<p>Blue Bayou:</p>
<p>Beginning in the fall of 2009, need-based financial aid packages for all undergraduate students will not include need-based loans. This latest initiative will not involve the use of income bands or “cut-offs” to pre-determine levels of eligibility and will apply to all undergraduate students with demonstrated financial need who are U.S. citizens or eligible non-citizens. The end result is that, in addition to a realistic academic year earnings expectation, all need-based aid packages will include scholarships and/or grants (gift) assistance in place of need-based loans that would have previously been offered to meet demonstrated need. In addition, all seniors set to graduate in May 2009 will have their need-based loans for the spring 2009 semester replaced with Vanderbilt grant and/or scholarship assistance.</p>