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Yale College
Center for International and Professional Experience
55 Whitney Avenue
New Haven, CT
06510

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Other Sources of Funding

Self-Funding

Although Yale has many resources for funding students to study, work, and research abroad and domestically, Yale funds cannot pay for all of the experiences that students wish to undertake. For many students, therefore, self-funding such experiences might be a necessary, if not also a rewarding, approach to making such opportunities possible. The following resources aim to help students in that regard.

Before looking at the option of self-funding, however, students are strongly encouraged to explore all of these other resources if they have not done so already. While self-funding is a potentially viable and valuable approach to covering costs, students should always first determine if a grant or other source of funding might not be available to lessen or fully fund such costs. This will take effort, but it will be well worth the time spent no matter the outcome.

 

Self-Funding Success:

"The key to self-funding your study abroad experience is planning ahead. Although some programs do not return acceptance decisions until April, lining up funding should begin as soon as you submit your application..."

Click here to read this current Yale student's success story on self-funding an international experience

Research a variety of locations to see what can fit into your budget.

The first step in determining whether or not you can self-fund is to do your research. This research should involve evaluating various locations where you could potentially study or work and determining what can realistically fit into your budget.

Get a part-time job at Yale or elsewhere.

By taking the time to do your research and plan ahead, students who are searching for funding for a summer experience can raise a significant amount of money to cover their expenses by working part-time.

For example, if your goal were to cover $1,500 of expenses, three months of part-time work (8 hours/week) earning $13/hour, would earn you almost $1,300. By increasing to 20 hours during spring break and one week in the summer, the total would be over $1,700!

For help in finding such work opportunities, see:

Please note that as most summer experiences through CIPE are 8-10 weeks long, the opportunity for part-time work (at Yale or elsewhere) before and/or after these experiences is a definite possibility with enough planning and commitment. Students might be particularly interested in earning money by working for Commencement and Yale College Reunions in May and June.

Fundraising

With any type of fundraising, it is important first to be specific about how you intend to spend the funds (including airfare, program fees, tuition, personal travel, housing, food, and any other costs) and second what outcomes you expect should you be able to undertake the experience.

Reach out to your family and closest friends.

Think about your family and friends as potential investors in your future. As potential investors, therefore, family and friends should be given the benefit of a formal explanation (via a presentation, possibly) of your budget and the expected educational benefits of your proposed activity.

Be prepared to be turned down, but that's O.K.! Preparing for and delivering this presentation will provide valuable experience that you can put to use in other ways.

Ideas to keep in mind:

External fundraising

Beyond asking family and friends to invest financially in an experience, students should also consider fundraising more broadly:

Event Ideas

Student Loans

If, after all of those efforts, you decide to take out a loan, remember to talk to your family about doing so in advance. Some family members might be willing and able to lend you funds whether or not they donate money to the cost of your experience. In addition, some types of loans require a co-signer, and this person is most commonly a parent or family member.

Keep in mind that student loans should be approached as a last resort after exploring all other options. Yale Summer Session and Yale-in- London students may be eligible for educational loans; additional information including eligibility information can be found here.

For all loans, keep in mind the terms, including interest rates, fees, and repayment information. Loans from family members can have more favorable terms, but be sure to write up your agreement to avoid misunderstandings. Treat such loans with the same seriousness and commitment to repayment that you would for a car or home loan, for instance.

If you have additional loan questions about a loan you are considering, please contact Student Financial Services at (203) 432-2700 or at www.yale.edu/sfs/contactus.


A note for students attending the IARU Global Summer Program:
As part of their social responsibility program, Banco Santander is partnering with IARU to award scholarships to outstanding students attending the IARU Global Summer Program (GSP). There are nine US$2,000 and two US$1,000 scholarships available for successful Yale students. These scholarships will also be made available in 2013 and 2014. You may apply for these scholarships through www.iaruni.org/gsp/apply when the next cycle of GSP applications begin.
*For Yale students attending GSP programs at other partner universities. Not eligible for Yale students taking the GSP course at Yale.

Banco Santander