Vanderbilt University is expanding Opportunity Vanderbilt, its nationally recognized no-loan financial aid program.
“Today I’m thrilled to announce Vanderbilt’s commitment to offering full-tuition scholarships to admitted students of families whose annual income is $150,000 or less,” Chancellor Daniel Diermeier said. “We want everyone who has what it takes to get into Vanderbilt to be able to enroll, regardless of their financial background. If you’re admitted, you belong here. And we want to help make sure you can be here.”
“Opportunity Vanderbilt is built 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 provides full-tuition scholarships for families with incomes of $150,000 or less, these same families typically will receive Opportunity Vanderbilt awards greater than full tuition to support housing, food, travel and other college expenses.”
For example, the median annual award is $70,350 for families in the income range of $125,000 to $150,000, and the median annual award goes up to $90,640 for families in the income range of $0 to $50,000.
Many families with incomes of more than $150,000 still qualify for financial aid. For example, for families in the income range of $150,000 to $175,000, the median annual award is $62,650. For families with an income of more than $200,000, the median annual award is $39,940.
The university took the bold move to announce Opportunity Vanderbilt in the midst of a global financial crisis in 2008. Since Opportunity Vanderbilt began in the fall of 2009, more than 15,400 students have benefited from the program. Over 19,750 alumni, parents and friends of the university have provided more than $565 million in gifts for endowment support of this program. Approximately 54 percent of the Opportunity Vanderbilt 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 scholarship aid for undergraduate students since 2009, and 65 percent of current undergraduates are receiving some type of financial assistance.
“It is deeply rewarding to see the impact that Opportunity Vanderbilt has on our students,” Provost and Vice Chancellor for Academic Affairs C. Cybele Raver said. “Offering full-tuition scholarships for students whose families have incomes of $150,000 or less means that all students are able to pursue their dreams through rigorous, exciting academic pathways here at Vanderbilt.”