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Funding Your Education

Financial Aid and Financing

Section Contents

Funding Your Education

Find out more about how you can fund your education at Peabody College. 

Watch part two of our funding video to learn more about loans and work study.

Financial Aid Options for Prospective Students

  • Aid for Professional (M.Ed., M.P.P., M.S., Ed.D.) Students

    Every on-campus professional student applicant is automatically considered for merit aid (information is listed below). There is no separate application to complete, and students will be notified in their admissions letter if they have been awarded merit aid.

    Peabody College also provides awards from the Dean's Endowed and Special Award Funds. These funds are awarded based on demonstrated eligibility and may require a separate application.

    Assistantships

    In addition to merit aid and other awards, most master's degree students further offset the cost off their education through on-campus, assistantship positions, on-campus jobs, fellowships and more.

    Learn more on our Student Work Opportunities page.

  • Aid for Graduate (Ph.D.) Students

    All Peabody graduate (Ph.D.) students receive full tuition funding through a combination of University Tuition Scholarships or merit awards. University Tuition Scholarships are service-free awards that pay all or part of tuition costs. The following graduate awards are normally supplemented by a full University Tuition Scholarship, which usually includes student health insurance coverage: University Fellowships, Graduate Teaching Assistantships, Graduate Research Assistantships, Traineeships, and Teacher Training Awards.

    Stipend and salary award amounts vary by program and major professor. For more information, contact the appropriate graduate admissions coordinator for your department of interest. See your academic department to find your admissions coordinator.

  • Military Programs

    Vanderbilt Peabody College is one of five graduate schools at Vanderbilt chosen to participate in the Bass Military Scholars Program. The program is funded by a $25 million gift from the Lee and Ramona Bass Foundation, which will provide financial assistance and programming for military veterans. 

    Eligibility:

    • Apply to a Peabody College master's program
    • Apply to the Bass Scholarship by the February 15 deadline (application open on an individual basis when admission criteria met)
    • Veteran status with honorable discharge OR active military status transitioning to veteran status prior to orientation
    • Commit to active engagement as a Bass Scholar during enrollment at Vanderbilt

    The Bass Military Scholars Program is designed to complement, not replace, other financial aid programs available to members of the military and veterans.  This includes the Yellow Ribbon Program, the G.I. Bill and other assistance programs designed for active-military and veterans.

    Post-9/11 GI Bill® Benefits and the Yellow Ribbon Program

    We recommend that students who are eligible for Post-9/11 GI Bill® Benefits review the criteria for the Yellow Ribbon Program to determine whether or not they are eligible for this benefit. Questions regarding veterans' educational benefits should be directed to our VA school certifying officials at VASCO@vanderbilt.edu.

  • Federal Aid and Other Financial Options

    How Do I Qualify for Federal Financial Aid?

    Financial aid for graduate level students is non-need based aid. Non-need based aid for graduate students includes Federal Direct Unsubsidized loans on which the interest accrues from the date of disbursement. You must be enrolled as a part time student to be eligible for a federal loan.

    How Do I Apply?

    • To apply for federal student loans, a current or prospective student must complete one application: the Free Application for Federal Student Aid (FAFSA). Our school code for the FAFSA is 003535. Select Vanderbilt University school code 003535.
    • Complete the online application using your FSA ID.
    • Please make sure to submit the correct application for the year of enrollment.
    • Summer semester falls at the end of the prior academic year. Be sure to complete the correct FAFSA.

    Your tax information from prior year's tax returns is required to complete the FAFSA. You should indicate you will be a graduate level student on the FAFSA and you do not need to provide parents information on the FAFSA. The FAFSA must be filed annually and is available in October of each year. https://www.youtube.com/watch?v=9apxxQrx-WY (video link)

    Eligibility

    Eligibility is based on the difference between the amount you are expected to pay, any additional financial aid resources and the total cost of attendance. Aid offers vary according to each student's eligibility. Once eligibility has been determined, students will receive an Aid Offer Notification Letter listing the type of aid offered.

    Financial aid is awarded for one academic year only, so students must re-apply (complete a new FAFSA) each year. To continue receiving assistance, students must satisfactory academic progress toward their degree and maintain minimum grade point average standards.

    Federal Work Study

    Students must complete the FAFSA to determine eligibility for this program. Eligible graduate/professional students may work up to 20 hours per week on-campus. There are a variety of work locations and settings. Wages begin at $7.25, but vary depending on type of job. Most graduate students are awarded up to $9,500 per year. Students are normally paid monthly for hours worked. You can find on campus employment online at hireadore.com.

    Learn more on our Student Work Opportunities page.

    Federal Student Loan Options for Graduate/Professional Students

    IMPORTANT NOTE: It is our firm belief that families should borrow only when absolutely necessary, and then only to the extent that is needed. We encourage that serious and deliberate consideration be given to making any borrowing decision.

    Federal Direct Unsubsidized Loan

    How do I apply for this loan, and am I eligible?

    • Must meet federal eligibility requirements for federal student aid
    • Annual limit is up to $20,500 each year
    • Login to studentaid.gov using your FSA ID
    • Under "Loans and Grants," click on "Master Promissory Note (MPN)" and complete the MPN for Graduate/Professional students.
    • Under "Loans and Grants," click on "Loan Entrance Counseling" and complete for Graduate or Professional students.
    • Completion of MPN and Entrance is only required once
    • Effective July 1, 2026– June 30, 2027, the interest rate = 8.07%

    When do I begin repaying the loan?

    • Repayment begins six months (grace period) after you drop below half-time enrollment status.

    How are financial aid awards disbursed?

    All financial aid is credited directly to a student's account at the beginning of each semester. In order to receive a loan, loan documents must be completed online and approved before loan funds disburse to the student account. Federal student loan information can be read and completed online here.

    Find more information regarding Private Student Loan Information here

What Students Need to Know

  • Student Account

    For payment options, Vandy Payment Plan or 3rd Party Billing please view the Student Accounts web page. 

  • Financial Aid Timeline

    October

    • FAFSA Application is available to file on October 1 online at studentaid.gov. Make sure to list Vanderbilt's school code of 003535 on the application, so Vanderbilt will receive your information.

     January

    • Newly admitted students submit the FAFSA online at studentaid.gov by January 25th.

    February

    • Newly admitted student award notifications are sent.
    • You do not need to accept all aid that is awarded to you, and you can turn down loans you do not need.

    March

    • Returning students should renew FAFSA by priority deadline of March 25th for the following academic year online at studentaid.gov.
    • New students, If you would like to accept the Direct Unsubsidized Loan Please Complete the required online loan entrance counseling and master promissory note here.

    April

    • Student Accounts issues summer billing statement to for those registered for summer courses.

    May

    • Returning students financial award notifications are sent for new school year.
    • We will begin disbursing federal aid to each student account after summer classes begin.

    August

    • Billing statements are issued. You may view them in the YES student portal.
    • August 31st is the billing due date for the fall semester.
    • We will begin disbursing federal aid to each student account after fall classes begin.
    • Student Health Insurance Plan (SHIP) waiver due - vanderbilt.myahpcare.com/waiver
      Students must complete the waiver at the beginning of each academic year.

    December

    • Student Accounts issues spring billing statements. Spring semester billing due date is December 31st
  • Student Loan Repayment

    Student Loan Repayment Obligation

    A student loan is a serious and important financial obligation, and you must repay your loan.

    • You are required to repay your loan(s) regardless of whether you complete your education, are able to find employment, or are satisfied with your education.
    • Repayment is required according to the terms of your promissory note.
    • You must provide your loan servicer with corrections to your name, address, references, Social Security number, and driver's license information.
    • You can prepay all or part of your federal loan(s) at any time without penalty.

    Repayment Options

     The Department of Education offers a number of repayment plan options. You can find those repayment options  here. Please contact your loan servicer if you would like to discuss or change your repayment plan.

    Federal Loan History

    You may access your federal student loan history though the U.S. Department of Education's studentaid.gov website. NOTE: If you believe your federal student loan history is incorrect, you should contact your loan servicer.

    FSA Repayment Estimator. The Loan Stimulator  helps you calculate student loan payments. Please note these are estimated amounts. 

    Where can I find my federal loan history?
     You may view your loan history at studentaid.gov . You will need your FSA ID to log in.

    When do I start making loan payments?

    Many student loans have a grace period, which is a period of time after you graduate, leave school, or drop below half-time enrollment before you must begin repayment. However, federal PLUS loans have no grace period and enter repayment once your loan is fully disbursed (paid out).

    Length of grace period:

    • Federal Direct Subsidized and Unsubsidized Loans - 6 months
    • Private Loan - Check with your private loan lender, some private loans may not have a grace period.

    FSA Ombudsman

    If you have been unable to resolve a dispute regarding your federal student loan you may consider contacting the Federal Student Aid Ombudsman.

  • Special Circumstances & Request for Reconsideration

    What are Special Circumstances?

    “Special Circumstances” refers to financial situations that may lead to adjustment of your Cost of Attendance (COA) for education-related expenses incurred during the current academic year.

    Students may request an increase to their Financial Aid COA by submitting a formal appeal. If approved, the increase typically allows the student to borrow additional loan funds, subject to annual loan limits and/or credit approval (for PLUS or private loans).

    **No scholarships or grants will be awarded or increased.

    Special Circumstances could include one or more of the following:

    • Dependent care expenses, specifically day care expenses
    • Medical expenses
    • Disability-related expenses

    Example items NOT eligible for COA increases:

    • Auto purchase or payments
    • Auto repairs and routine maintenance
    • Uber, Lyft, taxicab or rideshare services to and from campus
    • Moving expenses and security deposits
    • Costs incurred outside of the current academic year
    • Costs incurred by a family member or other person, including a spouse or roommate’s portion of rent, mortgage, or day care
    • Child support and other such child care expenses (other than day care)
    • Legal fees, bail, traffic tickets, parking tickets, or fines
    • Veterinary costs, unless for a service animal
    • Sorority or fraternity dues
    • Circumstances when the information on the FAFSA has already resulted in an Expected Family Contribution (EFC) of zero
    • Loss of overtime or bonus income
    • Fluctuations in self-employment or business income
    • Costs and fees associated with bankruptcies, foreclosures, or debt collections
    • Consumer debt such as credit cards, car payments, mortgages, and other loans
    • Payments on back taxes owed to the IRS or state department of revenue

    Please be aware of the following important information:

    1. Approval for the adjustment of a student’s Cost of Attendance does not imply that a student will be awarded additional aid.
    2. If your FAFSA was selected for verification, this process must be completed before we can consider any special circumstances requests.
    3. A school is not permitted to make a professional judgment for a student after that student has ceased to be eligible, including when the student is no longer enrolled.
    4. The Peabody College Office of Financial Aid’s decisions regarding these requests are final and cannot be appealed to the Department of Education.
    5. Check your email address regularly, as we will notify you via email if we need any additional information.

    You can find more information about submitting a Cost of Attendance Adjustment request here. For questions, please email peabody.financialaid@vanderbilt.edu.

Connect With Us

615.322.3591
peabody.financialaid@vanderbilt.edu