Financial Aid for Year or Term Abroad

Non-Yale Programs, Yale in London, and the Peking University-Yale, University Joint Program (PKU)

Eligibility

If the Yale College Committee on Year or Term Abroad has pre-approved you to study abroad for a term/year of Yale credit or you have been accepted into the Yale-in-London or PKU program for the spring semester, 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 here. You should note that non-Yale students and 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. International Education and Fellowship Programs lists information about merit-based fellowships for study abroad on its web-site.

Enrollment Status

If you have received pre-approval 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, travel, and personal expenses). The first portion of your award is self-help, which is a combination of student loans and academic year earnings. Since you are usually not eligible to work in a foreign country, you can request that the work component of your self-help be converted to loan at the bottom of the attached 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 loan.

Financial Aid Credits and Payments

Regardless of where you are studying, your financial aid and outside loans and scholarships will be credited to your Yale student account. Based on the copy of the bill that you submit to Student Financial Services (SFS). SFS will authorize a refund check to the sponsoring program up to the balance due and will then refund any remaining credit balance to you by check or into your bank account via direct deposit. You do not have to request the refund checks since SFS will do this on your behalf after Yale classes begin. You should note that any outstanding Yale charges must be paid before any refund is issued and that financial aid refunds are not disbursed until the beginning of Yale’s semester. The fastest and most convenient way to receive a refund is by direct deposit to your personal checking account (for banks located within the United States only). You need only enroll on the Direct Deposit Authorization web site. Go to http://www.yale.edu/sis. Select the Login option. After logging in, select the Billing and Student Accounts Menu and the select Direct Deposit Authorization.

Since 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, you may request that Student Financial Services contact the institution.

If you usually pay some or all of your family contribution through the Yale Payment Plan (YPP) we advise you to cancel the plan since 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
• 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.)

Mailing Address
PO Box 208288
New Haven, CT 06520-8288

Tel 203.432.2700
Fax 203.777.6100
email sharon.deluca@yale.edu

The Student Financial Services Center is located at 246 Church Street.

Due Dates for Required Information

Fall Semester May 22, 2009
Spring Semester November 16, 2009