The Financial Aid Package

Sources and Types of Financial Aid

Yale meets 100% of a student's demonstrated financial need based on the calculated expected family contribution and estimated cost of attendance. The first portion of a student's award is self-help awarded as Federal Work Study or Term Time job. Loans are available only at the request of the student.

We consider a student's eligibility for other financial aid, including the Federal Pell Grant, the Federal Supplemental Educational Opportunity Grant (SEOG), the Academic Competitiveness Grant (ACG), the National Science and Mathematics Access to Retain Talent (SMART) Grant, state grants, gift aid from parents' employers, etc. The University will then fund any remaining financial need with Yale Scholarship. Area Yale Club awards, endowed scholarships, and other gift aid from Yale's alumni and friends may be awarded instead of Yale Scholarship.

Student Effort (Self-Help and Student Income Contribution)

Self-Help

Self-help consists of a term time job that makes up the initial component of your financial aid award. For 2009–2010, the self-help level for all classes is $2,600.

Self-help may be replaced by merit scholarships awarded by outside agencies.

Student Income Contribution

In addition to your self-help amount of $2,600, your student effort will also include a summer savings expectation. Your expected family contribution includes this contribution from your income. For 2009–2010, the minimum student contribution for freshmen is $1,200. For sophomores, juniors, and seniors, the 2009–10 amount is $2,450.

2009–2010 Minimum Student Contribution Amounts

  U.S. Citizens & Permanent Residents
Freshmen $1,200
Sophomores, Juniors, and Seniors $2,450

Outside scholarships may replace your self help and your student income contribution as allowed by federal regulations. Outside scholarships cannot reduce the expected parent contribution.

Student Effort Changes

You can request a change in the distribution of your self-help by contacting Student Fnancial Services. You may also ask for an increase in your self-help level to meet additional education expenses or to replace your expected summer income contribution.

Student Loans

Beginning with the 2008-2009 academic year, loans are no longer included in the self-help portion of the financial aid award. Students may still decide to borrow loans to replace their student income contribution or to purchase a computer. All three loans mentioned are need-based and are only available to financial aid applicants who demonstrate financial need (with the exception of the Unsubsidized Stafford Loan).

Student Employment

Student Employment Office online.

Parent and Family Financing Options

Information about the payment and financing options available to Yale College students and their families.

Stafford Loan Information
Eligibility Guaranteed student loan for students who qualify for federal financial assistance. The Subsidized Stafford Loan is awarded based on federally determined financial need. Students who do not have federal eligibility may apply for the Unsubsidized Stafford Loan. Some students receive a combination of Subsidized and Unsubsidized Loan up to their grade level maximum.
Interest Rate Subsidized Stafford Loans made between July 1, 2008 but prior to July 1, 2009 will be issued at a fixed rate of 6.0%. Subsidized Stafford loans disbursed on or after July 1, 2009 but prior to July 1, 2010 will be at a fixed rate of 5.6%.
Unsubsidized Stafford loans will be issued at a fixed rate of 6.8%.
Loan Fees
  • 1.5% origination fee deducted from the disbursements, if applicable. After July 1, 2009 the origination fee will be 0.5%.
  • 1% federal default fee, if applicable
Loan Amount Maximum loan amount differs by grade level.
Freshman Sophomore Junior & Senior
$5,500 $6,500 $7,500
Grace Period Borrowers receive a six-month grace period, which means that you do not have to begin repayment until six months after you graduate or your enrollment drops below half-time status.
Pay Now? For the Subsidized Loan, there are no payments due while you are enrolled in school, during your grace period, and during any approved deferments. The federal government pays or subsidizes the interest for students during these times. The Unsubsidized Loan has the same loan terms as the Subsidized Stafford except that students are responsible for interest payments while in school. Students also have the choice to capitalize the interest while in school, adding the accrued interest to the principal loan amount.
Repayment The standard repayment term is 120 months with a $50 minimum monthly payment. There are several other plans that you may select when you enter repayment, such as Extended Repayment, Graduated Repayment, and Income Contingent Repayment.

Stafford Loan Lenders

Information on student loans and Stafford information.

Stafford Loan Requirements

First-Time Borrowers
  • Master Promissory Note: When your financial aid award is completed and your loan has been processed, you will be instructed by your selected lender to complete a Master Promissory Note.
  • Loan Entrance Interview: New borrowers must complete a loan entrance interview. You can do this online at www.yale.edu/sis using your Yale NetID and password, which are emailed to new students in June.
Previous Borrowers

We will process your loan through the same lender you used in the past. When your financial aid award is completed and your loan has been processed, you should receive a disclosure statement that confirms the loan approval and the amount of the loan. You are not required to sign another promissory note.

Perkins Loan Information

Based on current funding levels, Perkins is not expected to be available for the 2009-2010 academic year.
Eligibility Guaranteed student loan for students who have federal eligibility qualify for need-based federal financial assistance. Students must borrow the maximum Stafford Loan before requesting the Perkins.
Interest Rate Fixed rate of 5%
Loan Fees No Loan Fees
Loan Amount Maximum loan amount for undergraduates is $4,000, although you must first borrow the full amount of your Stafford Loan eligibility. The Perkins Loan is meant to meet your self-help, and financial need is therefore a criterion for the loan.
Grace Period Borrowers receive a nine-month grace period, which means that you do not have to begin repayment until nine months after you graduate or your enrollment drops below half-time status.
Pay Now? There are no interest or principal payments due while you are enrolled in school, during your grace period, and during any approved deferments.
Repayment The standard repayment term is 120 months with a $40 minimum monthly payment.

Perkins Loan Requirements

Promissory Note and Disclosure Statement: If you receive a Perkins Loan on your financial aid award letter, you will need to complete a Master Promissory Note and Disclosure Statement. You will be instructed to complete these requirements online at www.yale.edu/sis using your Yale NetID and password, which are emailed to new students in June. You should only need to complete the Master Promissory Note as a new borrower, but will need to acknowledge the Disclosure Statement each year that you borrow the Perkins Loan.

Yale Student Loan
Eligibility Guaranteed student loan for students with financial need who do not qualify for Federal or Canadian student loans. The loan requires a cosigner who is a citizen or permanent resident of the United States. The cosigner residency requirements can be waived under certain circumstances.
Interest Rate Beginning with loans for the 2002-2003 academic year, fixed interest rate of 7.5%
Loan Fees No Loan Fees
Loan Amount Since the loan is based on financial need, it is limited to the amount of the student's self-help (less outside scholarships, other need-based loans, and term-time earnings.)
Grace Period Students receive a six-month grace period, which means that you do not have to begin repayment until six months after you graduate or your enrollment drops below half-time status.
Pay Now? You are responsible for the interest from the disbursement of the loan. Students who are able to make interest payments may do so on a regular monthly basis. If you are unable to pay the interest while you are in school, the interest will accrue and be added to the principal.
Repayment The standard repayment term is 120 months with a minimum annual payment of $600.

Yale Student Loan Requirements

Promissory Note and Cosigner Cover Letter: To receive the loan, you must come into Student Financial Services to sign the promissory note for the loan. You will also need to obtain the signature of your cosigner on the promissory note and on a cosigner cover letter.