Does living off campus change my eligibility for financial aid?
No, because the budget for off-campus living expenses is the same as the standard on-campus room and board budget.
Will I get a refund on my financial aid to cover off campus expenses?
You will be eligible for a refund of your financial aid if the total aid paid to your account for a term exceeds your term charges (tuition, health plan option).
When will I be able to receive a refund on my financial aid?
You will be eligible for a refund on the first day of classes each term if your financial aid has been paid to your account.
What if my financial aid is not paid to my account by the first day of classes?
It is important for you to complete your financial aid application by the deadline if you are depending on those funds to cover off-campus expenses. Loan funds may be advanced to you, but only after your award has been verified and all of the requirements for the loan have been satisfied. The maximum advance on a loan is $1000 per month. A Pell Grant may be refunded to you before it pays to your account. Advances will be made only on funds not needed to cover term charges. Advances cannot be given on Yale scholarship, state grants, or outside resources.
What if I need money before the first day of classes?
Financial aid cannot be refunded to you before the first day of classes. Expenses such as security deposits, rent for months before the academic year begins, and utility hook-up fees must be covered by other resources. Be sure to consider these expenses in making your decision to live off campus.
What if I run out of money for rent and food during the year?
You cannot increase your budget and request additional financial aid to cover the increase in expenses if your off-campus expenses are higher than the standard room and board budget.
What if I need money to cover rent for the next summer because I signed a twelve-month lease?
Your budget is based on the nine-month academic year. You cannot add summer rent to your academic year budget and financial aid.
Can my parents continue to pay my bill through the Yale Payment Plan (YPP)?
Yes, but the amount of the contract should not exceed the total of tuition, and the health plan, if applicable, minus anticipated financial aid credits. You will not be able to get a refund on a credit balance on your account if the credit is due to a Yale Payment Plan contract. This is because the Yale Payment Plan posts the credits to your account before your parents fulfill their financial obligation. Visit the Student Accounts website for more information about YPP.