I have a few questions about merit aid and need-based aid.
As I understand it, Vandy's merit awards cover either 75% tuition or 100% tuition, and NOT the actual total cost of attendance, correct? So in theory, if awarded one of these merit scholarships, most people would still have to take out loans to cover the indirect costs as outlined in their website's
Cost of Attendance page. They say indirect costs (housing, food, medical insurance, etc) average about $34,000 each year (which seems a bit high, can any students shed some light on this?) This means about 120K in debt post-graduation even with a merit scholarship. So if you're a student or someone with inside knowledge, I have some questions!
1. Can students who get merit scholarships also qualify for need-based grant (i.e., non-loan) scholarships?
2. I know some schools like Yale and Mt. Sinai cap loans for students with demonstrated financial need. For example, a student from a low-income family with a very low or zero EFC (expected family contribution) would get their loans capped at 15K per year at Yale, meaning they graduate with only 60K in debt (covering total cost of attendance). Does Vandy do anything like this? edit: it looks like they probably don't cap loans as their website says need-based awards were awarded up to 20% of a student’s demonstrated need. So it looks like the max need-based grant awards are probably like 20K per year or 80K in total?