Financial Aid for Year or Term Abroad
If the Yale College Committee on Year or Term Abroad has preapproved you to study abroad for a term/year of Yale credit or you have been accepted into Yale in London or the Bocconi–Yale Economics Exchange Program, you are eligible to apply for financial aid. Additionally, if you do not qualify for need based financial aid or if you want to supplement your financial aid award, there are several financing options for which you and your family may apply to help pay for your educational costs abroad.
You can find information about the financial aid application process and the different loan options available to you and your family under All About Education Loans. Yale students who are taking leaves of absence to study abroad are ineligible to apply for financial aid or for these loan options.
You should also research any fellowship opportunities that may be available for your study abroad. The CIPE Fellowship Programs Web site lists information about merit-based fellowships for study abroad.
If you have received preapproval to study abroad, you will continue to be an enrolled Yale student during your term(s) away and your student loan(s) will automatically remain in a deferment status. If, however, you take a leave of absence to study elsewhere, you will not be considered an enrolled Yale student during your term(s) away and you will begin any grace period or enter repayment on your loan(s).
Financial Aid Awards
Your need for financial aid is calculated in the same way as for your study at Yale—your family contribution (determined from analysis of your financial aid applications) is subtracted from your cost of education (includes tuition, fees, room and board, books, airfare, and personal expenses). The first portion of your award is self-help, which is a combination of student loans and/or academic-year earnings. Because you are usually not eligible to work in a foreign country, you may request that the work component of your self-help be converted to loan at the bottom of the Year or Term Abroad Budget for Financial Aid Applicants.
Any merit-based scholarships that you will receive will first reduce the self-help portion of your financial aid award.
If your study abroad program cost is equal to Yale’s cost of education, you will receive the same amount of Yale scholarship and self-help that you would have received at Yale. If the cost of the program exceeds the Yale amount, you will receive your usual Yale scholarship and self-help, and you may request loan funds to cover the excess cost. If your program total cost is less than Yale’s cost of education, your need will first be met with Yale scholarship, not to exceed what you would have received if enrolled at Yale. Any remaining need will be met with self-help.
Financial Aid Credits and Payments
Regardless of where you are studying, your financial aid and outside scholarships and loans will be credited to your Yale student account. Based on the copy of the bill from your sponsoring program (such as SIT, IES, IFSA, CIEE) or other educational institutions in the U.S. (such as Boston U and Brown U), Student Financial Services will authorize a refund check to the program up to the balance due. Any excess funds will be refunded to the student. Funds will be released on or after the first day of the fall or spring term at Yale even if the program begins before that date. In the case of students who are enrolling directly in a college/university abroad and who are not being billed by a U.S. program or institution of higher learning, all aid funds will be released to the student to pay the billed amounts for tuition, fees, and room and board, if applicable. A form acknowledging this responsibility and requiring the student's signature will be provided by Student Financial Services before funds will be refunded to the student.
The quickest and most convenient way to receive funds from your student account is by direct deposit to your personal checking account with a bank located in the United States. On Student Information Systems (SIS) select the Student Accounts menu and then select Direct Deposit Authorization.
Because some institutions need assurance that you will have aid forthcoming to cover some or all of your costs, you should submit a copy of this information along with your current award letter to them. If additional confirmation of your financial need and award is required, please provide Student Financial Services with the institution's form.
If you usually pay some or all of your family contribution through the Yale Payment Plan (YPP), we advise you to cancel the plan because Yale will only refund your actual Yale Plan payments to date. Contact the sponsoring study abroad institution regarding possible payment plan options.You may find alternative financing options, such as the PLUS and CT FELP loans, to be good alternatives if you cancel the payment plan.
It is important to remember that the family contribution that you would normally pay to Yale is paid to the sponsoring institution. If a deposit is required in advance of the study abroad term, it is the responsibility of you and your family to pay the deposit. Financial aid funds usually cannot be refunded earlier than the start of Yale’s term to pay deposits or airfare expenses unless exceptional need exists. In these cases, you must submit a written request for an advance of funds to the attention of Sharon DeLuca in Student Financial Services.
Required Forms and Information
- Year or Term Abroad Budget for Financial Aid Applicants (Not required for Yale in London or the Bocconi—Yale Economics Exchange Program. These programs have standardized budgets, and Financial Aid will automatically update these and financial aid).
- Copy of the program costs from printed or Internet sources.
- Copy of the bill from the program/institution. (This is required in order to refund financial aid funds from your Yale student account to your program and you.)
PO Box 208288
New Haven, CT 06520-8288
The Student Financial Services Center is located at 246 Church Street.
Due Dates for Required Information
Fall Term 2014: May 27, 2014
Spring Term 2015: November 14, 2014