The following estimated student budget is considered sufficient to support a basic lifestyle for a single student. It does not include expenses for dependents, travel, vacations, or items such as automobiles, household furniture, or appliances. A preferred higher standard of living, inflation, and emergencies may necessitate additional funds.
2008-2009 Figures for MAcc program
The estimated cost of education at Owen for the 2008-2009 academic year is:
- Tuition: $39,992.00
- Books & Supplies: $1,668.00
- Rent & Utilities: $8,894.00
- Meals: $3,510.00
- Personal Expenses (includes clothing allowance, University health insurance fee, activity/recreation fee, and a one time transcript fee): $4,842.00
- Transportation: $1,704.00
- Wireless Laptop Fee: $1,500.00
- Loan Origination Fees (U.S. only): $602.00
- Orientation Fee: $350.00
The amount for rent and utilities reflects a living situation in which people share a two-bedroom apartment. If you are married, remember that this budget does not include moneys to cover dependent expenses. Please contact the Office of Financial Aid directly in order to have your budget increased by the appropriate amount.
Health insurance is required for all students and all family members. You will be billed automatically for the university’s student health insurance plan if you do not provide proof of adequate coverage by another insurer. The automatic coverage (included in the personal expenses section above) does not account for spouses or dependent and you may be subject to additional healthcare costs for spouses and dependents. Find out more information, click here.
Projected 2009-2010 Figures for MAcc program
You should expect both tuition and cost-of-living expenses to increase by about 5% each year. Please keep in mind that students can expect to earn $10,000 or more during the required 10-week internship. This $10,000 is not included in the total cost of education figures above.
Vanderbilt MAcc Merit-Based Scholarships
All applicants are automatically considered for Vanderbilt MAcc merit-based scholarships. Selection criteria include academic and personal achievements, GPA, GMAT or GRE scores, letters of recommendation, essay and interview. The MAcc merit-based scholarship is very competitive. It typically covers partial tuition costs.
Please remember that almost all financial aid is distributed in equal amounts per semester—half for the fall semester and half for the spring—so plan ahead to avoid running out of money.
AICPA John L. Carey Scholarships Program
Liberal arts students wishing to pursue graduate accounting study can receive financial aid through the AICPA John L. Carey Scholarships Program. Scholarships are available to all liberal arts degree holders of any regionally-accredited US institution who wish to pursue a CPA certificate. Scholarships are given based on academic achievement, leadership and future career interests and are contingent upon acceptance in a graduate accounting program. The deadline for submission is typically in early April. For more information, please visit their website.
TSCPA Scholarships
The Tennessee Society of Certified Public Accountants is pleased to announce the availability of scholarships to students who have completed introductory courses in accounting and/or students majoring in accounting. Students should be US citizens, legal residents of Tennessee and attending Tennessee schools. The deadline for submission is typically in early June. For more information, please visit their website.
** Many of the state Societies of Certified Public Accountants offer scholarships for students. Be sure to check with your state society by searching for their website and looking under the student section of their website. **
Loans
Applying for Federal Financial Aid
Please contact Vanderbilt's Office of Student Financial Aid for questions.
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 . 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.
Loans available which do not require the FAFSA and may have loan products available for International Students with an eligible US citizen co-signer.
Private Alternative Student Loans
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, 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 below.
Other Resources
Students should also consider personal savings, family funds, sponsorship by their company or government, and other outside loans, grants, and scholarships. You can find financial aid information, loan calculators, and a free scholarship search at www.salliemae.com.
Several resources exist for international students seeking financial aid to study in the U.S. Some banks will authorize loans to international students, provided that the student has a bona fide U.S. co-signer to guarantee the loan. There are other grant programs that you should consider. Vanderbilt recommends the following resources:
- Annual Register of Grant Support: A Directory of Funding Sources. National Register Publishing, Macmillan Directory Division, 3004 Glenview Road, Wilmette, Illinois 6009l, U.S.A. Telephone 708-256-6067, Fax 708-441-2152.
- Chronicle Financial Aid Guide. Chronicle Guidance Publications, Aurora Street, P.O. Box 1190, Moravia, New York 13118, U.S.A. Telephone 315-497-0330.
- The College Handbook, Foreign Student Supplement. Updated annually. College Board Publications, Box 886, New York, New York 10101-0886, U.S.A. Telephone 212-713-8165.
- Foundation Grants to Individuals, 9th Edition. The Foundation Center, 79 Fifth Avenue, 8th Floor, New York, New York 10003, U.S.A. Telephone 800-424-9835.
- Scholarships and Grants for Study or Research in U.S.A.: A Scholarship Handbook for Foreign Nationals. American Collegiate Service, P.O. Box 442080, Houston, Texas 77244, U.S.A. Telephone 713-493-9863.
The Grants Register. Roland Turner, St. Martin’s Press, 175 Fifth Avenue, New York, New York 10010, U.S.A. Lists awards available to graduates, young professionals, academic staff, and scholars for study and research around the world. Published biennially. - Peterson’s Grants for Graduate Students. Peterson’s Guides, P.O. Box 2123, Princeton, New Jersey 08543-2123, U.S.A. A comprehensive source of information on more than 700 grants and fellowships exclusively for graduate students. Published annually.
- A Selected List of Fellowship Opportunities and Aids to Advanced Education for United States Citizens and Foreign Nationals. Publications Office of the National Science Foundation, 1800 G Street, NW, Washington, D.C. 20550, U.S.A. Telephone 202-357-7861.
- Funding for U.S. Study, A Guide for Foreign Nationals. Institute for International Education, 809 United Nations Plaza, New York, New York 10017-3580, U.S.A. Lists more than 600 sources of funding for international students (mostly for graduate and postdoctoral programs). Telephone 212-883-8200.
- The International Student’s Guide to Going to College in America. Sidonia Dalby, Sally Rubenstone, and Emily H. Weir, Macmillian, New York, 1996.
The Rotary Foundation of Rotary International provides grants to university students to act as “goodwill ambassadors” around the world. An example of this is their Ambassadorial Scholarship Program. For more information about their programs, write to the Rotary Foundation, 1560 Sherman Avenue, Evanston, Illinois 60201, U.S.A.
Additional reference sources:
- The Foundation Center, Grant and Scholarship Information Center, 1001 Connecticut Avenue, NW 9th Floor (corner of Connecticut and K Streets), Washington, D.C., U.S.A. Telephone 202-331-1400.
- NAFSA: Association of International Educators, Washington, D.C., U.S.A. Telephone 202-462-4811; ask for the Recording on Financial Aid, which provides information for international students interested in studying in the U.S. and for U.S. students who are interested in studying abroad. NAFSA does not provide grants to international students, with the exception of a small grant program for students from Southeast Asia, East Central Europe, the Baltic States, and the former states of the Soviet Union.
- The International Student’s Guide to Studying and Living in the USA: www.edupass.org
- The College Board Online: http://www.collegeboard.org
- Fast Web: http://www.fastweb.com
- National Science Foundation: http://www.nsf.gov/funding/research_edu_community.jsp
- Yahoo!: http://www.yahoo.com/education/financial_aid/
- MacArthur Foundation: http://www.macfdn.org
- Peterson’s: http://www.petersons.com
- OSEAS Europe: http://www.bibl.u-szeged.hu/oseas/europe.html
- Canadian Higher Education Loan Program (for Canadian citizens only): http://www.iefc.com
- International Student Loan Program: http://www.iefc.com
- Additional organizations that may also be able to provide international students with access to other U.S. loans with a U.S. co-signer include http://www.teri.org and http://www.educaid.com.
