Financial handbook
Legal education is an investment in your future. At Vanderbilt, we are committed to controlling costs and to providing substantial financial assistance to students.
Vanderbilt Law tuition increased by only 1.9% from 2010-11 to 2011-12, and by only 2.7% the prior year.
More than 70 percent of Vanderbilt Law students receive merit- or need-based scholarships in varying amounts with a median award of $20,000.00 in 2010/2011. Eligible student borrowers can receive federal student loans to finance the cost of attendance, and the school may offer institutional loans to some entering international J.D. students.
Living expenses represent a large portion of the cost of attendance at any law school. The cost of living in Nashville remains favorable in comparison to the nation's average and to most other top law schools' locations, allowing comparitive savings.
Estimating personal cost of attendance
We encourage prospective students to estimate their personal cost of attendance at Vanderbilt as an important factor in deciding where to attend law school. The value of outlining a personal budget cannot be overstated; small differences in expenses can reap large rewards. Consider that reducing expenses $5.00 per day, five days per week, saves $3,900 over three years. Consider further that the total interest on a $3,900 loan repaid over ten years at an annual interest rate of 6.8% would be $2,264, making savings equal to $6,164. Looking for opportunities to lower law school expenses before you enroll can pay off in the future by protecting your future income from debt repayment obligations.
Personal cost of attendance = (Vanderbilt tuition - scholarships received) + your estimated living expenses
It can be difficult to estimate living expenses when moving to a new location. Vanderbilt's cost of attendance budget is a good place to start, but bear in mind that these estimates include expenses you might not incur. For example, Vanderbilt's cost of living estimates allow for living alone and owning a car - expenses that a student living with a roommate within walking distance may not bear.
Our sense is that Vanderbilt’s estimated living expenses are generous with respect to the cost-of-living in Nashville, which consistently falls below the U.S. average, and students can live comfortably within, even well below, the estimates provided depending on their personal choices and requirements for living arrangements.
We encourage admitted students to consult the Obiter Dictum: Your Insider's Guide to Vanderbilt Law School in your admission packet while considering the estimated cost of attendance below. The Obiter is an extremely valuable resource written by law students for law students which gives specific information, including prices and student reviews, on where to live, getting set up, where to eat, where to shop (services and retail), where to play, and where to escape. The Obiter is updated annually to provide each new entering class with current information. See notes below for Obiter references.
Estimated Cost of Attendance Budget, 2012-13
| Tuition | $46,400 |
|
| Books & Supplies | $1,788 |
|
| Housing | $9,468 |
|
| Meals | $3,872 |
|
|
Personal / miscellaneous** |
$5,548 |
|
| Transportation | $1,934 |
|
| Loan fees*** | $1,136 |
|
| Total estimated cost | $70,146 |
|
**Includes allowances for the University Health Insurance Fee (projected $2,440; can be waived if you have other health insurance) and for the Activity / Recreation Center Fee (projected $410).
*** Average loan fees incurred by similarly classified borrowers during the previous academic year
Tuition: your expense equals tuition amount minus scholarships
Books and supplies: Obiter Dictum page 30
Housing: The cost of attendance estimate allows for the possibility of living alone, but living with a roommate allows you to spend much less on housing. The Admissions Office puts together a roommate list for interested entering students. Obiter Dictum: Where to live begins page 85.
Meals: groceries and eating out. Bring your lunch and eat at Blackacre, the Law School's central courtyard. Obiter Dictum: Where to eat begins page 119
Personal: includes the estimated University Health fee of $2,042, which can be waived if you have other health insurance, and a required Activity/Recreation Center Fee of $400 which allows access to the university recreation center, the Sarratt Student Center, and many campus events. The remainder (estimated $4,840 if Health fee waived; $2798 if not waived) should cover purchases, entertainment, clothing, personal care, pet care, etc. Obiter throughout
Transportation: allows for the possibility of owning a car, but many students live within walking distance and Vanderbilt students ride free of charge on Nashville busses and Vandy Vans. Zip cars are available on campus.
Loan fees: average loan fees incurred by similarly classified borrowers during the previous academic year.
Borrowing based on your estimated expenses
Even with the best information and advice available, estimating your living expenses for your first year can be difficult. Many new students coming to Vanderbilt take the approach of accepting the full amount of loans for which they are approved in the spring, and later reducing the amount of their loans for the first year once they have arranged their living situation and established their personal budgets.
Reducing the amount you borrow protects your future income from debt repayment obligations. Using savings and other assets, gifts from family and others, and in-school earnings to pay law school expenses can help keep your educational debt as low as possible.
Many students take out educational loans to pay some of their expenses. Information and instructions for applying for educational loans can be found here.
Comparing living expense estimates made by different law schools
Because different law schools take different approaches estimating living expenses, estimated cost of attendance figures for different law schools may not provide a reliable basis for comparing expected costs to attend various law schools you may be considering. read more ....
Questions?
Admitted students who would like to discuss their finances to attend Vanderbilt are welcome to contact the Admissions Office.
Contact the Admissions Office
615-322-6452 | admissions@law.vanderbilt.edu