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Vanderbilt University Announces Expansion of its Loan-Free Financial Aid
Vanderbilt University is expanding Vanderbilt Opportunityits nationally recognized loan-free financial aid program.
“Today I am excited to announce Vanderbilt’s commitment to offering full scholarships to admitted students from families whose annual income is $150,000 or less,” said Chancellor Daniel Diermeier. “We want everyone who has what it takes to get into Vanderbilt to be able to apply, regardless of their financial situation. If you are admitted, you belong here. And we want to help make sure you can be here.”
“Opportunity Vanderbilt is based on the principle that cost should never be a barrier to a world-class education,” said Douglas L. Christiansen, vice provost for university enrollment affairs and dean of admissions and financial aid. “While the expansion of our financial aid program will provide full-tuition scholarships to families with incomes of $150,000 or less, these same families will typically receive Opportunity Vanderbilt awards in excess of full tuition to support housing, food, travel and other expenses university students.”
For example, the average annual premium is $70,350 for families in the $125,000 to $150,000 income range, and the average annual premium rises to $90,640 for families in the $0 to $ 50,000.
Many families with incomes over $150,000 still qualify for financial aid. For example, for families in the $150,000 to $175,000 income range, the average annual premium is $62,650. For families with incomes over $200,000, the average annual premium is $39,940.
The university made the bold decision to announce Opportunity Vanderbilt in the midst of a global financial crisis in 2008. Since Opportunity Vanderbilt began in fall 2009, more than 15,400 students have benefited from the program. More than 19,750 alumni, parents and friends of the university have provided more than $565 million in donations to support this program. Approximately 54 percent of Opportunity Vanderbilt’s donors are alumni.
Opportunity Vanderbilt has been a significant part of Vanderbilt’s upward trajectory, contributing to student diversity, academic excellence and alumni philanthropy. The university has provided more than $2.6 billion in scholarships to undergraduate students since 2009, and 65% of current undergraduate students are receiving some type of financial assistance.
“It is deeply gratifying to see the impact Opportunity Vanderbilt has on our students,” said Provost and Vice Provost for Academic Affairs C. Cybele Raver. “Offering full scholarships to students whose families have incomes of $150,000 or less means that all students are able to pursue their dreams through rigorous and exciting academic pathways here at Vanderbilt.”