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), 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 consists of a term-time job that makes up the initial component of your financial aid award. For 2015–2016, the self-help level for freshmen is $2,850, and for sophomores, juniors, and seniors is $3,350.
Self-help may be replaced by merit scholarships awarded by outside agencies.
In addition to your self-help amount, your student effort will also include a summer savings expectation. Your expected family contribution includes this contribution from your income. For 2015–2016, the minimum student contribution for freshmen is $1,625. For sophomores, juniors, and seniors, the 2015–2016 amount is $3,050.
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.
2015–2016 Student Effort
|term-time job, outside scholarship, other family resources, or loan||$2,850||$3,350||$3,350||$3,350|
|Student Income Contribution||summer job, outside scholarship, other family resources, or loan||$1,625||$3,050||$3,050||$3,050|
Student Effort Changes
You can request a change in the distribution of your self-help by contacting Student Financial 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.
Loans are not included in the self-help portion of the financial aid award. Students may decide to borrow loans to replace their student income contribution or to purchase a computer. The loans mentioned below are need-based and are only available to financial aid applicants who demonstrate financial need, with the exception of the Federal Direct Unsubsidized Loan.
- Federal Direct Student Loan (Subsidized and Unsubsidized)
- Perkins Loan (Based on current funding levels, Perkins is not available to undergraduate students.)
- Yale Student Loan
See the Yale Student Employment Web site.
Parent and Family Financing Options
|Federal Direct Loan Information|
|Eligibility||Guaranteed student loan for undergraduate students who qualify for federal financial assistance. The Federal Direct Subsidized Loan is awarded based on federally determined financial need. Students who do not have federal eligibility may apply for the Federal Direct Unsubsidized Loan. Some students receive a combination of Subsidized and Unsubsidized Loan up to their grade level maximum.|
|Interest Rate||Fixed at 4.66% for loans disbursed from July 1, 2014, through June 30, 2015.|
|Loan Fees||1.073% origination fee for loans disbursed from October 1, 2014, through September 30, 2015.|
|Loan Amount||Maximum loan amount differs by grade level.
|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 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.|
Direct Loan Requirements
- When your financial aid award is completed and your loan has been processed, you will be notified by Student Financial Services to complete your Federal Direct Loan Master Promissory Note and Federal Loan Counseling Session on line at www.studentloans.gov.
Perkins Loan Information
|Eligibility||Guaranteed student loan for students who have federal eligibility and 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 on line on the Student Information Systems Web site using your Yale NetID and password, which are e-mailed 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||Fixed rate of 7.5%|
|Loan Fees||No Loan Fees|
|Loan Amount||Because 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 monthly payment of $50.|
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.