Guide to Financial Aid & Scholarships for Yale Students
Grants, Student Loans, & Fellowships
Paying for college is a huge investment. And like some Ivy League schools, Yale University has taken a new direction with its financial aid program. Yale no longer offers student loans through financial aid. Instead, the university is pushing to award more scholarships and grants to assist students financially.
With this new initiative, Yale now offers need-based aid. There are no merit-based aid programs, including athletic scholarships and other special talent scholarships. To determine a student’s financial need, Yale uses this formula: financial need = cost of attendance – expected family contribution. This means Yale students (and, depending on the family income some parents, too) are still expected to contribute towards college expenses. The minimum amount for student contribution is $2,600. And that’s not all. Yale students should also include any summer employment earnings towards their student contribution. Minimum freshman contribution is $1,200; minimum upperclassmen contribution is $2,450.
Once the financial need amount is determined, Yale students receive their awarded amount. Financial aid typically comes in the form of endowed scholarships and grants, which are funded by the university and generous private donors.
What Outside Scholarships Can Do For Yale Students
To reduce self-help and student income contribution, Yale students can seek outside scholarships and awards. Outside awards, however, cannot reduce parent contribution, where applicable.
To locate outside scholarships and awards, Yale students can check out the many scholarship search sites online. Some general examples of outside scholarships include:
Fulbright Scholarship —is an international exchange program.
Richard Metzler Scholarship —for students enrolled in a MBA degree program.
NSCS-Geico Graduate School Scholarship —awards four $5,000 scholarships each year. Applicants must be National Society of Collegiate Scholars (NSCS) members to apply.
John Gyles Education Award —awards $3,000 to several students each year. U.S. and Canadian students are eligible.
All outside awards and scholarships received should be reported to the Yale Student Financial & Administrative Services department.
University Scholarships at Yale
Yale also offers a number of subject-specific university scholarships which are offered through the various schools and colleges within the university.
Some examples of these include:
The Hechinger Scholarship Fund —awarded through the School of Management (SOM). This scholarship is given annually to a Yale SOM student with African-American descent, who comes from the Washington D.C. area.
Donald G. Borg Scholarship Fund —awarded annually to incoming SOM students who demonstrate high merit.
Knight Law & Media Scholarship Program—this grant is awarded to students to help with training as legal journalists and media lawyers.
The School of Forestry and Environmental Studies also offers a variety of scholarships. Typically these scholarships are awarded to top admissions candidates who show a high financial need. Most of these scholarships are funded by private donors.
The Graduate School of Arts & Sciences offers many fellowships —money for activities in the U.S. and abroad which assist the student academically, such as internships, community service projects, research, or formal coursework. Some fellowships are funded by Yale, while others are gifts from private donors. An example of a fellowship not funded by Yale is the Michael Manzella Foundation Summer Fellowship. This award helps undergraduate and graduate students at Yale fulfill summer assignments that affect the community.
Yale Students Can Opt for Loans
If Yale students still require financial assistance after all awards are distributed, they may inquire about student loans. Since Yale financial aid no longer offers student loans, it is the responsibility of the student to obtain the loan on their own.
Yale students seeking loans are encouraged to file a Free Application for Federal Student Aid (FAFSA) to be considered for federal loan programs. Federal loans typically offer lower interest rates compared to private lenders. Some federal loan options include: Federal Perkins Loan, Federal Stafford Loans, and the Federal PLUS Loans.
For those students who show a high financial need but do not qualify for any federal or Canadian student loans, Yale University offers the Yale Student Loan. This loan requires a cosigner. The fixed interest rate on this loan is 7.5%.
The state of Connecticut also offers the CT FELP Loan for Yale students. This loan offers a 6.99% fixed interest rate. Students can borrow a minimum of $2,000.
Yale students can also seek alternative loans if federal loans are not available or don’t suit them. However, private lenders typically offer higher interest rates. Be sure to check around and find the best offer before making any decisions.
Key Points to Remember about Yale Financial Aid
- Talk to financial aid representatives and educate yourself about the new financial aid program at Yale. Understanding the student contribution amounts and how to achieve those is very important.
- Outside scholarships and awards are great ways to reduce the student self-help and contribution portion of the Yale financial aid program. Seek out those scholarships…it doesn’t hurt to try. You may earn yourself a scholarship with great rewards!
- If you need to obtain a loan, check out all federal loan options first. If all else fails, then look into private lenders.