Friday, February 6, 2009

Vanderbilt University slashes student loans

Vanderbilt University slashes student loans
Updated: Nov 1, 2008 04:49 PM CDT

Going to Vanderbilt University is about to become more affordable.

The university announced it's doing away with millions of dollars worth of student loans.

There will soon be no more need-based loans at Vanderbilt University, but instead grants and scholarships that students won't have to repay, according to University Chancellor Nicholas Zeppos.

"The way this all works is that anybody that applies to Vanderbilt is admitted regardless of your financial need," explained Zeppos.

Not only will the new financial aid initiative save some students thousand of dollars it will allow anyone to attend the prestigious university.

"If you hard working, great kid...and you want to be at Vanderbilt, it's affordable," Zeppos said.

The money for the program comes from fundraising efforts.

$200,000,000 in scholarship funds has already been raised and there is a goal to raise another $100,000,000.

"It's really the combination of the years of hard work and leadership of a lot of people taking us to the next level of where Vanderbilt needs to be," Zeppos said.

This years graduating class will have their need-based loans waved in the spring.

The program will open up to all undergraduates in the fall of 2009.

In what Universe does this make sense...????

If this policy is intended to open the door to all students, then why does the University require students to disclose their parent’s income? The last time I checked, the application to the graduate school required a financial statement of disclosure-- not just from students, there parents too. This always seemed odd, especially for graduate students over the age of 18.

If financial need is no longer a factor, then presumably the University has waived all fees associated with the application process, right? Perhaps this statement was issued in anticipation of the HUGE, HUGE, loss of the endowment fund???

I guess that makes some people believe the University is more focused on learning than with earnings, well, then...I hope you have a more convincing argument than this!

Who knows, maybe they might even cut you a little slack in light of the disastrous financial disclosures. I truly hope you do call me when you launch your next “giving campaign. “ I would rather donate it to sharks..

To say that “hard working, great kids ...who want to be at Vanderbilt," will be able to attend for free, makes you sound like an idiot. It also sounds like a public relations disaster just waiting to happen.

Now c'mon Zeppos-- I thought you were one of the good guys? Don't be saying stupid things like that!

No wonder you guys are going broke.