Yale cuts costs for families and students
President Richard C. Levin announced that Yale is reducing the average cost
of sending a student to Yale College by over 50% for families with financial
This new policy will apply to all students returning to campus in the fall as
well as entering freshmen. This represents the largest increase in spending for
financial aid in the University’s history.
The reduction in costs will be spread across a broad range of incomes. Families
with incomes below $120,000 will see their contributions cut by more than 50%,
while most families with incomes between $120,000 and $200,000 will see cost
reductions of 33% or more.
Families earning less than $60,000 annually will not make any contribution toward
the cost of a child’s education, and families earning $60,000 to $120,000
will typically contribute from 1% to 10% of total family income. The contribution
of aided families earning above $120,000 will average 10% of income.
Yale is also increasing the number of families who qualify for aid, eliminating
the need for students to take loans, enhancing its grants to families with more
than one child attending college, exempting the first $200,000 of family assets
from the assessment of need and increasing expense allowances for foreign students
during school vacation periods. Yale calculates financial aid by taking into
consideration a family’s total income and assets, family size and number
of children in college, family medical bills, state of residence, and a number
of other factors.
The combined changes will increase Yale’s financial aid budget by more
than $24 million to over $80 million annually. Yale also announced that it would
hold its increase in tuition, room and board charges in 2008-2009 to the expected
level of consumer price inflation, 2.2%.
“Yale should be a college of choice for the very best and brightest students
from across America and around the world, regardless of financial circumstances.
We want all of our students to make the most of Yale — academically and
beyond — without worrying about excessive work hours or debt. Our new financial
aid package makes this aspiration a reality,” said Levin.
Building on a Yale tradition
In 1966, Yale was the first private research university in the United States
to establish need-blind admissions, where candidates are evaluated for admission
without regard to financial need. Yale also committed at the same time to meet
the full demonstrated financial need of every U.S. student who was admitted.
Yale awards no merit scholarships and no athletic scholarships — all financial
aid is based solely on demonstrated need. For over four decades, Yale has not
wavered from this commitment. In 2001 it extended this policy to foreign students,
and it has increased aid numerous times to reduce the financial burden of a Yale
education. Three years ago, Yale exempted families with less than $45,000 in
income from making a financial contribution to the cost of attendance.
As grants to families increase dramatically, students also will see the amount
they are expected to contribute from their own earnings fall sharply, from the
current rate of $4,400 to $2,500 per year. Students may earn that amount by working
on campus for about seven hours a week, eliminating the need to take loans or
to work excessive hours.
Additionally, Yale will increase the adjustment for families with additional
children attending college and add to the allowance already given to international
students to help them with expenses when school closes for vacations.
To increase transparency, the University is building an online calculator to
provide families with a way of estimating net cost of attendance. By this summer
Yale will have a web tool for helping families make an initial estimate of their
This box offers examples of how these changes will affect students
|Examples of Parental and Student Annual Contributions
One child in college
Two children in college
| New policy
| Old policy
| New policy
| Old policy
Other Yale efforts to increase access
Financial aid improvements have not been the only component of Yale’s efforts
to increase access for students from families of limited or modest means. As
part of its nationwide outreach, the undergraduate admissions office now sends
over 100 Yale students as outreach ambassadors each year to high schools around
the country with large numbers of economically disadvantaged students. Yale also
has entered into partnerships with nonprofit organizations such as Questbridge
and College Summit to assist high-performing lower-income students in understanding
their college options and achieving their aspirations. Questbridge is a national
nonprofit program matching high-achieving lower-income students with many of
the country’s most selective colleges; College Summit is a national nonprofit
program that assists students from disadvantaged school districts with the college
Peter Salovey, dean of Yale College, said: “For the past few years, our
committees on financial aid have hosted discussions with a broad range of student
groups, and we have listened closely to the specific appeals and comments of
Yale families as we have also researched broader trends. The attention given
by student leaders in the Yale College Council to issues surrounding access and
diversity has been commendable and helpful.”
Yale’s administrators and trustees continue to consider other uses of the
university’s resources to expand access, including the possible expansion
of the size of Yale’s undergraduate student body. Additionally, Yale will
make more of its intellectual treasury available without charge to the public.
Yale recently launched Open Yale Courses, which placed the full content of a
group of popular undergraduate courses online for free.
T H I SW E E K ' SS T O R I E S
Yale cuts costs for families and students
Homebuyer benefit increased
Fossil solves mystery of extinct animal's origins
Team learns Abu Dhabi desert once lush habitat
Meeting the challenges of nursing care in Nicaragua
Foundation’s gift to the School of Drama establishes . . .
Study: Despite efforts, racial disparities in cancer care continue
Law School students argue case before the nation’s highest court
Sharp cited as ‘superb teacher of teachers’
Events commemorate Martin Luther King Jr. Day
The color printmaking revolution is highlighted in new exhibition
Symposium to examine the university’s role as architectural patron
Forum will explore the use of neuroimaging in study of alcoholism
Memorial Service for George Hersey
Yale Books in Brief
Bulletin Home|Visiting on Campus|Calendar of Events|In the News
Bulletin Board|Classified Ads|Search Archives|Deadlines
Bulletin Staff|Public Affairs|News Releases|
E-Mail Us|Yale Home