Applying for Federal Financial Aid
The only form required to initiate the federal financial aid application is the Free Application for Federal Student Aid, or FAFSA. If you are applying for the Federal Stafford Loan Programs, you must apply using the FAFSA. The Title IV code for Vanderbilt University used to complete this form is 003535. The online application can be found at www.fafsa.ed.gov. You must reapply each academic year to qualify for federal financial aid. You will receive a financial aid Award Notification letter detailing any scholarship awards, loans, and any other sources of funding, that meets the total cost of education specified in the estimated student budget for each academic year.
Stafford Loans
U.S. citizens and permanent residents may apply for federal funding through the Federal Stafford Loan Program. Stafford loans are federally insured, low-interest loans that enable graduate students to borrow up to $18,500 per academic year.
There are two types of Stafford loans: one is need-based, or subsidized, and the other is non-need-based, or unsubsidized.
- Federal Subsidized Stafford Loan Fixed-rate loan for students enrolled at least half time. The interest rate is 6.0% for undergraduate students and 6.8% for graduate students. Repayment starts 6 months after college, graduate study, or military service. Click here for more information regarding terms, conditions and maximum loan amounts.
- Federal Unsubsidized Stafford Loan Fixed-rate non-need based loan for independent students or dependent students whose parents have been denied a Federal PLUS Loan and who are enrolled at least half time. The Interest rate is 6.8% for both undergraduate and graduate students. Interest is charged from the time the loan is disbursed until it is paid in full. Option to allow interest to accumulate and capitalize while in school. Repayment of principal (and interest) starts 6 months after college, graduate study, or military service. Click here for more information regarding terms, conditions and maximum loan amounts.
- Federal Graduate PLUS Loan Fixed rate non-need based loans for graduate/professional students enrolled at least half time. The interest rate is 8.5%. The student will qualify based upon his/her credit and eligibility will continue based on annual credit review. Interest is charged from the time funds are disbursed until the loan is paid in full. The student may borrow up to the annual cost of attending Vanderbilt minus any other aid for which the student is eligible. We suggest that you consider using the same lender for the Federal Stafford and Graduate PLUS Loans. Click here for more information regarding terms and conditions. for listing of recommended Federal Graduate PLUS loan providers.
Private Alternative Loans
Loans available which do not require the FAFSA and may have loan products available for International Students with an eligible US citizen co-signer.
A number of major lending organizations offer loan programs to qualified borrowers to help finance the cost of a Vanderbilt education. for a list of lender options. We recommend you examine all other options, including the federal student loans listed above, before pursuing private loan options.
Loans for International Students
International students do not qualify for federally funded loan programs unless they are permanent residents of the U.S. However, an international student may apply for a private alternative source of funding, as listed above, but a U.S. citizen or permanent resident is required as a co-borrower. For more resources available to international students, please see Other Resources.
