about how your choice of college can affect theirs. For example, if your parents borrow money for you to go to Vandy, will they still be able to borrow money for the other kids when their turns come?

There are some really smart folks who post in the Financial Aid Forum. If you can share the details of your aid packages there, they will be able to help you evaluate the numbers.

I’m from the midwest, and I know that KU and KSU are perfectly fine places to study if it turns out that the money keeps you out of Vandy. If you have what it takes to get admitted to Vandy, you can be successful wherever it is that you end up this fall.