Chancellor Nick Zeppos' announcement that the university would exchange all need-based loans with need-based grants has inspired response from various people not only around campus, but around the country as well.

"The press reaction has been very positive internally at Vanderbilt, locally in Nashville and Tennessee and nationally, where Vanderbilt has been recognized for taking this bold step. I think you will continue to see Vanderbilt mentioned in the media as stories focus on financial aid, college costs and the economy," said Interim Vice Chancellor for Public Affairs Beth Fortune.

"I have received e-mails from senators applauding the greater access for students," said Associate Provost for Enrollment Management and Dean of Admissions Douglas Christiansen.

The initiative, which was originally planned to start in the fall semester of next year, was extended to graduating seniors for next semester.

"The way we have developed our budget would allow only starting next fall to help everybody, and then we thought (about) what we could do for our graduating seniors," Christiansen said. "(We) thought we should include our seniors to be part of this initiative. Typically, the student's package is for the full year, but this is just a one kind special thing for our graduating seniors."

"Originally, the proposal was to cover the entering class of 2009, sophomore, juniors and seniors, but Chancellor Zeppos felt strongly that seniors graduating in the spring should be included, too, so he worked very hard to make that happen," Fortune said.

Students in lower grades do not complain about this, though.

"They (first-year students, sophomores and seniors) are all thrilled (for the seniors) because they know they are going to get it for more years, so they understand," Christiansen said.

"The student response, and the overall response from parents, alumni and others interested in the university, has been very positive," Fortune said.

Christiansen also said that even if it is a challenge to make the change at the end of the year, the financial aid department has being doing a great job e-mailing the current seniors, and they hope to have taken care of the details by December.

In light of the economic crisis, the $100 million goal, to be raised from alumni donations, to finance the initiative might be a high expectation. Christiansen maintains a positive attitude, however.

"Yes, the current economy is an issue, but we are going to work hard to meet those goals, no question about it," Christiansen said.